In 2015, we created two new Warnings in our system concerning the escrowing of flood insurance premiums (see the announcement about these at: http://blog.docutechcorp.com/document-changes-notice-of-special-flood-hazards-cx11-and-new-flood-insurance-warnings). In 2016, we removed one of these Warnings, due to the expiration of temporary provisions in Federal regulations (see http://blog.docutechcorp.com/data-integrity-update-flood-insurance-escrow-warning-and-new-field for further details).
Upon further review of the legal basis for the remaining Warning – particularly related to the definition of “designated loan” under 12 CFR §§ 22.2(e), 36.4701(e), 208.25(b)(5), 339.2, 572.2(e), & 760.2 – we will be modifying the situations when this Warning appears so that, in addition to current conditions, it only displays if either of the following fields equal “Yes”:
- Flood Community (FI 18129)
- Flood Insurance Required (FI 18131)
These changes will take effect on January 4, 2017. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.