Banks, servicers, agents, communities, homeowners: Everyone needs to be aware of the dynamic nature of flood zones.Įven if my home is in the “100-year floodplain”, I do not need to worry about flood insurance because I only plan to live here for 5 years and then plan to relocate.
It’s not about completing a flood determination once and forgetting about it. It is vital for servicers to engage with a flood determination partner that closely monitors these changes and provides accurate, timely data to correctly assess any impact of these flood map changes on their portfolio-and ultimately on your loan and property.
Properties not previously determined to be within the boundaries of a high-risk flood zone could be mapped inside this area, resulting in your mortgage servicer notifying you that flood insurance is now an important requirement on your loan. While some areas may not have seen flood zone changes for several years, other areas have experienced frequent and significant alterations.Īs changes occur in a community or a neighborhood such as development or mitigation efforts, or as updated information such as rainfall data is made available, adjustments are made to flood zones and maps over time. It is important to note that flood zones are dynamic. If a CoreLogic Flood Zone Determination indicates the property is not in the high-risk zone, you may never think about the issue again. During this time, our teams have uncovered several interesting aspects about how some homeowners may perceive flood zones and have revealed these top three misconceptions:Īs a borrower going through the mortgage process, you learn during origination whether your lender will require flood insurance on the loan. Through our interactions with lenders and servicers across the country, we’ve observed countless unique scenarios. Month after month, for over 25 years, we have helped mortgage companies monitor flood map changes and kept our system current through all of it. To many homeowners, the concept of a flood zone can appear to be a simple designation: Is my property in a flood zone or not? In practice, Flood Zone Determinations are much more complex.Īt CoreLogic, we utilize a flood determination processing system built on patented methodology built upon 150 million digital parcels.
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