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Is a Flood Determination Required?

Answered by:

David A. Dickinson

Question:

When doing a short term commercial loan for materials and citing an existing mortgage as collateral, would a new flood determination be required?

Answer:

You may rely on a previous SFHDF if three conditions are met. The previous determination:

is on a SFHDF
it is less than 7 years old
the info is still current/accurate (no map changes have occurred).

First published on BankersOnline.com 6/14/10

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First published on 06/14/2010

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