05/03/2020
When a loan is renewed should a new flood verification be pulled? Does the answer change if the current certification has life of loan monitoring?
04/26/2020
Do we need a policy on providing payment extensions to borrowers?
04/12/2020
Customers see on the news that foreclosures and evictions have stopped and borrowers can skip payments. What should we tell them when they ask about this?
04/05/2020
We have a marina loan for $1.2MM with two buildings to house boats. They have a private flood insurance policy for both buildings on one policy instead of one policy per building. Is that possible since its a private policy and not NFIP?
02/02/2020
We received notice on Oct. 28 that a borrower was now in flood zone AE. A 45 day notice was sent (force placement would have occurred on Dec. 13). On
Dec. 12 we received a copy of a declaration page showing coverage starting effective Jan. 12. I believe we need to force place and then cancel on Jan.
12 at the borrower's expense however I'm getting push back because of a claim of evidence of insurance (again, the policy is not effective until
Jan. 12). The declaration page shows payment in full however we do not have an application nor proof of payment. Do we need to force place this interim
period?
01/12/2020
How should a bank allocate flood coverage when multiple buildings are on one
loan?
Here is my example: 1-4 Residences and we need to start the 45-day process
for building one.
Loan balance: $800,000
Bldg 1: RCV = $235,000; with previous coverage of $250,000
Bldg 2: RCV = $275,000; with current coverage of $250,000
Bldg 3: RCV = $200,000; with current coverage of $250,000
Minimum required would be $685,000, which is bldg 1 = $235,000, bldg 2 =
$250,000, bldg 3 = $200,000
If the $685,000 can be allocated any way, what amount would be used for
building 1 so as to not be insuring too much?
01/12/2020
When and to whom must HUDs SCRA mortgage notice be sent out? We prefer to wait for the 45 day notice we already send.
12/22/2019
Do you need a new flood determination when you are renewing and increasing the loan amount?
12/22/2019
Recently the bank has had several loans with flood map revisions into a Special Flood Hazard Area. Some of these customers already have a flood
policy in place, however the policies list the SFHA as zone "X". We have been told by two insurance agents that the insurance company cannot revise
the policy until the renewal of the policy term. As of now, if we do not receive the revised flood policy reflecting the correct flood zone, we will
continue with the force place process. Please advise if the insurance agent/company can revise the flood policy reflect the new SFHA, or if that
is not an option that is available to them?
12/08/2019
We have an interim construction loan that the real estate is in flood zone AE. Our Deed of Trust lists the real estate and the construction materials
including drapes. All of the construction materials listed are covered under the buildings flood insurance, however the drapes are not. The plans
and specs for the construction does not list drapes. Do we have to require contents coverage just to cover the drapes since it is listed in the Deed of
Trust?
