§4104b Standard Hazard Determination Forms

Summary

The Administrator must create a standard form to show whether a building or mobile home tied to a loan is in an area with special flood hazards where flood insurance is available. The form must be made by rules no later than 270 days after September 23, 1994. It must help lenders follow the flood insurance buy rules and ask for the flood zone type, the full map and panel numbers, the community ID and whether the community takes part in the national flood insurance program, and the date of the map used. If the property is not in a high-risk flood area, the form must say so. If map numbers aren’t available because the community doesn’t participate or no map exists, the form must say that. It must allow attaching map updates or revisions. Federal regulators and federal agency lenders must require use of the form for covered loans, and Fannie Mae, Freddie Mac, and Ginnie Mae must require it for loans they buy. Lenders can use printed, computer, or electronic versions. If someone else provides the flood info, that person must guarantee it. A prior determination on the form can be reused if it’s no more than 7 years old, unless maps were updated after that. Rules requiring the form take effect 180 days after they are issued.