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We have had flood map revisions in our area. We have 2 properties that are now in a flood zone. One has about 4 barns on a very large farm. We have abundance of collateral and the loan officer may do a mortgage release on that tract. If the borrower never carries flood insurance do we have to make sure we had carried forced place flood insurance from the date of the determination until we do the mortgage release if we release it before the 45 days are up?
The other property is a residential property that has an older shed that has NCV. We thought about using the detached structure exemption. Same question. If the borrower does not carry flood insurance do we have to make sure we carry forced place flood insurance from date of determination until the date they singed the exemption form and that it is signed before the 45 days are up?
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