What is the Lender Determination Review process and what is required of the lender and borrower?
The Lender Determination Review is a process through which FEMA will determine if the Standard Flood Hazard Determination Form (SFHDF) that includes the flood zone determination used by the lender is accurate. For example, if a lender is requiring flood insurance based upon a flood zone determination that states that the subject property is in the Special Flood Hazard Area (SFHA,) then FEMA will confirm whether or not the property is indeed in the SFHA based upon the Flood Insurance Rate Map (FIRM.) FEMA requires the following items for this process: (1) A letter signed by both the borrower and lender requesting the review, (2) A copy of the lenders SFHDF, (3) A copy of the dated Notice to Borrower document, (4) A copy of the applicable FIRM, (5) All documents used by the lender to complete the flood zone determination, and (6) A check or money order in the amount of $80.00 made payable to the NFIP. This request must be submitted within 45 days of the Notice to Borrower document.
Related Questions
- Can the mortgagee (lender) continue the foreclosure process even if the mortgagor (borrower) catches up payments after acceleration?
- What if the borrower still questions the results of the flood determination even after the Dispute Process?
- What is the Lender Determination Review process and what is required of the lender and borrower?
