Over the last couple of weeks we have been discussing various topics related to flood determination services and why the right vendor matters. As we mentioned, many flood determination vendors are located overseas, which can cause a lot of communication and customer service problems. Going off of our past discussions, in this blog we are going to talk about the importance of on-demand research and integration for flood determination.
On-demand research, technology, and software integration are all important qualities to look for in a flood determination vendor, as they will help you stay up-to-date with any changes made to flood zones, preventing your borrowers from incurring any penalties. In addition to customer service, a flood determination vendor’s on-demand research capabilities is one of the first things you should look at. Unfortunately, the majority of vendors (especially those located overseas) do not provide this service. By working with a vendor who provides on-demand research in conjunction with software integration and smart technology, you will have a much better idea of what’s going on with any given property.
The Benefits of On-Demand Research
A vendor who has on-demand research capabilities and state-of-the-art technology (either internally or through a partnership) makes conversations with borrowers easier. An example of a vendor with strong on-demand research offerings is one that will provide additional maps to the lender, so every time a property is in a flood zone, there is a map the lender can print out along with a certificate to show where the zone is.
Furthermore, vendors with on-demand research capabilities provide lenders with options as well as information on flood zones instantaneously. This is huge, as flood zones change on a regular basis and FEMA does not always notify lenders or borrowers. In the event a borrower does not agree with a flood determination, a vendor that offers on-demand research will go in and provide a manual recheck in order to determine if the map zones have really changed.
Why Technology and Integration Are Important
Both technology and integration are important for a smart and effective flood determination service. As we have discussed in several different capacities, FEMA often changes map zones, making it difficult not only for lenders, but smaller vendors as well. By working with a vendor who has the technological capacity to stay on top of map zones, print out reports, and get to the bottom of any flood zone discrepancies, you will be providing your borrowers with an invaluable customer service.
How does your flood determination vendor measure up? If you’re not sure, you may be interested in this beneficial guide, which shares the essential factors to look for in a great flood determination vendor, including questions to ask to ensure you’re getting the best service available.