If you are new to flood insurance compliance, it doesn’t take long to realize that it’s complicated. There are determinations to pull, notices to give, calculations to make, and monitoring to do. And, you want to get it right because there’s always a potential threat of civil money penalties.
We received the following question about the force placement process at our April Monthly Connection:
We have a borrower whose flood insurance policy renewed yesterday, but the insurance company hasn't received the payment yet. Our borrower has indicated the payment was sent prior to the policy expiration date. Per the insurance company, there is a 30-day grace period before the policy would be terminated. Should we start the force placement process now or wait until closer to the end of the grace period?
Listen to David’s answer in the video.
Published
2022/04/19