Welcome to our Loan Origination Flood Insurance Services Information Summary

FEMA and the National Flood Insurance Program have very strict rules that regulate when a Standard Flood Insurance Policy (SFIP) becomes effective. There is a mandatory 30 day waiting period to prevent an onslaught of policy application in the wake of a pending storm.

There are exceptions to the 30 day waiting period at the time of a new or refinanced loan origination. These rules are complicated and in some instances require that premium be paid on or before closing by the borrower. It is possible for the premium to be paid from the proceeds of loan closing, however the premium must be paid from proceeds, not by the borrower, and must be received within timelines established by FEMA.

We accept telephone checks as well as all major credit cards in order to save time of receiving checks in the mail. This electronic receipt of premium allows to provide evidence of insurance the same day (within about 30 minutes) that premium is received.

Often times an elevation certificate, prepared by a licensed surveyor, is required to write a new flood insurance policy. There are times when a loan is scheduled to close and there is not enough time to obtain an elevation certificate. Most properties (not commercial properties) are eligible for a Provisional National Flood Insurance Program policy. Most agents not only do not know what a provisional policy is, the companies they represent do not offer provisional policies. The Flood Insurance Agency writes provisional policies for loan closings all the time. We have written hundreds of them.