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Information for Single-Family Lending and Real Estate Professionals
Program Announcement
October 12, 2020
Changes to Flood Determination Provider and Lender Retained Payments for loans serviced by IHFA
Dear Lending Partners,
Idaho Housing and Finance Association (IHFA) notifed the Commission of changes to the following:
New Flood Determination Provider
• Idaho Housing (IHFA) is transitioning its flood insurance management process to Lereta. Starting November 1, 2020, all loans closed using a flood determination company other than Lereta will incur a $10 flood transfer fee. Loans submitted to Idaho Housing that use Lereta for the flood determination will not incur the fee.
Lender Retained Payments
• On May 8, 2020, in response to the COVID-19 pandemic, Idaho Housing (IHFA) announced that a borrower's next payment would be netted from the purchase statement within 20 days of the next payment due date. Effective October 1, 2020, Idaho Housing will return to the customary 15-day window for lender-retained payments.
Please provide the above inforamtion to the appropriate department at your institution.
If you have additional questions, please email Corinna Obar.