Verifications solutions provider Xactus is moving into mortgage servicing and, as a step in that direction, has integrated its automated flood compliance solution with the MSP loan servicing system from ICE.
The integration enables servicers to receive automated flood zone determination updates directly into their servicing system without manual intervention.
“This integration is a market-changing development for both Xactus and mortgage servicers who rely on systems like MSP,” says Michael Crockett, chief operating officer at Xactus, in a release. “By automating the delivery of flood certification updates directly into a servicing system, Xactus is expanding servicer options with a seamless, efficient solution that streamlines compliance while delivering exceptional value. This integration represents a significant advancement in our strategic growth within the servicing ecosystem.”
The Federal Emergency Management Agency (FEMA) updates flood maps 26 times per year, with each update potentially affecting thousands of properties nationwide. These frequent changes create significant compliance challenges for servicers. Before this integration, servicers had fewer flood provider options that could deliver automated updates directly into the platform, often driving up costs and limiting flexibility.
With this integration now complete, the system automatically identifies when a FEMA map change affects a property in a servicer’s portfolio and instantly updates the flood zone status in the servicing system, the company says.
Xactus360 then prompts the servicer to take appropriate action, such as notifying borrowers about new flood insurance requirements or potential insurance cost savings.
