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Compliance Question of the Week
In today’s banking environment as soon as one big new regulation is implemented another pops up. Our compliance resources help your community bank stay one step ahead of the regulators.
Does the requirement to purchase flood insurance where available apply only to mortgage loans?
The requirement applies to any designated loan, including consumer and commercial loans where a building or mobile home and personal property secure the loan.
Residential Building Examples:
- Single family dwelling
- 204 family residential building
- Other residential building containing 5 or more residetnail units
- Mixed use building in which the total floor area devoted to nonresidential uses is less than 25% of the building's total floor area, this includes: condominium, apartment, hotels, motels, tourise homes, rooming houses where the normal occupancy is six months or more
Non-residential Building Examples:
- Commerical buildings
- Office or Retail Space
- Wholesale Space
- Hospitality Space
- Buildings where the normal stay is 6 months or less including condominiums, apartments, hotels, motels, tourise homes, rooming houses
- Houses of Worship
- Schools
- Recreational Buildings
Reference: 12 CFR 339.3; Interagency Flood Q&A 2022 Determining the Appropriate Amount of Flood Insurance Required; Amount 3 and 4.