This letter can be used as a template for notifying customers that insurance will be force placed. Second and final notice please provide insurance information for property address dear borrower s name.
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Force placed flood insurance letter sample. The lender determines at any time during the life of the loan that the property securing the loan is located in an sfha. Flood force place letter template. On march 29 2013 the federal emergency management agency fema issued bulletin w 13017 to announce a change in the waiting period requirements for lender force placed insurance using the mortgage portfolio protection program mppp.
If you do not have a flood insurance policy on the property you may wish to contact your local insurance agent or at your option you may contact delong associates inc. Where can i find samples of the new flood notices that have to be sent out 45 and 30 days before flood insurance is force placed by the lender. Permissive force placed insurance allows credit unions to purchase the insurance as soon as the policy lapses or is cancelled.
Members can download this tool. Ms 3 b model form for force placed insurance notice containing information required by 1024 37 d 2 i name and mailing address of servicer date of notice borrower s name borrower s mailing address subject. However the flood rule requires credit unions to force place insurance beginning the 45days after a policy is lapsed or cancelled.
When a lender determines the flood insurance has expired or is less than the amount required by law the borrower must be notified to obtain adequate flood insurance within 45 days. This is your second and final notice that our records show that. 860 659 3240 to purchase insurance.
Flood insurance coverage is. Flood force place letter template updated 01 01 2015. The first step is to know when force placement of flood insurance is required.
The lender may send a notice prior to the expiration of. The community in which the property is located participates in the nfip. The act and regulation require a lender to force place flood insurance if all of the following circumstances occur.
Lender force placed flood insurance. You can still find the notification letters beginning on page 7 8 of the mandatory purchase of flood insurance guidelines booklet even though it was rescinded. If you do not respond within 45 days of this letter either providing evidence of a flood insurance policy in effect.