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Flood Insurance Premium New Rule (Escrow)

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Question: 
With the escrow ruling becoming effective January 1, 2016, does anybody have any sample correspondence that they are sending to their borrowers explaining this new rule and the requirement to escrow their flood insurance premium?
Answer: 

The agencies have not made any suggestions with samples. That said, you're asking the BOL Gurus and while that is a good start, it's a limited audience that you're reaching. For letter templates, policies and procedures and the like you should consider a few things. First, If you buy them from the BOL Banker Store or get them from a webinar presentation, you will typically receive a generic, but complete document that requires your customization. Second, if you ask your peers in the threads, you will reach a larger audience and save a few dollars, but what you receive may omit parts that didn't apply to the banker you received it from but that you do need. Unless you do a thorough job inventorying the content, you may short yourself and those dollars saved now cost more in the long run. You also need to worry that what you receive from someone else may be a document they purchased, and which is copyrighted to someone else. Please don't violate copyright laws. Either method is good, but you have to put work into it either way.

So for documents like these, we would recommend the Store, good webinar materials, and peers.

First published on 02/07/2016

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