Force Place Insurance

Posted By: Amandak

Force Place Insurance - 02/01/17 04:35 PM

Can someone please point me in the right direction? I have a R/E loan that we need to force place insurance on and I have never done this before and need to read the rule so I know how to proceed. A few things to note this property is not in a flood zone, not a special property just straight up residential home and we are a small creditor.

Thank you in advance!
Posted By: Darth HMDA, CRCM, CAMS

Re: Force Place Insurance - 02/01/17 04:55 PM

http://www.consumerfinance.gov/eregulations/1024-37/2015-18239#1024-37-a
Posted By: Norman Paperman

Re: Force Place Insurance - 02/01/17 04:57 PM

So are you placing flood or hazard insurance?

Hazard/Property Insurance:
https://www.bankersonline.com/regulations/12-1024-037

Flood Insurance: FDIC source, but you get the point.
https://www.fdic.gov/regulations/laws/rules/2000-6100.html
Posted By: Amandak

Re: Force Place Insurance - 02/01/17 05:04 PM

Thank you!

Hazard/Property