Are we allowed to provide a copy of the determination we have completed that is provided by our third party, if the borrower asks for it? And if so, do we have to get a signature saying it was received?
Yes—it’s not a statutory requirement, but the bank is allowed to provide a copy of the determination to the borrower. This may be used to provide it to the insurance agent so as to minimize discrepancies between the determination and the borrower’s policy. The bank would also need to make the determination available to the borrower in case of a special flood hazard determination review, which has to be requested jointly by the bank and the borrower.
If the bank does provide the determination form to the borrower, there’s not a specific signature requirement in the rules.
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