The Standard Flood Hazard Determination Form has an expiration date of 10/31/01. Any idea if a new form is being issued or if the current form will be extended?
According to the NFIA, a previous flood determination may not be reused when making a new loan. However, if it is not new (i.e., involves increasing, extending, renewing, etc.) the original flood determination can be used if it is >7 years old, etc. Also, for home equity/second mortgage loans where the lender has a first mortgage and can provide evidence that adequate flood insurance is in place, the lender can rely on the original flood determination. The NFIA does not address whether a lender can rely on a previous determination, specifically, for home equity loans where the lender has the first mortgage and the security property is not in a flood zone and no coverage is in place. My question: Can a lender rely on a previous flood determination for home equity loans, where the lender has the first position, and when the security property is not in a flood zone?