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Notice to Borrower Date

Question: 
Do we need a signed acknowledgment on the Notice to Borrower for a loan secured by improved property in a flood hazard area?
Answer: 

Yes. In fact, the Notice to Borrower must be signed and dated by the borrower before the date of loan closing. If your bank's procedures are to get the form signed as part of the closing process, you are violating the flood rules.

First published on 07/02/2012

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