Do you know when the new revised Uniform Real Estate Application 1003 will be issued?
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?
On an ag/commercial loan, if there are two borrowers, do both need to sign an extension agreement or can just one of them sign and extend a loan?
We were told that the Supreme Court determined several years ago that Section 8 of RESPA is unenforceable?