Posted By: AuditLove
Letter Cycle - 12/08/17 09:08 PM
If a previously force placed flood insurance policy is expiring, can the bank send the 45-day notification letters prior to policy expiration? And then force place the renewal flood policy immediately at expiration with a final letter stating it was done?
Additionally, if the bank identifies a gap in coverage of an existing flood policy can they instant issue a force placed policy to cover the gap and then simply send 1 letter to the borrower stating the gap coverage was force placed?
Getting push from the lines of business on some audit issues I found in which supposedly the CFPB recently told them they were ok. Any help is appreciated!
Additionally, if the bank identifies a gap in coverage of an existing flood policy can they instant issue a force placed policy to cover the gap and then simply send 1 letter to the borrower stating the gap coverage was force placed?
Getting push from the lines of business on some audit issues I found in which supposedly the CFPB recently told them they were ok. Any help is appreciated!