If you are going to refinance, renew or modify a loan, there are a number of different regulations that can come into play. One of those is the Flood Insurance Act. It states that if you make, increase, renew or extend (MIRE) a loan secured by improved property located in a Special Flood Hazard Area, you must comply with the flood insurance requirements. This could include doing a flood determination, providing the flood notice, determining the appropriate amount of coverage, etc.
Kevin explains more in the video.
2025/08/26