CoreLogic, the property information, analytics and data-enabled solutions provider, has unveiled a new pair of flood risk tools.
Future Flood, which provides updated flood map information to the company's servicing clients, and Next-Day Notification, which provides Life of Loan Determination updates the day after the Federal Emergency Management Agency's latest flood map becomes effective, debuted in a soft launch at the recent Mortgage Bankers Association’s Servicing conference, in Grapevine, Texas.
Said determination means homeowners can grandfather in more favorable flood insurance rates, even if future changes shows increased risk of property damage due to flooding.
“2017 was an unprecedented year for natural hazards and many lenders were forced to assess new options for risk mitigation efforts,” Scott Little, CoreLogic underwriting and workflow solutions executive told HousingWire. “During the year, we have also focused our effort to look across the organization in order to identify new offerings for our clients. A recent outcome of this effort is our new Future Flood offering."
Little explained that Future Flood helps CoreLogic clients know more about flood risk and enables them to act on that information earlier in the process.
“By leveraging our technology in new ways, lenders can position their flood operations to provide more transparency for their borrowers,” he said.
Both Next-Day Notification and Future Flood seek to enable lenders and servicers to leverage flood data to help facilitate a positive borrower experience, and potentially save the borrower thousands of dollars in flood premiums over the life of a loan, the company explained, as well as speed up the process.
“With Next-Day Notification, servicers no longer have to wait up to two months for map change notices,” Little said. “With Future Flood, now, for the first time, originators and servicers will have access to pending flood map data in advance of the change to provide greater transparency at origination and to reduce risk throughout the servicing lifecycle.”
"Further, lenders and servicers can be part of the important conversation with homeowners about these changing flood zones– conversations which may ultimately result in significant savings for some homeowners over the life of the loan," he added.