Magazine article Mortgage Banking

FEMA Map Updates Added to Wolters Kluwer Flood Wiz Solution

Magazine article Mortgage Banking

FEMA Map Updates Added to Wolters Kluwer Flood Wiz Solution

Article excerpt

Wolters Kluwer Financial Services, Minneapolis, announced that due to the nationwide flood-zone remapping effort by the Federal Emergency Management Agency (FEMA), Wolters Kluwer Financial Services' Flood Wiz flood-hazard determination and certification solution has been updated with new mapping data to help financial institutions ensure life-of-loan compliance. In addition, the company is offering non-customers a new portfolio-review service to help ensure compliance.

FEMA's massive $1 billion remapping project was completed in September and adds tens of thousands of U.S. properties--and the loans collateralized by them--to designated flood zones. These homeowners will now be required to purchase flood insurance, and if they do not, institutions holding these loans will be out of compliance with the National Flood Insurance Act (NFIA).

Wolters Kluwer Financial Services' Flood Wiz solution is continuously updated to help financial institutions recognize every loan tied to a property that falls within a flood zone. As a result, these institutions can ensure life-of-loan flood compliance for each loan in their portfolios.

Wolters Kluwer Financial Services is also offering institutions that aren't Flood Wiz customers a new portfolio-review service to help them quickly identify all loans tied to properties that must now be covered by flood insurance. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.