[Kristin]

Do the force place notification requirements and/or required notices (verbiage in the notices) change on October 1?

[rcooper]

There hasn’t been any change in the force-place notification. You must send the 45-day notice upon making a determination that the flood insurance coverage is inadequate or has expired, such as upon receipt of the notice of cancellation or expiration from the insurance provider or as a result of an internal flood policy monitoring system. You must notify the borrower that the borrower should obtain flood insurance, at the borrower’s expense, in an amount at least equal to the amount required under § 339.3, for the remaining term of the loan.

You may send one or more additional notices prior to the expiration date as a courtesy to assist the borrower. However, you must still send the mandated 45-day notice following the lapse of the borrower’s policy.

[Author]

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