Before a lender may make, increase, renew or extend (MIRE) a covered loan, that is a loan secured by a building or an insurable mobile home, it must perform or have performed for it a determination of whether or not the building or mobile home securing the loan is in a standard flood hazard area. (the purchase of a loan from another lender is not a transaction that requires that a new determination be obtained). Standard flood hazard areas are designated by either zones A or V on FEMA’s flood insurance rate maps.

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