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Cross-collateralized LOC Loan

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Question: 
We are doing a letter of credit loan that is cross-collateralized with the client's real estate loan. Do we need to order a new flood certification for this new loan?
Answer: 

You do not need a new flood certification for the new loan if the existing determination is less than seven years old, is on the SFHDF, and there have been no map changes.

First published on BankersOnline.com 7/05/10

First published on 07/05/2010

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