State-of-the-art Flood Determinations
Your compliance officers must now 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.
This is of particular importance because of the government’s concern that many flood plain properties remain uninsured either because insurance was not purchased when the loan was issued, or because homeowners had allowed it to lapse. Not only must you be able to determine which loans will require flood insurance when the loan is issued, but you must also make every effort to ensure compliance when selecting a vendor, notifying the borrower, and preparing for an examination.
This heightened regulator vigilance has increased the need for your organization to bring its compliance department into the initial stages of the evaluation process of each loan application.
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 you
can 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. |
