FEMA published a
Final Rule in the Federal Register identifying communities in Arkansas that were suspended from the National Flood Insurance Program for non-compliance with the floodplain management requirements of the program. The effective date of this suspension is 03/21/19.
ServiSolutions will not purchase loans on properties located in suspended communities or communities not participating in the NFIP, if those properties are in a designated Flood Zone requiring flood insurance.
We have previously accepted copies of the application, declarations page and evidence of payment via CD for proof of flood coverage. For flood certs issued prior to 3/21/19, ServiSolutions will now require proof the flood insurance policy is in force prior to the purchase of the loan for any properties located in the suspended communities. We will be requesting a copy of these flood insurance policies.
