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Whether you’re a large servicer, a correspondent lender, a community thrift, credit union, or commercial bank, we have exactly the flood compliance services you need. How can we do that? Well, we understand your business. Many of us have been on the other side of the fence working at banks, savings & loans, brokers, servicing shops, and insurance agencies before we ever joined the flood business. We can anticipate what you need because we’ve been there too.
Your company will receive "production to payoff" flood services from us. Our menu of products fits origination’s need for speed and accuracy and servicing’s need for portfolio compliance and loss mitigation. Because of the comprehensive scope of our products, we can provide you with a customized flood compliance package that exactly fits your business requirements.
First American Disaster Services
Flood - Disaster
Impact Assessment Services
Loss Mitigation - Loss Mitigation
Services
BPO - Damage Assessment Report
Field Inspections -
Damage Report
Origination Services
Quick, reliable, and accurate – that’s the kind of flood product you need, and that’s just what you’ll get from First American. With our complete line of origination services, we’re able to provide you with a custom-fit business solution to help you originate loans in complete compliance with FEMA flood regulations. Here are just some of the products we offer.
Basic Determination
We’ll tell you if a structure on a mortgaged property is in a Special Flood Hazard Area on that date. You’ll get a guaranteed certification on the FEMA Standard Flood Hazard Determination form, which shows:
- Community status/participation in the National Flood Insurance Program (NFIP)
- FEMA FIRM and panel number
- Status of the structure as “in” or “not in” a mandatory flood zone
- Corresponding zone designation
Life-of-Loan Determination
In addition to everything you get with a Basic Determination, we’ll track the property for any flood map revisions, including Letters of Map Amendment and Revision, which change the insurance requirements.
- Because we track zone changes to the structure level, not just the property level, you’ll have fewer "surprises" for your customers down the road when there is a map revision.
- Along with the industry standard of telling you about “in” to “out” and “out” to “in” changes, we’ll also tell you about any “in” to “in” changes. That’s important because even if the flood insurance requirement stays the same, a different flood zone designation can mean lower (or higher) insurance premiums for your customer.
- You choose how we notify you of map changes – electronic, hard copy, or both. You have your choice of notice format, either First American’s format, which gives you before and after flood information, or FEMA’s determination form. You’ll receive a summary report of your affected loans along with the notices. We can even arrange for changes to be automatically uploaded into your servicing system through a batch process.
- It’s easy to transfer tracking to a different servicer using the customized list of servicers that FloodCert.com automatically creates for you. And if you are going to transfer servicing in bulk, we’re glad to do the work for you. Simply provide us with the file of loans you wish to transfer and we’ll take care of the rest.
FlexCert Determination
Developed specifically for portfolio lenders, FlexCert provides the same flood data and tracking as our traditional Life-of-Loan service, without the added cost for servicing transferability, which you seldom, if ever, need. If you find you do need transferability on a particular loan, you can upgrade it to Life-of-Loan at any time.
Census Tract Data
To help you comply with the Home Mortgage Disclosure Act (HMDA) and Community Reinvestment Act (CRA), we can provide census data with any of our flood zone determination products.
Servicing
You have a "servicing" department and so do we. It’s not servicing in the sense that we have a vault full of loan files, but that we have a group dedicated to assisting you with the servicing aspect of your flood compliance. You’ll receive expert help from our Servicing Department with any bulk transfers of Life-of-Loan tracking, whether you’re acquiring or selling loans, and with loan payoffs.
Along with handling all the details of your portfolio maintenance work, we maintain over 5,000 unique servicer codes, which correspond to both client and non-client servicing shops nationwide. We continually update these codes as different servicing locations open and close. Depending on the flood map revisions issued by FEMA each month, we send out anywhere from 12,000 to 24,000 hard copy notices of map changes. We also provide electronic notification files to many clients which they upload directly into their Loan Servicing Systems.
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