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Post funding Issue. This is great

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panappr

Elite Member
Joined
Dec 5, 2007
Professional Status
Certified Residential Appraiser
State
California
OK the loan has been funded without flood insurance. Now the lender (Large/Nationwide) sends an E-Mail stating that it is not in a flood zone, but can not provide any evidence or cert. and wants me to change my appraisal. My response is the lender can sue me if a flood occurs, now everyone's upset with me. ????? How does this happen. If it was for an AMC they would surely ban me for not cooperating, now I stand a chance of being blacklisted by the lender, which is worse? That's just great......

Waiting for the world to change....
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
A flood certification must be included in the loan file for any federally related loan transaction. Point this out to the lender and tell them to email you or fax you a copy of the flood cert from the loan file. If they send you a cert showing that the property is not in a flood zone,verify that the flood cert is not bogus by spending the $15-20 it would take to order a flood cert. from one of the many companies that do flood certs. online. Best yet, order the flood cert from the same company that the the lender used to see if the one that the lender sent to you matched the actual flood cert. If it turns out that the flood cert the lender sneds to you is bogus, then call the compliance departmnet at the large lender send them details of what occurred in writing along including some sort of statement that you hope that your honesty in bringing this issue to their attention does not negatively affect your relationship with them. Then, if they blacklist you and/or cut off your business, call the FBI and file a civil law suit against the lender.
 
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