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I need some clarification please. We have one loan on our books that is a multi-family consisting of 5 or more units that is currently in a flood area. Currently we have $250,000.00 in flood insurance. Am I understanding correctly, that we do not have to send a force placed letter to the customer June 1, 2014. The changes for the $500,000.00 coverage is only on NEW loans and renewals AFTER June 1, 2014?
Thank you!!
It is our understanding that you should begin your 45 day notification if you are aware that your borrower doesn’t have enough flood insurance coverage based upon the new coverage limits. See Jack’s blog on this topic:
https://mycomplianceresource.com/flood-insurance-changes-to-maximum-coverage-limits/.
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