Skip to content
 

Using Recent Flood Determinations From Another Lender

Answered by: 
Jim Bedsole

Question: 
Can our bank use a very recent flood determination from another lender? Periodically we will have simultaneous closings with us and a mortgage company and we want to save the customer the added expense of another flood determination.
Answer: 

I don't believe there are any provisions in the Flood regs that would allow this. The only way you could save the customer the expense is to eat it yourself. Of course, you could do the determination yourself instead of going to the flood determination vendor. Ultimately, it's your determination anyway.

First published on BankersOnline.com 5/06/02

First published on 05/06/2002

Filed under: 
Compliance
Filed under compliance as: 
Flood
IT
Regs

Report a problem with this page

Search Topics