FLOOD COMPLIANCE

Compliance officers must make sure that every loan written not only is in compliance with the flood determination provisions when the loan is issued, but that it remains in compliance throughout the life of the loan.

The government has placed particular priority on the concern that many flood prone properties remain uninsured either because insurance was not purchased when the loan was issued, or because homeowners have allowed it to lapse. As a result, a lender must be able to determine which loans will require flood insurance when the loan is issued, as well as make every effort to ensure compliance when selecting a vendor, notifying the borrower, and preparing for an examination.

This heightened regulator scrutiny has increased the need for lenders to include the compliance department into the initial stages of the evaluation process of each loan application.

Wolters Kluwer Financial Services|PCi sets the industry standard in providing the most accurate, efficient flood hazard determinations at the lowest possible price. Because our development and product management team are former bankers, regulators, and industry consultants, we possess the necessary expertise to access the most recent developments in both compliance and technology, offering our clients the most productive service in the industry.

With Flood Wiz a lender is able to access the most accurate data to assign an address with the appropriate flood and Census tract data and receive the determination within seconds. Our extensive database is updated regularly to reflect any FEMA changes and LOMA/LOMRs. All of our determinations carry a guarantee that alleviates both the borrower and the lender of any liability.