Flood Insurance for a Building with No Value

Flood Insurance for a Building with No Value

Is flood insurance required for an old dilapidated building that has no value to either the owner or lender? Adam uses this Compliance Clip (video) to answer this question and provide the regulatory guidance used to support his answer. As flood insurance penalties are easily assessed for even just a few violations, financial institutions need to ensure they don't get washed out with rogue lenders not following the rules. Oh yeah, there might even be a flood pun or two in this video.

Reducing a Lender Credit Due to a Changed Circumstance

Interagency Statement on Sharing of BSA/AML Resources Among Financial Insittutions