Bank Announcements

Flood Insurance News

To Our Valued Loan Customers:
The new flood insurance rules requires that Banks offer the option of escrowing flood insurance premiums on certain loans secured by residential improved real estate or a mobile home. 

Option to Escrow
You have the option to escrow all premiums and fees for the payment on your flood insurance policy that covers any residential building or mobile home that is located in an area with special flood hazards and that secures your loan. If you choose this option:
                   Your payments will be deposited in an escrow account to be paid to the flood insurance                     provider. 
                    The escrow amount for flood insurance will be added to the regular mortgage payment                     that you make to your lender or its servicer.
                   The payments you make into the escrow account will accumulate over time and the                      funds will be used to pay your flood insurance policy when your lender or servicer                      receives a notice from your flood insurance provider that the flood insurance premium is                      due.

To choose this option, follow the instructions below. If you have any questions about the option, contact our Loan Operations Team at Biscayne Bank 305-447-5050.

Instructions to Elect Escrow Option
If you would like Biscayne to escrow for your flood insurance policy premiums and fees, please provide us with written notice of your election to escrow and a copy of your current flood insurance policy. We will then calculate the monthly amount for your new escrow payment and let you know the amount in writing. 
 

 

Thank you for banking with us, contact your account officer if you have any questions.

 

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