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#1980532 - 12/03/14 03:22 PM Renewal/Modification
SUSANE1 Offline
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Joined: Mar 2008
Posts: 808
Flood loan matured and we renewed and modified. Ran new flood determination - still in flood zone. Insurance in place.
Does customer have to sign the determination form again?

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Flood Compliance
#1980537 - 12/03/14 03:32 PM Re: Renewal/Modification SUSANE1
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Sign it - no. Must that bank retain evidence of delivery - yes. Most banks in these situations just send it to the customer with a return delivery receipt requested with a cover letter telling the customer that Federal regulations require you to give them the following notice however there are no specific actions required by the borrower as they already have flood insurance in place.
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#1980625 - 12/03/14 05:19 PM Re: Renewal/Modification SUSANE1
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
EVERYTIME you MIRE a loan, you have to play by all of the rules. There is an exception for relying on a previous DETERMINATION, but not a previous NOTIFICATION.
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David Dickinson
http://www.bankerscompliance.com

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