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Flood determination after map change?

Question: 
If our flood vendor notifies us of a map change, does this mean we need to order a brand new flood determination?
Answer: 

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 .

First published on 04/03/2016

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