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?
Do you need a new flood determination when you are renewing and increasing the loan amount?
Can we provide football tickets to local realtors?
Are there any regulations concerning a Land Trust Department having access to retail banking documents in an institution?
During a review of new loans for the previous month, I found that a joint credit report (husband/wife) was pulled for a new loan that was made to just 1 of them (the wife). The previous loan was a joint loan and a joint credit report was used then How do I need to document this finding in my monthly reports? Along with some additional training for the loan officer, what other things should I be aware of and keep in mind?