There is no law or regulation that requires a bank to monitor mortgaged properties for inclusion in revised flood maps (though agreements with a GSE (e.g., Fannie Mae or Freddie Mac) or other investors almost always require such monitoring). Supplementary Information, Loans in Areas Having Special Flood Hazards, 61 Fed. Reg. 45684, 45693. However, if the bank becomes aware of the fact that coverage is not adequate to comply, you must pursue and if the customer fails to cover within 45 days, you must force-place. 12 CFR 339.7.