Answer:
Remember the escrow requirements are triggered when a MIRE event takes place. So, if a property that previously was not in a flood zone is remapped into a flood zone, no action is required unless and until you make, increase, renew or extend a loan. If you deem the bank insecure as a result of the remapping and your loan documents permit, then flood insurance could be required.
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Learn more about Jack Holzknecht’s webinar Frequent Flood issues