June 29, 2006
Prepare Your Portfolio Now for Map Changes Ahead
As FEMA readies massive flood map revisions for release in September, CoreLogic's Portfolio Services department offers a variety of ways to help you prepare for the impact of the changes. "We can work with our customers to optimize their portfolios so they can receive the changes with a minimum of disruption," says Portfolio Services director Christine Merrigan. She suggests the following steps you can take now:

Electronic notification. If you currently receive notifications of flood status changes via postal mail or fax, consider electronic notification instead. With the volume of map revisions anticipated this fall and next year, paper handling, filing and copying could become a significant burden on your staff-a burden that can be eliminated for operational savings.

Portfolio audit. We'll compare your active loan files to our flood zone determinations and report any gaps or discrepancies. We'll also cancel tracking on paid off, denied or withdrawn loans still in our files, eliminating unnecessary notifications of flood status changes on those loans.

Routine maintenance measures. Now is a good time to establish maintenance procedures to keep your portfolio files complete and up to date, such as setting up a mechanism to routinely notify us of newly boarded loans, cancellations and payoffs.

Portfolio impact preview. See a preview of how extensively your portfolio might be affected by the September map changes. We'll cross-check your portfolio files against the counties slated for revision and tell you what percent could potentially be affected.

If you would like to discuss these or other ways to prepare for the upcoming revisions, contact our Portfolio Services department at (800) 447-1772, x4787.