Continuous Monitoring of Flood Status Changes
The flood zone determinations in a portfolio today can become quickly outdated due to factors like urban development, climate shifts and federal remapping. Whether selling a given group of loans or retaining them in a portfolio, you'll still need current reliable flood data for every property-not only to comply with federal regulations but to maintain the marketability of your loans.
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| First American constantly monitors and updates changes in flood status for all communities |
Servicing Tailored to the Client's Needs
First American's monitoring service can be purchased during loan origination or at any other time during the life of the loan. Our flexible options let the client specify the type of monitoring they need, depending on business requirements and the status of loan files. For maximum efficiency, our innovative, Web-based servicing portal enables them to submit servicing projects online. They can upload the relevant files, monitor the progress of the project, and receive a summary report upon completion.
Cost-Effective Servicing
First American's extensive market share and widespread industry acceptance allows our clients to avoid the conversion and tracking fees that purchasers might otherwise charge in loan acquisitions or servicing agreements. This can mean significant cost savings for the client. In addition, our established connections with insurance and tracking businesses, force-placement companies and loan servicing systems allow us to quickly and seamlessly load flood information to a client's system without expensive or time-consuming manual keying.
Acquisitions and Transfers
Whether you acquire loans with or without accompanying flood data, we can service them in a variety of ways, according to your needs. We'll monitor each property for flood status changes and notify you when a change occurs. If you acquire loans with non-First American flood zone determinations, you may choose to convert them to First American's guaranteed determinations. After conversion, we'll follow your preferences for subsequent monitoring.
If both parties in the sale are First American customers, we can also assist with the transfer of records. Or, we can transfer records to non-First American customers if they agree to use our monitoring service. Regardless of the servicing options you choose, you can add loans at any time to a portfolio that is already being monitored. When a loan is paid off, we'll cancel the monitoring service.
Portfolio Review and Maintenance
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| Our portfolio team can help you keep portfolio of loans compliant with federal flood regulations |
Due to the frequency of flood status changes, a portfolio of acquired or seasoned loans can rapidly become outdated-particularly during FEMA's current map modernization initiative. First American's flexible menu of portfolio review and maintenance services can help keep your portfolio in compliance.
- Customized portfolio assessment. When a client acquires a new portfolio of loans, they may not know the level of flood data accuracy or the compliance status of those loans. In that case, it's wise to invest in a portfolio review and flood risk analysis. Our cost-effective, customizable menu of assessment options allows them to choose the level of analysis and reporting they need.
- Fully guaranteed portfolio update. To give a client full confidence that their portfolio is compliant, we can review all properties in the portfolio, identify those that already have current flood zone determinations, and issue new, guaranteed determinations for the rest. Or, if necessary to meet the requirements of a portfolio sale, we can issue guaranteed First American determinations for the entire portfolio.
From loan closing through payoff, First American is an expert partner in flood risk management. We can build a customized servicing program to help our client's meet regulatory requirements, satisfy their investors and keep their business growing.
First American's wide range of connectivity options means fast, streamlined ordering, tracking, and delivery. Let our connectivity specialists design an optimal system that's fully compatible with your platform.
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Customers can utilize a number of industry-standard interfaces for connectivity through our secure data centers
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Real-Time Interfaces
Our most popular connectivity solution is our XML interface. This interface delivers real-time responses and supports the majority of our website's functionality, including new orders, cancels, edits, and disputes. Secure connectivity is available through SOAP and https posts. Through the XML response, a completed flood determination is returned with the associated flood information as well as an embedded PDF of the FEMA form. Our XML interface is MISMO compliant in the flood response for versions 2.3.2 and 2.4.
Loan Origination System (LOS) Interfaces
Whether you already have an established LOS, or would like to begin using one, you can take advantage of our various connections with the majority of LOS software packages including Calyx, Dynatek, Harland, MortgageFlex, FiServ, Encompass, Mortgage Cadence, Mortgage Builder, Avista and many others. Contact us to inquiry on the availability of your LOS interface within our facility. If we are not currently offering the interface, we will contact the LOS company to seek a means of integrating the interface.
Our transparent interfaces enable you to order your flood determinations without exiting your LOS to another ordering platform. The data is returned directly to your LOS.
Third-Party Vendor Portals
In addition to the connectivity solutions mentioned previously, First American products and services can also be ordered through portals including First American Equity Loan Services, Ellie Mae ePass Business Center, Fannie Mae DU Connections, and other portals.
Web-based Solutions
FloodCert.com
First American's Web-based ordering and delivery system provides a simple connectivity and account management solution. Providing instant access to our extensive database of flood data resources, FloodCert.com easily accommodates single orders, delivering the vast majority of responses in real time.
You can also manage all aspects of your account with FloodCert.com's user-friendly functions including searching, tracking, order history, completed order notifications, and reporting.
First American Web Services
Our Web services allow you to order multiple loan closing products-including flood zone determinations-without re-entering loan data. First American Web Services (accessible at https://www.faws.firstam.com/faws/) is your interactive, one-stop ordering site for all of First American's origination products.*
*Note: Be sure to enter https before the URL to access First American's secure ordering site.
Servicing System Uploads
For many of our loan servicing clients, we can routinely deliver files via secure connections to Fidelity MSP and FiServ MortgageServ servicing systems.
