Here’s a striking fact: 99% of U.S. counties experienced a flooding event between 1996 and 2019, making floods the nation’s most common natural disaster. And the financial impact of a flood is significant, resulting in average claims of more than $50,000.1 Despite this risk, many homeowners remain unprotected, especially since annual premiums on flood insurance can cost $700 or more.
For mortgage lenders, accurate flood zone determinations are crucial for compliance, risk management, and protecting borrowers’ investments. The best flood reports offer critical features to streamline your workflow and provide better customer service, such as:
- A “no close, no pay” policy that eliminates charges for unfunded loans
- Seamless integration with existing technology platforms
- Complimentary HMDA and seismic reports that provide additional value
- One-click dispute resolution for questionable determinations
What truly sets exceptional flood services apart, however, is combining human expertise with technology tools. We recommend looking for providers with in-house specialists who stay current on FEMA’s constantly evolving flood maps and can deliver fast turnaround times even during peak demand periods.
With the right flood determination partner, you can ensure regulatory compliance while protecting yourself and your borrowers from one of the most common yet often underestimated risks in real estate ownership: floods.
Click here to learn more about Xactus’ full suite of property and flood zone solutions.
1 FEMA. www.fema.gov/data-visualization/historical-flood-risk-and-costs