Company Also Offers Institutions New Service to Help Check Each Loan in Portfolio for Flood Compliance
In light of a nationwide flood zone re-mapping effort by the Federal Emergency Management Agency (FEMA), Wolters Kluwer Financial Services announced today the company's FloodWiz 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 as well.
FEMA's massive $1 billion re-mapping 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.
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. In the past several months alone, the company has updated more than 30,000 property records within its system because of FEMA's re-mapping.
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. The company is providing them with a free scan of 100 loans in their portfolio to help illustrate how many loans may be out of compliance.
"It's likely that many lenders are out of compliance unknowingly because of FEMA's recent re-mapping," said Sean Depamphilis, vice president and general manager of Settlement Services for the company. "Meeting flood requirements doesn't stop once a loan has closed, and the regulatory experts behind our Flood Wiz solution and portfolio review service can help lenders make compliance with flood law the fast, efficient and the on-going process it needs to be."
Depamphilis adds that while updating the Flood Wiz solution to accommodate FEMA's flood zone re-mapping, Wolters Kluwer Financial Services upgraded the technology platform behind it. This allows the company to analyze more loan files for flood compliance more quickly at no additional cost to its customers.
For more information on Flood Wiz or Wolters Kluwer Financial Services' new portfolio review service, please visit www.FloodWiz.com.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization's prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and publishing company with annual revenues of (2008) €3.4 billion ($4.9 billion) and approximately 20,000 employees worldwide. Please visit our Web site for more information.
Contacts:
Wolters Kluwer Financial Services
Jennifer Marso, 612-852-7912
Director
of Corporate Communications
Jennifer.marso@wolterskluwer.com
On
Twitter: @JenniferMarso
or
Charles
Miller, 320-240-5457
Senior Public Relations Specialist
Charles.miller@wolterskluwer.com
On
Twitter: @CharlesWMiller
