How long before the loan closing should a lending institution complete or obtain a Standard Flood Hazard Determination Form?
The regulations do not prescribe a specific timeframe prior to a loan closing; however, if the property is in the SFHA, then within a reasonable time period prior to the loan closing, the lending institution must provide a notice to the borrower stating that flood insurance is required. Some regulators agree that a reasonable period of time is at least 10 days.
Related Questions
- How long before the loan closing should a lending institution complete or obtain a Standard Flood Hazard Determination Form?
- Is a lending institution required to provide a copy of the Standard Flood Hazard Determination Form to its borrower?
- When is a lending institution required to make or obtain a flood zone determination?
