Interagency Flood Q&A

This document includes questions finalized October 17, 2011.

The Interagency Questions and Answers are organized by topic. Each topic addresses a major area of the Act and Regulation. The following topics are addressed:

1. Determining When Certain Loans Are Designated Loans for Which Flood Insurance Is Required Under the Act and Regulation
2. Determining the Appropriate Amount of Flood Insurance Required Under the Act and Regulation
3. Exemptions from the Mandatory Flood Insurance Requirements
4. Flood Insurance Requirements for Construction Loans
5. Flood Insurance Requirements for Nonresidential Buildings
6. Flood Insurance Requirements for Residential Condominiums
7. Flood Insurance Requirements for Home Equity Loans, Lines of Credit, Subordinate Liens, and Other Security Interests in Collateral Located in an SFHA
8. Flood Insurance Requirements in the Event of the Sale or Transfer of a Designated Loan and/or Its Servicing Rights
9. Escrow Requirements
10. Force Placement of Flood Insurance
11. Private Insurance Policies
12. Required Use of Standard Flood Hazard Determination Form (SFHDF)
13. Flood Determination Fees
14. Flood Zone Discrepancies
15. Notice of Special Flood Hazards and Availability of Federal Disaster Relief
16. Mandatory Civil Money Penalties