Flood determination is a service outsourced by all lenders, which is why it is so important that you make sure you are working with the right vendor. In many cases, banks and credit unions opt to outsource this service to a company located overseas, which often comes with communication and customer service issues. For this reason, lenders should consider working with a flood determination vendor that is not only local, but has the on-demand reporting capabilities, technology, and customer service capabilities to service them at a high level.
This blog will look at some of the important factors to consider when evaluating flood determination vendors, to find the best one to service your institution.
What Should You Look for in a Vendor?
Flood determination vendors come in all shapes and sizes, making it difficult to know which is right for you. This is why it is important to understand what characteristics and services make a good vendor, such as:
Does the vendor offer customizable services? Work with a vendor who will cater to the needs of both you and your borrower and take a collaborative approach to your partnership.
Does the vendor prioritize customer service? Work with a vendor who isn’t located overseas and will provide real people and a quick response time for your questions.
Does the vendor offer on-demand research? Work with a vendor who provides on-demand research and manual rechecks to help with any disputes.
Does the vendor have top-notch reporting capabilities? Work with a vendor who pushes out reports every single day and will provide a new certificate and map as soon as the flood zone changes.
Does the vendor prioritize efficiency? Work with a vendor who will provide you with instant flood determination notices in a PDF and can manually research orders.
Does the vendor offer onboarding and training? Work with a vendor who will help you with any training needs and can provide a single point of contact for your institution.
Does the vendor have strong technology and integration capabilities? Work with a vendor who has software to integrate with your loan origination software program and has updated technology.
The Right Vendor is More Important Than You May Realize
By making the decision to work with an experienced flood determination vendor located right here in the United States, you will be on the right track to staying organized and keeping your borrowers “in the know.” Flood zones can change unexpectedly, which is why it is important to work with a flood determination vendor who can provide you with current maps and other pertinent reports. Many vendors push out flood zone reports monthly or even less frequently, which can cause numerous issues for both the lender and the borrower. Look for a vendor who pushes out reports every single day and who will provide you with a new certificate and map the moment the flood zone changes. This is an invaluable service and something that shows why the right vendor matters more than you may realize.
If you want a more detailed guide to choosing the right flood determination vendor, complete with questions to ask potential (or existing) vendors, check out this resource.