Flood insurance recently came under the microscope after the House of Representatives passed a bill that could bring change to the industry, and potential relief to homeowners.
Today, ComplianceEase, a provider of automated compliance solutions to the financial service industry, announced the launch of its FloodAnalyzer, which could bring more change to the market.
FloodAnalyzer identifies a property’s flood-zone status and performs an analysis. Throughout this process, it uses the most current Federal Emergency Management Agency’s Flood Insurance Rate Maps and Flood Hazard Boundary Maps.
“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,” ComplianceEase president John Vong said. “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.”
The solution offers two levels of certification. The first is the Basic Flood Certification, which provides a single, fixed-in time status of a property’s flood zone with findings that are based on continuously updated data.
The second certification is Life of the Loan Certification, which adds flood zone status tracking based on the changes to the Flood Insurance Rate Map for the life of the loan. It also monitors FEMA flood map revisions as wells as National Flood Insurance Program community participation status changes.
Could this be the first step in the market’s reform of flood insurance that Freddie Mac claims is so needed?