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We have a loan in process where the collateral is located in a SFHA. The borrower, who is an insurance agent, is telling us that the current flood risk rating (A-E in this case) will no longer be stated on policies. Is this the case, and can we accept a policy that does not state the risk rating?
There has been no regulatory announcement of a change of this nature. There has to be a risk rating, that is the basis of the premium amount. Is the risk rating stated elsewhere, just not in the “dec” page?
At present you are still required to match the risk rating in your determination to the risk rating on the policy. If the proposed FAQs are finalized as proposed, then this will become less of an issue.
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