![]() Within 45 days of receipt, FEMA will advise the lender and borrower of one of the following by letter: A separate request with all required data and fee must be submitted for each individual structure requiring a review by FEMA.įor information about submitting a request, call a Map Specialist in the FEMA Mapping and Insurance eXchange (FMIX) at 1-87 or mail the request to:Īlexandria, VA 22304-6426 Attn.: LODR Manager What is FEMA’s Response to Such Requests?.Data and fee received bearing a postmark later than 45 days following lender notification will be returned to the sender without review by FEMA. Requests MUST be postmarked no later than 45 days following the date the lender notified the borrower that the property is in a Special Flood Hazard Area.funds, made payable to "National Flood Insurance Program." $80 payment by check or money order, in U.S.A letter to FEMA requesting a review of the lender's determination, signed by the borrower and the lender.A copy of all material used by the lender to make the flood hazard determination (FEMA must confirm the location of the structure on the FIRM by examining the data source used to make the determination).A copy of the effective Flood Insurance Rate Map panel for the community in which the structure is located, marked to show the location of the structure or manufactured home.A copy of the dated notification to the borrower from the lender that the property is in a Special Flood Hazard Area.A copy of the completed Standard Flood Hazard Determination Form (SFHDF). ![]() It considers only the location of the structure relative to the Special Flood Hazard Area shown on the effective Flood Insurance Rate Map. The Flood Hazard Determination Review process does not consider the elevation of the structure above the flood level. If it is determined through the review process that the structure is not located in a Special Flood Hazard Area, and if the lender waives the flood insurance purchase requirement, a premium refund for the current policy term may be obtained if no claim on the policy has been made. If the request for review is related to a loan and the loan closing occurs before the end of the 45-day response time, the purchase of flood insurance is required. FEMA will make its determination within 45 days of receipt of all necessary data. However, lenders retain the prerogative to require flood insurance absent the federal requirement, but as a regulatory safety and soundness measure.īorrowers who have reason to dispute the flood hazard determination presented by a lender may request, jointly with the lender, for FEMA to review that determination. A successful LODR releases the lender from the statutory obligation to require the purchase of flood insurance and identifies the building in a low-to moderate flood risk area. The LODR review process enables FEMA to verify whether the building’s location was correctly identified on the applicable Flood Insurance Rate Map (FIRM). The request can be made to FEMA, at a current cost of $80, jointly by a lender and borrower within 45 days of the notice to the borrower the building is located within the Special Flood Hazard Area (SFHA) by the lender. A Letter of Determination Review (LODR) is an option available to a property owner to appeal a lender's flood zone determination.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |