Following a flood map change, is the bank required to force place flood insurance during the 45 days following the notice to the borrower, or can the bank wait 45 days after notifying the borrower?
The regulations permit a bank to force place flood insurance beginning on the date the borrower’s policy lapsed or did not provide sufficient coverage to ensure continuous flood coverage for both the bank and the borrower, and any time after that date. However, if a borrower fails to obtain flood insurance within 45 days of the bank’s notification to the borrower of the need to obtain flood insurance, the bank must force place flood insurance at that time.
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