FloodCert® | Origination Services | Servicing | GeoSpatial Databases | Uninsured Hazard Reports
CoreLogic® Flood Services offers a wide range of products to ensure lenders' compliance with federal flood regulations as well as other Natural Hazard risk management needs. Each product utilizes advanced, innovative technologies to deliver accurate information quickly.The comprehensive scope of our products allows us to provide a customized flood risk management solution for your specific business requirements.
FloodCert®
Fast, Accurate Flood Determinations From the Convenience of Your Web Browser
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FloodCert provides an option for Exhibits in addition
to the standard flood determination form |
CoreLogic's Web-based, flood determination 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 both single as well as multiple orders, delivering over 90% of responses within minutes.
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.
The system's newest enhancements include an Express Resolution option which you can choose to accept, cancel, continue, or go one step further and send your customer, via email, a display map complete with flood, parcel, aerial and street layers indicated.
Login to an existing account at www.floodcert.com or setup a new account here.
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Origination Services
The Industry Leader in Flood Determinations
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 two-fold goal of compliance with federal flood regulations and mitigation of your flood risk.
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Servicing
Leading the Industry in Providing Flood Compliance Information to Servicers
CoreLogic's portfolio services professionals have an in-depth understanding of loan servicing processes and platforms. Our team oversees the automated loading of flood information to a customer's system and ensures the ongoing integrity of the loan data. CoreLogic monitors portfolios and maintains portfolio compliance through the following services:
- Transfer of service and changes in loan status notifications
- Payoffs and cancellations of loans
- Portfolio audits and updates
- Conversion of flood zone determinations to CoreLogic
All of these services can be customized to fit specific business requirements and monitoring needs.
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GeoSpatial Databases
Accurate, Current Geospatial Products
Understanding a relationship between a property's physical location and surrounding geographic features is critical to many business applications. CoreLogic offers a suite of Geographic Information System (GIS) databases that integrate into leading mapping and visualization applications to provide businesses the geographic insights needed to make informed decisions.
- ParcelPoint®: This patented parcel database technology is the comprehensive available today.
- PxPoint™: Advanced parcel-based geocoding
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Uninsured Hazard Reports for Lendors and Investors
Already reeling from a home industry crisis, it’s more important than ever for lenders and investors to proactively manage their risks when lending or investing in portfolios with properties that may be affected by natural hazards not covered under a standard homeowner’s policy.
For example, over the past five years, Florida insurers have seen a significant spike in sinkhole claims. Newly passed state legislation allows insurers to limit the catastrophic ground collapse coverage in a Florida homeowner’s policy to the principal building unless the insured opts to pay extra for more comprehensive sinkhole coverage. A lender may be concerned that catastrophic ground coverage only covers structural damage and not the land itself - making repairs or rebuilding impossible if the collapsed ground happens to be under or near the damaged structure.
A California earthquake plus any resulting tsunami or storm surge could force many already strapped homeowners to walk away from their damaged or demolished homes. An Aon Benfield report notes that the 1994 Northridge earthquake in southern California cost the mortgage industry up to $400 million in loan defaults.
And, although flood insurance is federally required for mortgage loans secured by properties in Special Flood Hazard Areas (SFHA), studies have shown that 25% to 30% of flood claims come from properties outside SFHAs. For example, when U.S. Army Corp of Engineers recently opened the Morganza Spillway to divert Mississippi River flood waters from more densely populated metro areas, it put many homes in previous low risk areas in the path of dangerous flood waters. A CoreLogic study following this event found more than $2 billion in residential property exposre to potential flood damage from the Morganza Spillway. According to Dr. Howard Botts, vice president and director of database development for CoreLogic, “When compiling the flood risk numbers, we were not only surprised by the more than $2 billion in potential residential property loss, but also by the percent of homes now in the path of floodwaters that are not located in a FEMA 100-year flood zone. Of the 21,272 homes in the area exposed to the waters flowing into the Atchafalaya basin, 21 percent are located outside of FEMA flood zones, representing more than $400 million in potential property damage.”
Our Flood Scoring provides an advanced level of risk assessment to those areas along rivers, coastlines, as well as those “protected” by dams or levees.
Reports are available to lenders and investors who want to evaluate the risk to uninsured or limited coverage natural hazards associated with a portfolio of loans. This hazard analytic report can be customized with additional CoreLogic data as needed such as construction type, year built, improvement value and so on.
For more information, send us an email to learn how our team of Ph.D.s has taken Natural Hazard Risk Assessment to a new level.
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