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To Whom It May Concern,
My question is regarding Section IV, #16 regarding loans secured by raw land. The statute indicates that a loan secured by RAW land does not require flood insurance. Concerning the definition of RAW land utilized in this instance Does raw land mean any land without a structure or is there a differentiation between raw land and developed land that has no structure on it? Specifically does a developed lot with no structure, which during the course of the loan will not have any structure on it, necessitate a flood determination as it is considered residential real estate?
|Last Updated 03/25/2008||Regs@fdic.gov|