FDIC FAQs – When is a bank required to get a new determination?

Compliance > Lending > Flood > FAQs
Q:  When is a bank required to get a new determination?
 
A:   Part 339 requires that each time a bank makes, increases, extends, or renews a loan that it must determine whether or not the improved property is in a special flood hazard area.  
 
An existing flood determination can be relied upon in certain circumstances if the determination is less than seven years old, the flood map and flood status haven’t changed, and it was prepared on the standard flood hazard determination form.
 
 
ADDITIONAL INFORMATION:
This Q&A was included in the FDIC’s Flood Insurance Videos, which were updated in 2016, which may be found here:   https://www.fdic.gov/news/news/financial/2016/fil16018.html
 

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