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ABA: The American Bankers Association

If a loan covered by a force-placed flood insurance policy is renewed with no change in terms, can the existing force-placed coverage be used to meet the mandatory purchase requirement? If our bank sells the servicing of a mortgage loan, is the bank required to provide the notice required under the flood regulations (12 CFR Parts 208, 22, and 339) to the insurance agent, or is the new servicer responsible for doing so?

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