LendLogix™ Offers Flood Certifications Directly Fromm Within Our Platform
Simply defined, a flood cert or flood certification in real estate is a document that states the flood zone status of real property. FEMA (Federal Emergency Management Agency) flood maps are examined using the address or geographic coordinates of the property. Using the location on the map, the flood certification provider certifies what, if any, flood zone in which the property is located.
In purchases where there is a lender involved, the lender has a resource to accomplish this task. The fee is charged to the buyer in the 800 series items on the HUD-1 Settlement Statement. The lender is, of course, protecting their loan asset by verification of the risk of damage or loss by flooding. If the property is at risk, it doesn't necessarily preclude a loan, but flood insurance could be required.
Flexible and Reliable Flood Hazard Property Information
LENDLOGIX's™ Flood Services provide flood zone determination reports, certifications, and life-of-loan services to lenders and insurance providers nationwide. We offer our customers a choice in levels of service, from simple delivery of flood zone determinations to complete portfolio tracking.
LENDLOGIX's™ Flood Service options include:
Flood Zone Certification
All flood certifications are determined using digital and hard copy FEMA Flood Insurance Rate Maps and Flood Hazard Boundary Maps in conjunction with geocoding software, street maps, tax maps, plats, and aerial and satellite photos.
LENDLOGIX's™ Flood Services offer:
- Basic Determination/Certification - One time certification that satisfies Federal regulatory market requirements at origination. HMDA/Census Tracking information is available with each determination.
- Life-of-Loan Determination/Certification - The certification assures compliance with all Federal regulatory and secondary market requirements and provides the flood hazard status of the property for the life of the loan.
- Fast flood zone determination turn-around times. Over 99% of our orders are completed and delivered back in 24 hours; 89% are delivered instantly
- Accurate, to-the-structure determinations
- Easy, convenient access to instant certificates and borrower notices
- Life-of-Loan flood services include monitoring and reporting of ALL changes in the flood hazard status of the loan
- Monthly flood hazard reports
- Tracking of the flood hazard status of existing and acquired loans is available