What is First Americans Life-of-Loan service?
In 1994, FEMA enacted the National Flood Insurance Reform Act of 1994, requiring borrowers to purchase flood insurance. More specifically, the law requires Federal agency lender regulators to develop policies to direct their federally regulated lenders not to make, increase, extend, or renew any loan on improved real estate located or to be located within a Special Flood Hazard Area in a community that participates in the National Flood Insurance Program unless the improved real estate or personal property securing the loan has flood insurance coverage for the life of the loan. First Americans Life-of-Loan service was created to help lenders satisfy these requirements. Simply knowing the propertys flood zone status at loan closing is not enough. Over time, FEMAs flood maps may change. Topography transformations or even a communitys flood mitigation action can alter a propertys probability to flood. Be sure you know of those changes before its too late. Protect your investment by utiliz
