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Online Vendors For Flood Determination

Question: 
I am interested in flood hazard determinations. Instead of signing up with a company to do my determinations, is there a web site that will be approved by my regulators that we can do ourselves. If so, can we also charge a fee for this service?
Answer: 

There is a map search program available at http://web1.msc.fema.gov/webapp/commerce/command/ExecMacro/MSC/macros/welcome.d2w/report .

There is no requirement imposed by regulation which says you have to use a vendor. Investors purchasing your loans may have such a requirement, however.

You may use the site, but I would recommend having the documentation to backup your zone designation.

And remember that YOU assume all the risks here. While that is true when you use a vendor as well, they should provide you with some form of insurance to cover any losses in the event of error.

The time it can take and the questionable calls when you have a property that is both in and out of a SFHA requiring a site survey are generally best left to the vendors, in my opinion.

If additional revenues are driving your query, you may look at increasing the fee when using a vendor to cover your expenses for actually requesting the flood cert, reviewing it, comparing the zones showed to insurance policies, etc. These fees would have to be clearly disclosed at closing.


-February 19
Flood - Dodging the BIG Wave , presented by Lucy Griffin and David Dickinson


First published on BankersOnline.com 2/2/03

First published on 02/02/2003

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