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19 <br />1 borrower and may charge the borrower for the cost <br />2 of premiums and fees incurred by the regulated <br />3 lending institution or Federal agency lender in pur- <br />4 chasing the insurance. <br />5 "(2) REviEw.— <br />6 "(A) BY THE DIRECTOR.—A borrower may <br />7 request that the Director review a determina- <br />8 tion that the improved real estate or manufac- <br />9 tured home securing the loan is located in an <br />10 area of special flood hazards. Not later than 45 <br />11 days after the Director receives the request, the <br />12 Director shall review the determination and <br />13 provide the borrower with a letter stating <br />14 whether or not the property is in a special flood <br />15 hazards area. The determination of the Director <br />16 shall be final. <br />17 "(B) INSURANCE NOT REQUIRED.—If a <br />18 person is provided by the borrower with a letter <br />19 issued by the Director pursuant to subpara- <br />20 graph (A) during the preceding 1 -year period, <br />21 stating that the property is not in .an area of <br />22 special,. flood hazards, such person shall have no <br />23 obligation under this title to require the pur- <br />24 chase of flood insurance on the property. <br />•8 14M 15 <br />