[compliance4ever]

If the lender subscribes to Life of Loan coverage from their flood determination vendor, is it necessary to pull a new flood determination with the subsequent notice when “extending” a loan, i.e., the borrower requests a 1-month extension for their payment due next month and the lender also extends the loan maturity date out 1 month from the original maturity? ❓

[jholzknecht]

Generally, a creditor is required to obtain a flood hazard determination each it makes, increases, renews or extends a loan. However if the original determination is less than seven years old and the flood maps and zones have not changed the creditor may rely on the original determination.

[Author]

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