FLDI Offers Online Access To Flood Determination Data
Through an arrangement with Prime Alliance Solutions, First Lenders Data Inc. here is working with 34 credit unions that collectively request about 3,000 flood determinations per month, the company said.
Prime Alliance Solutions, Tukwila, Wash., is a national provider of mortgage lending solutions to credit unions and credit union organizations.
The partnership allows Prime Alliance members to access a flood determination service, Prime Flood, through Prime Alliance's proprietary loan officer technology. They can also obtain flood zone determinations through a private-label version of FLDI's FirstClose platform.
Tedd Smith, CEO of First Lenders Data, said his company provides life-of-loan monitoring as well as determinations at the time of origination or loan acquisition.
"We are going to watch that property for the 30-year duration of the loan for potential future changes in the map," he told NMN.
He said FLDI has some unique products that are designed to protect second mortgage and home-equity loan products, which are growing in popularity, especially with credit unions that want to deepen their relationship with the borrower.
Mr. Smith said that the new arrangement with Prime Alliance Solutions augments an existing relationship between the firms. The new relationship adds volume discounts for credit unions that opt to use the service.
If a change occurs, the lender notifies the borrower about the requirement for flood insurance. If the borrower doesn't comply, more notification is provided and then the lender can force-place coverage, adding the cost to the monthly mortgage bill.
FLDI works in partnership with several other companies, including Southwest Business Corp. of San Antonio, which specialize in force-placement of coverage.
Kevin Green, operations manager of Greater Nevada Mortgage Services, said in a press release that his company uses FLDI and Prime Alliance because of the high level of automation, including the ability to order flood determinations through Prime Alliance's Workbench platform or through the Internet.
"Our use of the Prime Flood platform helps us focus more attention on our core business of serving our members."
Working together, Prime Alliance and FLDI provide flood determination services that are competitively priced using a tiered system that rewards lenders with volume discounts, according to Joe Brancucci, president and CEO of Prime Alliance.
"The cost savings and seamless integration offer credit unions a tool to boost efficiencies in the way they do business," he said in the release.
First Lenders Data Inc. is a provider of settlement service solutions to the mortgage lending industry. The company's product offerings include credit reports, flood certifications and valuation products as well as title and property data. Prime Alliance Solutions is a credit union service organization that serves 63 credit unions nationwide. It also serves credit union service organizations that represent 600 credit unions nationwide.
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