July 2015 Flood Final Rule – What changes were made to Appendix A – sample notice of special flood hazards?

Compliance > Lending > Flood > 2015 Flood Final Rule - General
Q:   What changes were made to Appendix A – sample notice of special flood hazards?
 
A:   Appendix A received various updates, such as:
 
  • “Director” of FEMA changed to “Administrator” of FEMA
  • Removal of some verbiage linked to minimum insurance
  • Clarifying language regarding situations where insurance is not required, but borrower may still wish to get insurance and the lender may still require it
  • Clarifying language regarding private flood insurance
  • Language related to escrow requirement for residential loans
     
     

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

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