- This topic has 1 reply, 2 voices, and was last updated 4 months, 1 week ago by
.
-
Posts
-
Typically flood determinations are not required to be ordered on loans with security of bare land. Is there anything in regulation or flood Q & A’s that require a flood determination be ordered if a borrower thinks they will build on that property within the next 5 years from when the loans is closed now? We had thought we had read that before.
No, Flood is a dwelling regulation. Insurance would not be required until your institution’s policy requires it during the construction phase. The FAQs discuss contraction requirements and guidance in 6 questions found in Section XI.
NOTICE: This email message, including any attachments, is intended only for the addressee, and may contain confidential and privileged information either as protected work product or confidential client information. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, do not read, copy, retain, or disseminate this message or any attachment, and please contact the sender by reply e-mail or at 888.760.5646 and destroy all copies of the original message and attachments. Neither the transmission of this message or any attachment, nor any error in transmission or misdelivery shall constitute waiver of any applicable legal privilege.
THIS EMAIL AND ITS ATTACHMENTS DO NOT CONSTITUTE LEGAL ADVICE
- You must be logged in to reply to this topic.