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What does the borrower need to do while they are waiting on their LOMA or LOMR-F to be reviewed?

April 26, 2017borrower Loma lomr-f reviewed waiting

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What does the borrower need to do while they are waiting on their LOMA or LOMR-F to be reviewed?

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If you do not want to wait the 6-8 weeks for a LOMA or LOMR-F to be issued, FEMA advises you to buy the flood insurance. If the LOMA or LOMR-F is issued the current years premium will be refunded unless a claim has been paid or is pending. To receive a refund, submit the LOMA or LOMR-F to your lender and ask that the lender waive the insurance requirement.