We complete Flood Zone Determination Request by providing the necessary flood information of the address. This is done by determining the location of the property on the FEMA. (FEMA has defined according to different levels of flood risk. These zones are described on a community’s Flood Insurance Rate Map (FIRM) or Flood Hazard Boundary Map. Each zone reflects the severity of Flood in their respective areas or zones.
Flood Insurance Risk Zones means zone designations on Flood Hazard Boundary Map (FHBM) and “Flood Insurance Rate Map (FIRM) that indicate the magnitude of the flood hazard in specific areas of a community. Following are the zone definitions:
LOLs are processed to ensure continued compliance throughout the life of a loan. A LOL Update is only processed for those who have ordered Life of Loan Servicing. Searching history for orders with LOL Servicing, and re-checking the addresses previously submitted in the affected community is done to ensure that the flood insurance requirements have not changed when a New or revised Flood insurance Rate Map is processed. FEMA releases the new maps, called the “effective date”, we run a query on the entire LOL to determine which previously submitted addresses located requires a LOL Update. These addresses are compiled and remapped to update the new map parcel number and new parcel date, and to make sure that the community name, participation status, and flood zone information is accurate.
It is not uncommon for other parties, such as borrowers, surveyors, community officials, realtors, insurance agents, builders, or appraisers to have differing opinions about a property’s flood zone. This can occur for a variety of reasons: (a) Reliance on information other than the Flood Insurance Rate Map (b) Historical information (c) Updated information not reflected on the flood map, (d) Different interpretations of the flood map or (e) Resistance to paying flood insurance cost.
We verify the information being disputed on completed Flood Zone Determination by determining the location of the property on the FEMA Flood Insurance Rate Map referring FEMA Websites and providing the Parcel Information. Typically, it is completed within 4 Hours.
As per the client request, our research team prepares the exhibits showing the property location with firmitted FEMA FIRM panel using or robust application supporting aerial map and GIS map.
The process comprises researching the borrowers contact information through certain websites and keying appropriate information on the application.
A Preferred Risk Policy, or PRP, is a low-cost policy available to residential and non-residential buildings and its contents are based on preferred rates for qualified structures in moderate-to-low risk areas. Below are the exclusions:
To identify policyholders who have built property in compliance with the Flood Insurance Rate Maps (FIRM) and maintained continuous coverage, the Federal Emergency Management Agency (FEMA) introduced “Grandfather Rules.” These rules allow such policyholders to benefit in the rating for that building. The historical flood hazard information comes bundled with an exhibit of the subject property’s location on the prior FIRM in effect, formatted for direct submission to FEMA for consideration of insurance premium discounts. These determinations are always completed manually by our map.
Analyze the portfolio batches using FEMA map information, Flood Zone, BFE, NFIP status and entry date, Census Tract, LOMC and CoBRA (Coastal Barrier Resources Act) effective dates, etc.
If the lot or building site is on natural ground that is higher than the Base Flood Elevation shown on the FIRM, then a request Letter of Map Amendment (LOMA) is initiated. A surveyor determines the elevation of the ground next to your building and completes an Elevation Certificate. If the ground is higher than the Base Flood Elevation, then FEMA will issue a LOMA. With a LOMA, your lender may choose to not require flood insurance. A LOMR-F is submitted for properties on which fill has been placed to raise the structure or lot to or above the 1% annual chance flood elevation.
Our Research team calls for information pertaining to Planning and Zoning maps, appraisals, flood plain management, etc. We extract information like APN number, Legal Information, metes and bounds, tax map, Plat map, etc to expedite the process of Flood to meet the timelines and render excellent service levels.
There is no charge for a LOMA as it is based on natural conditions and corrects the FEMA map. A LOMR-F is submitted for properties on which fill has been placed to raise the structure or lot to or above the 1% annual chance flood elevation. The participating community must also determine that the land and any existing or proposed structures to be removed from the SFHA are “reasonably safe from flooding”. To remove the entire lot and structure, both the lowest point on the lot and the lowest floor of the structure must be at or above the 1% annual chance flood elevation.
Our services are executed by skilled competency resources to maintain the timelines with agreed quality parameters. Specific assurance is laid down by the service agreement or contract between Visionet and client and may vary based on products.
Using the LOMA/R/C and the update provided by FEMA FIRM, relevant changes are made in the application.