FOND DU LAC, Wis.–Noting the importance of flood determination and monitoring services to the lending process, Info-Pro Lender Services has published a new white paper, “Buyers Guide: Flood Determination Services.”
The paper acknowledges many credit unions outsource such services to a third party vendor that has likely significantly automated the processes and as a result often lacks the personalized service required to “support some of the sensitive cases financial institutions face with their borrowers.”
Moreover, the paper adds, “Communities across the country are remapped by FEMA frequently, and as a result a property’s flood zone can change at anytime, thus affecting a homeowner’s flood insurance requirement. Non-compliance penalties are common for banks and credit unions and often result from improper notifications to borrowers or improper insurance on flood vulnerable properties. This is why it is so important for financial institutions to work with a vendor who offers on-demand reporting and mapping, and quality service to support those features. This will ensure lenders comply with necessary borrower notification and insurance requirement regulations.”
The paper emphasizes that the right flood determination and monitoring vendor can help lenders stay organized and on top of current flood zone data, which is an important step towards remaining compliant and for providing borrowers with the necessary information.
The white paper provides information on what features to look for when evaluating vendors for flood determination services, or when working to ensure the CU is getting the maximum results from its current vendor.
For info: www.info-pro.com