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A property securing a federally related mortgage is located in a Special Flood Hazard Area. What must the lender require?
a.That the borrower waive all flood coverage
b.That the property be relocated
c.That the borrower obtain and maintain flood insurance
d.That the loan be denied automatically
Giải thích
Under the Flood Disaster Protection Act, a lender making a loan secured by improved real property in a Special Flood Hazard Area of a community participating in the NFIP must require the borrower to obtain and maintain flood insurance. Being in an SFHA does not require denying the loan, only that flood coverage be in place.
Trích dẫn luật: Flood Disaster Protection Act / National Flood Insurance ProgramLuyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
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