Modification

Posted By: parr04

Modification - 03/27/20 04:44 PM

As you can imagine we are receiving a high volume of request to defer loan payments.
When we defer a payment the maturity date is also extended.
I believe this requires a flood certification.
Is this correct?
Posted By: Skittles

Re: Modification - 03/27/20 05:09 PM

If the loan is secured by improved real estate then your bank must determine if the existing determination meets guidelines (i.e. less than 7 years old, etc.). If not then you will need to obtain a new one. Also, if the improvements are within an SFHA then the customer must receive a new flood disclosure.
Posted By: Jim Schue

Re: Modification - 03/30/20 01:26 PM

It's going to be a customer service headache when a customer requests quick Covid-19 relief and leaves with a requirement to purchase flood insurance and establish an escrow. Hopefully timely LOL updates will limit those instances.
Posted By: CRL

Re: Modification - 05/04/20 10:07 PM

Can I confirm what date I should be checking when I'm looking at https://msc.fema.gov/portal/search to see if we can use an existing determination (less than 7 years) for a IRE event. Do I use the most recent date of any revisions and/or amendments to check against the date of my last determination letter?
Posted By: rlcarey

Re: Modification - 05/04/20 10:47 PM

Once you do your search you should see this at the top of the map:

The flood map for the selected area is number 48167C0443G, effective on 08/15/2019
Posted By: CRL

Re: Modification - 05/05/20 12:11 AM

So Randy if there is a revision or amendment to the map after the effective date, I still use the effective date?
Posted By: rlcarey

Re: Modification - 05/05/20 11:19 AM

A LOMA or LOMR only impacts specific properties and only to remove them from a flood zone.
Posted By: CRL

Re: Modification - 05/05/20 03:52 PM

Thank you for clarifying!