No. You only need to obtain a new determination if you are making, increasing, renewing or extending a loan. In other words, if you have an existing loan and are notified of a map change, you don’t need to get a new determination. However, if the map change caused a property to now be in a Special Flood Hazard Area, you will need to provide a flood notification to the borrowers, require insurance and possibly escrow for the premiums.
Learn more about David and Jerod’s webinar Part I: Flood Insurance: Requirements and Best Practices .