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Please help me on the timing and notice requirements on the following force placed hazard insurance example:
Day 1 – First notice sent and insurance force placed.
Day 15 – Customer obtains insurance policy.
Day 18 – Bank is notified of customer obtained policy.
I realize that the customer cannot be charged for the 3 day overlap but are we required to send the second notice (30 day) before we can charge the customer on the 46th day for the force placed coverage between the 1st and the 15th? It seems that the second notice would be confusing to the customer.
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