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We had an unfortunate incident occur recently. After we had already closed a mortgage loan it was noticed that the Flood Cert had the incorrect address. (It is part of the UW process to review this but unfortunately this was missed.) A new flood cert was obtained and the property came back in the flood zone. Unfortunately we closed our loan without having obtained a Flood Hazard notice and without obtaining flood insurance. Do you have any guidance on how we should handle this situation? I am thinking we should have the notice signed by the borrower and require them to obtain the flood insurance coverage. Should we also provide a corrected CD and escrow notice disclosing the escrow for flood ins?
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