Life-of-Loan Flood Zone Tracking
At a glance tracking changes in flood zone mapping requirements may seem like a simple process.
In fact there are federal requirements that you keep up with changes to flood zones for properties in your portfolio. A flood map can go as long as 20 years without being revised, but flood zones within maps are changing all the time with Letters of Map Revision (LOMR). LOMR's are on the rise because the mapping technology has changed drastically since the initial maps were drawn up in the 60’s.
Due to recent flooding issues and the increased cost to the National Flood Insurance Plan (NFIP) there is legislation in the House and the Senate to increase the regulations for lending institutions. There is also a new initiative for the remapping of the entire country over the next decade into a digital format for flood zone tracking.
The number of changing flood zones will only grow in the future. To keep up with these changes accurately it’s crucial to maintain an automated system which automatically updates the zones fast and accurately.
GAA can solve this administrative nightmare by creating an electronic link between our system and your provider of flood zones. This means that GAA can track the status of your loans in flood zones using the newest maps and LOMR’s and take appropriate action. Full flood insurance and zone tracking is available through Insurance Tracking Outsourcing. You can be removed from the process entirely.
