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Is a flood determination required?

Question: 
If our flood vendor provides us with a flood determination after a map change that reflects the new map date, 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.
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Learn more about Jerod Moyer and David Dickinson’s webinar
Part II - Flood Insurance Compliance - A Two-Part Companion Webinar Series

First published on 06/04/2017

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