July 2015 Flood Final Rule – What documentation is acceptable in confirming a borrower’s flood policy?

Compliance > Lending > Flood > 2015 Flood Final Rule - Force Placement
Q:   When terminating force placed flood insurance, what documentation is acceptable in confirming a borrower’s existing policy?
 
A:   An institution shall accept from the borrower an insurance policy declarations page that includes the existing flood insurance policy # and the identity of, and contact information for, the insurance company or agent.
 
 

See additional details in the July 2015 Final Rule on Loans in Areas Having Special Flood Hazards, here:  https://www.federalregister.gov/articles/2015/07/21/2015-15956/loans-in-areas-having-special-flood-hazards

Add Feedback