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?
I need to know in this scenario if a CTR is required for the husband? The wife and husband come into the bank. The wife conducts a deposit to her personal (individual) account of $8,000 in cash. Then she conducts a deposit into the joint account (with her and husband) for $2,600. In my mind a CTR only needs completed on the wife because the wife is benefiting and conducted the $10,600 deposit. The husband did not conduct either transaction and is only benefiting from $2,600. Is my thinking correct? If required, please explain why a CTR is needed for the husband. Also, if a CTR is needed for the husband, I would like for you to consider this same scenario but without the husband present for the $8,000 deposit to the wife's account. When he enters the bank to make a $2,600 deposit to the joint account and we tell him we need to complete a CTR, wouldn't we be breaching customer information to tell him it is because his wife made a large cash deposit to her personal account early in the day?
I have a loan secured by a dwelling and a savings account. According to the HMDA commentary, I include the savings account when computing the CLTV. Okay, that's clear enough. My question is, do I include the savings account in reporting property value? Do I only include real property?