Flood: Relying on A Prior Flood Determination

Have you ever been confused about if or when you could rely on a previous flood determination form? It’s something we get asked a lot. While some financial institutions choose to get a new flood determination every time they touch a loan, that is fine and may help eliminate some compliance errors. However, there are certain instances where it is acceptable to rely on a previous one. These include:

• The SFHDF is less than seven years old;
• There have been no map changes; and,
• The determination is on an actual Standard Flood Hazard Determination Form.

Keep in mind, this is what the regulation says and you may also need to check what your contract with your flood vendor says.

Jerod explains more in the video.

Published
2024/05/01