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<br />COMPTROLLER OF THE CURRENCY <br /> <br />The purpose of this article is to inform banks of their <br /> <br />responsibilities under the FDPA and identify methods to ensure <br /> <br />compliance with the FDPA. <br /> <br />Bank's ResDonsibilities: <br /> <br />Regulations implemented by each of the bank regulatory agencies <br /> <br />require notifications to be given to customers seeking real estate <br /> <br />lending covered under the implementing regulations. A bank must <br /> <br />provide notice to a borrower that: <br /> <br />o the improved real estate or mobile home which is securing a <br /> <br />loan is or will be located in a SFHA, and <br /> <br />o whether or not federal disaster relief assistance will be <br /> <br />available for such property in the event of damage to the <br /> <br /> <br />property caused by flooding in a federally declared disaster <br /> <br />I <br />, <br />j <br />j <br />j <br /> <br />area. <br /> <br />Each financial regulator provides sample wording under its <br /> <br />respective regulation. <br /> <br />This notice should be mailed or delivered to the borrower at least <br /> <br />10 days prior to closing or no later than the bank's commitment date <br /> <br /> <br />to fund the loan (if less than 10 days). Finally, the above notice <br /> <br /> <br />must be given regardless of whether the community is participating <br /> <br />or is not participating in the NFIP. <br /> <br />.15- <br />