Posted By: mdog76
Flood coverage timimg - 03/03/20 09:19 PM
I'm wanting to check myself on something but we have flood loan set to close 3/5/20. The customer has brought us the flood application and proof of payment but the policy period is not until 4/2/20. We can't close this loan can we? Also, has anyone seen a policy that will not be effective until 30 days after closing?
Posted By: rlcarey
Re: Flood coverage timimg - 03/03/20 09:34 PM
No - there should be no wait. The agent screwed up. They need to get that changed or you need to wait.
Posted By: Skittles
Re: Flood coverage timimg - 03/03/20 09:35 PM
Since you won't have flood insurance in place at closing you are correct - you can't close. Is this a purchase loan?
Posted By: mdog76
Re: Flood coverage timimg - 03/03/20 09:39 PM
This is a commercial loan.
Posted By: Skittles
Re: Flood coverage timimg - 03/03/20 09:49 PM
Your customer needs to talk to the agent and get it corrected by 3/5 if that's when they want to close.