First American Offers Credit Unions Free Flood Software Trials
As credit unions look to take a greater share of the mortgage origination market, First American Corporation’s (FAF) Flood Data Services unit is looking to fill the needs of credit unions. The company is offering credit unions free trials of its FloodCert software that uses digital maps to provide potential flood information on properties. First American said its software can process more than 90% of requests automatically, without the intervention of a human. For cases that require a manual review, First American said the process generally takes less than 24 hours. Reports generated from the free trials are not guaranteed and cannot be used for loan origination, and are designed for comparison purposes. “As credit unions expand their member services to include mortgage, home equity and reverse mortgage products, they become more exposed to the risks posed by inaccurate flood determinations, both from non-compliance civil penalties imposed by federal regulators and from uninsured flood damage to the credit union’s collateral interests,” said Vicki Chenault, senior vice president and general manager of First American Flood Data Services, in a statement. “By providing a free, 15-day trial account, we hope to show credit unions just how easy it is to get fast, accurate results for their flood determination needs,” she added. Write to Austin Kilgore.