FDIC FAQs – Does a lender need to take a security interest in the primary residential structure for detached structures to be eligible for the exemption?

Compliance > Lending > Flood > FAQs
Q:  Does a lender need to take a security interest in the primary residential structure for detached structures to be eligible for the exemption?
 
A:    No, but the lender needs to evaluate the uses of detached structures to determine if they are eligible.
 
 
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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