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Whether you're processing a first home loan or a second refinance, our complete line of origination products keeps the process moving smoothly. We'll help you meet the twofold goal of compliance with federal flood regulations and mitigation of your flood risk. Basic Flood Determination CoreLogic's flood determinations guarantee your complete compliance. Every order applies FEMA's Flood Insurance Rate Map to adhere to federal regulations. For ultimate accuracy, the order is pooled over our vast database of resources that have been complied over the past twenty years. Our technology has streamlined this entire process to return your completed determination quickly. Using flood information from our industry-leading database, our one-time basic determinations are quickly returned to you on the FEMA Standard Flood Hazard Determination Form, which lists:
Life of Loan Our fully transferable life-of-loan product assures you of current, reliable flood data over the life of the mortgage. It's the industry's most widely recognized life-of-loan product, with 14 out of the top 20 servicers either accepting or requiring life-of-loan monitoring from CoreLogic. That means peace of mind if a client holds their loans, and enhanced marketability should they decide to sell their portfolio. After an initial determination is completed, we'll continue to watch the property throughout the life of the loan, monitoring for any flood map revisions-including Letters of Map Amendment or Revision-that might change the structure's insurance requirements. When a federal flood map is revised, we'll send our clients notifications for any affected loans, along with an at-a-glance summary. Notices can be automatically uploaded into their servicing system or sent in electronic format. We can also include optional borrower notifications with every flood zone determination, making it easy for our clients to keep customers up to date on their property's flood status. Refinance/Related Loan Determination When a client's borrowers request a piggyback loan, simultaneous second mortgage, or refinancing, our low-cost refinance/related loan determination is a quick, cost-effective solution. Simply give us an identification number for the loan, and we'll produce a certification. In a refinance situation, we'll create a second record and simultaneously monitor both records for future flood map revisions until notification of the first loan being cancelled. For related loans, we'll continue to monitor both the first and second loan records. In all other respects, the refinance/related loan determination is identical to our standard life-of-loan determination. (The products listed above are available for single-family, 1-4 unit residential properties.) Special Properties Determination Primarily used for multi-structure residential or commercial properties, this determination is a unique product specifically developed for commercial and construction lending. It eliminates the need to order determinations for each individual lot within the same subdivision or building phase by providing one determination at one price for all lots. With every Special Properties Determination, CoreLogic reviews each request and notifies the client if the property is completely in, completely out, or partially within a special flood hazard area. Our basic, life-of-loan, and refinance/related loan products are available with special properties determinations. Census Tract Data To help lenders comply with the Home Mortgage Disclosure Act and the Community Reinvestment Act, census tract data is available with any of the CoreLogic Flood Services products and services. A Census Tract Determination is an indication of the subject property's location with respect to MSA and census tract boundaries as defined by United States of America Bureau of the Census data. Write Your Own (WYO) Program By choosing CoreLogic Property & Casualty Insurance Company as your WYO flood insurance carrier, the Flood Lender Insurance Program can easily be incorporated into your insurance agency operation. This program offers competitive commissions, marketing assistance, and training from our knowledgeable marketing staff with over 30 years' experience in the National Flood Insurance Program. In addition, we can conduct continuing education seminars in your agency's offices. For more information on the WYO program, please contact Rhonda Kleine at (512) 977-3732 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it Elevation Certificate Services Property owners often need elevation certificates for purchasing flood insurance or compiling Letter of Map Amendment applications. By law, when a home or other structure secured by a federally-backed mortgage is located in a Special Flood Hazard Area (SFHA), the owner must obtain flood insurance. In order to properly rate the flood policy and determine the correct premium, the property owner's insurance agent may need an elevation certificate that shows the ground elevation at the base of the structure and the elevation of the first finished floor. The process of obtaining the certificate can be complicated, but CoreLogic makes it simple. Using convenient Internet or phone ordering, consumers can easily arrange for a local surveyor from our nationwide network to oversee the entire process. |