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One of our lenders is working up another loan with one of our long term customers. We have used this property with multiple buildings before as collateral and all flood determinations in the past have come back okay – it never showed it was in a flood zone. However, on the most current flood determination, it is now showing one of the buildings on the property is slightly in a flood zone. Are we required to get flood insurance on all buildings located on the property? Or just the one slightly in the flood zone?
I am new to the world of compliance and would appreciate any help. Thank you in advance!
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