LOMA-New Flood Determination

Posted By: George

LOMA-New Flood Determination - 08/16/18 02:26 PM

Are we required by reg to get an updated SFHDF once we receive a LOMA? I haven't read anything saying we do, but want to make sure I am not missing anything.
Posted By: rlcarey

Re: LOMA-New Flood Determination - 08/16/18 03:27 PM

Has there been a MIRE event?
Posted By: George

Re: LOMA-New Flood Determination - 08/16/18 03:37 PM

No sir. It was a new loan that came back as flood zone. The customer had a LOMA completed that removed the structure.
Posted By: Moman

Re: LOMA-New Flood Determination - 08/16/18 06:51 PM

I always have the original FZD updated or a new one issued to reflect the LOMA; That way it gives a 2nd look to validate the legitimacy of the LOMA.
Posted By: Nicole A

Re: LOMA-New Flood Determination - 08/24/18 07:31 PM

Agreed with Moman. It is our policy to have an existing determination updated to reflect the LOMA.
Posted By: David Dickinson

Re: LOMA-New Flood Determination - 08/28/18 03:50 PM

As others have pointed out, it's a policy or best practice of many, but it's not a regulatory requirement.