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My bank has been looking for clarification on this subject for some time. In the post on Jack’s blog from yesterday, 3/19/14, “Flood Insurance-Changes to Maximum Coverage Limits”, it says that the new coverage limits are available for new business, renewals, or change endorsements that are effective on or after 6/1/14. It then goes on to say that creditors must identify all borrowers with other residential policies that will have inadequate coverage after the effective date of the change. This is also the way it is worded in the NFIP Summary of Program Changes.
These 2 sentences seem to contradict each other. Does the $500k requirement apply to MIRE loans only or to existing loans that are not being increased, renewed or extended by the 6/1/14 date?
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