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#774879 - 07/13/07 07:28 PM Flood Binder
CaseyBoo30 Offline
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Joined: Feb 2007
Posts: 262
Winchester, KY
Is it acceptable to close a loan with just an insurance binder in place? The effective date on the binder is 7-13-07 12:01 am. So if the loan closed today would the binder cover the Bank from a regulation violation?

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Lending Compliance
#774946 - 07/13/07 08:00 PM Re: Flood Binder CaseyBoo30
Skittles Online
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Skittles
Joined: Sep 2002
Posts: 13,965
TN
You will also need a paid receipt prior to closing the loan.
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#776235 - 07/16/07 09:46 PM Re: Flood Binder Skittles
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Technically, you cannot "bind" flood insurance.
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David Dickinson
http://www.bankerscompliance.com

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