MIRE Events: What About Modifications?

The flood insurance rules state that any time an institution makes, increases, renews or extends a loan secured by property located in a Special Flood Hazard Area (SFHA), it must ensure adequate flood insurance is in place. Failing to identify such MIRE events can lead to violations and even civil money penalties. We often get questions about loan modifications and whether they are considered to be MIRE events. The answer is, it depends. Essentially, you need to look at what change(s) you are making and determine whether it falls within the MIRE parameters.

Kevin explains more in the video.

 

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Published 2026/03/31
Kevin Edwards

Kevin Edwards

Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).

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