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We are in one of the lucky areas that had map revisions. We have several customers now located in flood prone areas that require insurance. We do escrow for insurance. My questions, now that they have the first premium paid we want to require flood insurance escrow for future payments. Do we need to send all the flood notices just like a new loan or is there some other way of handling this? What about ones that already have fire insurance escrowed–do we have to give any kind of escrow notice to add the flood insurance to that.
Thanks.
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