Which document is used to determine whether a property is located in a Special Flood Hazard Area?
Correct Answer
B) Flood Insurance Rate Map (FIRM)
A Flood Insurance Rate Map (FIRM) is the official FEMA document used to determine flood zones and whether a property is located in a Special Flood Hazard Area, which triggers mandatory flood insurance requirements under the Flood Disaster Protection Act.
Why This Is the Correct Answer
A Flood Insurance Rate Map (FIRM) is the official FEMA document used to determine flood zones and whether a property is located in a Special Flood Hazard Area, which triggers mandatory flood insurance requirements under the Flood Disaster Protection Act.
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A borrower is obtaining a $150,000 first-lien mortgage. The total points and fees are $8,500. Is this loan subject to HOEPA protections?
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