ComplianceEase [1], a provider of automated compliance solutions to the financial services industry, announced that it has launched a new solution that helps mitigate risk by providing flood zone determination services.
FloodAnalyzer independently identifies a property’s flood-zone status and performs comprehensive analysis using the most current Federal Emergency Management Agency’s (FEMA) Flood Insurance Rate Maps and Flood Hazard Boundary Maps.
Two levels of certification are offered, including Basic Flood Certification and Life of Loan Flood Certification. Basic Flood Certification provides a single, fixed-in-time status of a property’s flood zone with findings that are based on continuously updated data outlining the risk of flood-zone exposure. Life of Loan Certification includes all of the findings in Basic Flood Certification along with an alert of flood zone status changes for a property, flood zone status tracking based on the changes to the Flood Insurance Rate Map (FIRM) for the life of the loan and monitoring of FEMA flood map revisions and National Flood Insurance Program (NFIP) community participation status changes.
“Missing flood certs continue to be a common pain point for clients especially when the defects create loan suspensions and even make the loan unsalable,” said John Vong, President of ComplianceEase. “FloodAnalyzer addresses this need directly by being able to retrieve flood status information with the speed and accuracy needed to close loans in today’s post-TRID environment.”