Insurance provider The IL Group has released a new flood determination service to help lenders and servicers assess whether a property is located within a flood zone.
According to the company, lenders only need to provide a property's street address to generate a determination. Lenders can order, view, print and store flood determinations by logging into The IL Group's online service, which is available 24/7, the company says. The IL Group also offers full portfolio audits.
"In today's lending and regulatory environment, institutions must ensure their loan portfolios meet government regulations," says Larry Cason, the company's president. "With our new flood determination service, lenders can now quickly verify if a property is in a flood zone to determine appropriate insurance coverage."