Have you ever questioned whether your flood report is correct? What if you could ask for a second look, free of charge? Wouldn’t it be great if you didn’t have to pay for a flood report unless the loan closed?
All of this is possible with Flood ReportX. Fully integrated with Xactus360 technology, Xactus Flood ReportX provides the most comprehensive and up-to-date flood data available. Not only does it offer fast turn times, but our “no close no pay” feature means you won’t end up paying for a flood zone determination if the loan isn’t funded!
When it comes to flood reports, lenders sometimes question if they are correct. With FloodReportX, if you want a review of your flood report for any reason, Xactus is happy to take another look. Our one-click disputes allow lenders to simply click once to ask us to take another look at the report. And if you have new information to review, we’ll accept those attachments as well and give you back a review report.
If you want to change a flood zone, with FloodReportX, you actually can. FEMA’s program, Letter of Map Amendment (LOMA), can change your flood zone without making a new map. If you have data that shows a house is actually higher than where a 100-year flood should be, FEMA will change the zone and issue you a special letter saying so. This can remove the mandatory flood insurance requirement for your applicant. They do thousands of these a year and Xactus has in-house experts that can file them for you.
Easily Comply with our Flood Zone Determinations
Flooding in 2023 caused over $20 billion (US dollars) in damage. Understanding whether a borrower’s property is located in a flood zone is crucial to prevent unexpected risks, protect the property and ensure compliance with mandatory flood insturance requirements. That’s why our flood report package is so extensive. FloodReportX provides:
- Free HMDA and Seismic reports
- A notice to the applicant about the availability of insurance
- A full page color map of the property and any surrounding flood risk
- A Replacement Cost Value if needed
- A report showing the likelihood of a LOMA being accepted
All of this, and a lot more, is configurable so you can get exactly what you need. It’s super easy when it’s all at your fingertips.
Contact Xactus today for more information about our comprehensive flood solutions. Email [email protected] to schedule a showcase.
