Our collections dept has a tendency to "bump" the maturity date on loans that are in the process of renewal to get them off the past due report (am I the only one that thinks this is wrong?). My main question deals with flood. Since they are modifying the maturity date, shouldn't they review the flood cert in file to make sure it meets the 3 criteria (LT 7 years old, etc.) and issue a new Notice to Borrower if the property is in a designated flood zone?
Thanks in advance for your responses.