Answer:
You are no under no obligations to allow the borrower to cancel the flood insurance coverage if you feel you need the coverage for the protection of your collateral.
New Flood Map Revisions: Changing Properties
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Question:
With all the new flood map revisions we have received some changing properties that were in a flood zone to not in a flood zone. The problem is we know those properties flooded in the past. Can we still require flood insurance from the borrower on those properties? We think this is a safety and soundness issue.
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