I need some clarification please. We have one loan on our books that is a multi-family consisting of 5 or more units that is currently in a flood area. Currently we have $250,000.00 in flood insurance. Am I understanding correctly, that we do not have to send a force placed letter to the customer June 1, 2014. The changes for the $500,000.00 coverage is only on NEW loans and renewals AFTER June 1, 2014?