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Our flood determination vendor began providing to us, an additional form along with flood determinations when a property is not located in a special flood hazard area. The form states that if at any time during the term of the loan the improved real estate or mobile home securing the loan is, due to re-mapping by FEMA or otherwise, located in an area having special hazards and in which flood insurance is available under NFIP, the customer will be advised to obtain flood insurance. It is my understanding that this form is not currently required on loans not presently in special flood hazard areas, but I am wondering when will this form be required?
Currently, it is not a requirement. Only when the borrower is in a flood zone is it a requirement.
I’m sure at some point in time they’ll tell us this is mandatory too, but for now… we’re in the clear. 🙂
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