So, what about the "rule" that says "MIRE", flood insurance applies when you make, increase, renew or extend a loan?
And, a little additional information - because of systems issues, we will be extinguishing the old loan and replacing with a new one. The semantics between the loan and compliance areas are often muddied. Therefore, I would say that flood is not required if the new loan is below $5,000 and term of 1 year or less.
But, that old "MIRE" still has me puzzled.