In light of a nationwide flood zone re-mapping effort by the Federal Emergency Management Agency (FEMA), Wolters Kluwer Financial Services has updated its Flood Wiz flood hazard determination and certification solution with new mapping data to help financial institutions ensure life-of-loan compliance. In addition, the company is offering non-customers a new portfolio review service to help ensure compliance as well.
FEMA's $1 billion re-mapping project was completed in September and adds tens of thousands of U.S. properties to designated flood zones. These homeowners will now be required to purchase flood insurance, and if they do not, institutions holding these loans will be out of compliance with the National Flood Insurance Act.
Wolters Kluwer Financial Services' Flood Wiz solution is continuously updated to help financial institutions recognize loans tied to properties that fall within flood zones. The company says it has updated more than 30,000 property records within its system in the past few months.
"It's likely that many lenders are out of compliance unknowingly because of FEMA's recent re-mapping," says Sean Depamphilis, vice president and general manager of settlement services for the company.