Flood FAQs #46 – Would a RESPA Notice of Transfer sent to the Director of FEMA (or the Director’s designee) satisfy the regulatory provisions of the Act?

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Q:  Would a RESPA Notice of Transfer sent to the Director of FEMA (or the Director’s designee) satisfy the regulatory provisions of the Act?
 
A:   Yes. The delivery of a copy of the Notice of Transfer or any other form of notice is sufficient if the sender includes, on or with the notice, the following information that FEMA has indicated is needed by its designee:
 
• Borrower’s full name;
• Flood insurance policy number;
• Property address (including city and state);
• Name of lender or servicer making notification;
• Name and address of new servicer; and
• Name and telephone number of contact person at new servicer.
 
 
ADDITIONAL INFORMATION – This Q&A was included in the “Interagency Questions and Answers Regarding Flood Insurance.”   For ease of collection, this has been obtained from the FDIC’s Compliance Examination Manual – April 2016, which may be found here:  https://fdic.gov/regulations/compliance/manual/5/V-6.1.pdf
 

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