Lenders utilizing the FirstClose platform have access to the top flood providers in the industry, thereby increasing the probability of receiving an instantaneous determination while meeting federal flood compliance requirements.
We utilize state-of-the-art information technology and proprietary processes to provide lenders with the best certification services available utilizing our patent-pending “cascading” flood determinations. Similar to cascading AVM’s, this process allows lenders to choose the order in which to cascade their flood determination requests to best suit their needs. In areas where an instantaneous determination is not available, a team of professional flood researchers hand map the determination down to the structure to ensure accuracy and compliance.
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Flood Determinations
Flood determinations delivered in seconds, life-of-loan compliance, and a growing selection of options are available with FirstClose. We offer the largest list and most trusted providers of flood determination and compliance services.
Vendors Include:
• First American
• LPS National Flood
• CBC Innovis
• Lereta (formerly Land America)
• Wolters Kluwer
Features Include:
• Patent-Pending “Cascading” Flood Technology
• Multiple Vendor Options
• 92% and Greater Instantaneous “Hit” Rate
• Life-of-Loan Tracking
• Transferable Coverage
• HMDA Information provided at no additional charge
• $5 Million Errors and Omissions Insurance
• Online reporting of flood determination results
Flood Insurance
As an augmentation to the flood zone determination services offered within FirstClose, we also offer standard flood insurance, flood insurance tracking, and lender placed flood insurance services from several sources.
Through its relationships with Southwest Business Corporation (SWBC), JT Miller and Company, Knight Insurance Group, Torrent, and other insurance agencies and providers, FirstClose offers top of the line flood insurance services and vendor choice.
Standard Flood Insurance:
When a flood zone determination is ordered and returned within the FirstClose platform as “In a Special Flood Hazard Area,” our system can be customized to prompt your staff to order a flood insurance quote right there within the platform. If selected, the order is routed to the flood insurance agent you choose. Flood insurance quotes are subsequently returned within the system to your staff and/or sent to the borrower. Flood insurance can be in place soon thereafter with little effort from you or your staff.
Flood Insurance Tracking:
So many borrowers will take out flood insurance to satisfy requirements to close their loan, but often fail to renew flood insurance policies in subsequent years. When you need insurance to be tracked properly and force placed if necessary, FirstClose offers vendor partners that are second to none. Whether you need your entire portfolio uploaded and/or additional policies tracked when loans close, we have a comprehensive solution for you.
Lender Placed Flood Insurance:
When a borrower fails to renew flood insurance whether identified through your tracking procedures or one of our tracking partners, our partners will begin the lender placed formalities to ensure insurance is put back in place properly. From managing the letter cycles to speaking directly with borrowers, our partner options will have you and your borrowers covered.
