Lender Placed Flood Insurance
Lender Placed Flood Insurance is strictly regulated by the federal government and no lender is immune from the requirement to insure every mortgage loan within its portfolio that lies within a Special Flood Hazard Area (SFHA). To guarantee compliance, nearly every governmental and regulatory agency associated with financial institutions, including investors such as Fannie Mae and Freddie Mac, are auditing lenders. In many instances, severe penalties are imposed for failure to comply.
We understand the difficulties you may face with maintaining compliance, which is why flood programs offered by our firm are specifically designed for mortgage loan servicers. Our programs provide policy limits up to $250,000 on residential properties and $500,000 on commercial properties. In addition, there is not a waiting period for coverage to become effective and full refunds are provided immediately when you find the customer actually had coverage in-place.