Compliance


Protecting the lender from liability is our guarantee

  • Precision Data Research is fully Sarbanes-Oxley, GLBA and FCC Compliant.
  • Precision Data Research guarantees full compliance with all laws, regulations and policies concerning flood hazard determination.
  • All services guaranteed in writing.
  • Precision Data Research meets the criteria of secondary market servicers, and all flood certificates are transferable and guaranteed
  • Precision Data Research is insured with comprehensive Errors and Omission Policy with an AM Best AAA Company, and no claim has ever been made against Precision Data Research.
  • Our proprietary 'Life Trac" data base and map audit service insures that all flood determinations are updated and tracked for the life of the loan.
  • Portfolio review and conversion to 'Life Trac' service available.
  • Subject properties involving several zones are delineated to the foundation without additional charges to you or your customer.
  • Letter of Map Changes service and consultation available to your customers at no fee.
  • Precision Data Research has provided specialized flood determination services since 1986.
  • Precision Data Research provides flood determination services in all fifty states.

Precision Data Research uses Federal Insurance Rate Maps (F.I.R.M.) to provide flood determinations without exception. Precision Data Research keeps all maps current by subscription to the Flood Map Distribution Center who informs us of all map revisions, LOMAs and LOMRs.

Precision Data Research uses computerized mapping programs to delineate the precise Precision Data Research uses computerized mapping programs to delineate the precise location of each property. However, computerized mapping is confirmed with paper maps and legal description. The appropriate F.I.R.M. panel is located and interpolation is then used to find the property location on the F.I.R.M. If a property is adjacent to a flood zone area, a plat map is requested from the servicer of the loan. The property is read to the tax lot number boundary. A site inspection or contact with local planning departments and flood plain managers verifies findings. If no determination can be made, site evaluations or surveys are recommended.

Precision Data Research relies on our stringent in-house quality assurance and compliance program.

We have monthly compliance meetings that examine new FDIC Regulations, FEMA regulations, and NFIP changes. Our continued contact with your LOCAL flood plain managers and building code administrators assures our complete compliance.

Precision Data Research provides customized order forms to all clients for their use. These form details all specific data required for the new NFIP standardized form. Data listed include Property address, county, Section-Township-Range, Tax Account/Parcel number, any customized data need for each client (Lending Institution).

Precision Data Research provides in-house training all of our staff. During this training period, we use all applicable FEMA information, proprietary quality control manuals and Flood Plain Administration information.

Precision Data Research offers "LIFE-OF-LOAN" service that updates changes made by LOMAs and LOMRs and any REMAPPING of F.I.R.M. panels.

When changes occur, you will be notified by written documentation. (Recertification)

The client is obligated to inform Precision Data Research when transfer of loan occurs, by using our easy "Change of Loan Status" form. Our Life of Loan tracking proprietary database tracks all loan transfers and activity.

Disaster Recovery

Precision Data Research insures the integrity of our data retrieval and storage. All flood certification forms are stored in our database. Documents are printed daily and backup tapes are made daily and stored away from the premises to protect data.

A special insurance policy is in place to protect against any failure of computer systems or loss of data.

Sarbanes-Oxley, GLBA and FCC compliance tests have been performed

All Precision Data Research activities are insured against errors and omissions by our private policy. This policy is written specifically for FLOOD DETERMINATION SERVICES. Our contract and insurance policy removes the liability from our clients. There has never been any claim made against Precision Data Research.

Life of Loan Tracking

The Flood Disaster Protection Act of 1973 required federally regulated, supervised or insured financial institutions to assure that loans secured by improved real estate and located in a designated flood hazard area be covered by flood insurance. The lender was not held responsible if the flood zone rating changed and placed certain properties in flood hazard zones.

The new National Flood Insurance Reform Act of 1994 requires lenders (or a third party, providing the third party guarantees their work), track all loans for the term of the loan. If a property is found to be newly designated as IN of a flood zone the

lender is responsible to notify mortgagor and assure flood hazard coverage. The lender is also responsible to notify a mortgagor if the property was previously IN a flood zone but has been designated as OUT of a flood zone.

Dates of Compliance

FREDDIE MAC has stated in bulletin 94-18 that they will require LIFE OF LOAN tracking starting December 8, 1994. This applies to loans made, increased, extended, or renewed during the period. Beginning June 1, 1995, the Lender must ensure that the third party flood zone determination company guarantees the accuracy of its determination. ANY LOAN Sold to Freddie Mac on or after March 1, 1995 must include special characteristic codes (SCCs). (see attached description of codes).

Tracking and Certification Dates

A notification is sent to the lender and mortgagor upon significant changes to Flood Insurance Rate Maps. Significant Changes means the property is moved from outside to inside a flood zone or from inside to outside of a flood zone.

Tracking is accomplished through our proprietary database that tracks all properties by specific data base fields.

These fields allow Precision Data Research to gather information and create reports on every field on the flood certificate. All flood certification is tracked address, community number, panel number and flood zone rating. This allows us to easily enter any map changes into our database and automatically update any properties affected by map changes. We also track properties by loan number so if the status of the loan changes via transfer, assumption, or pay off we can easily reflect those changes.

Precision Data Research receives notices of F.I.R.M. changes through our subscription to FEMA and the Federal Register. The changes are entered into our database and the subject properties are then update. FEMA has proposed to update maps every five years.

Protecting the lender from liability is our guarantee

  • Technical Accuracy is Guaranteed. Our Life-of-Loan Tracking Service insures that your loan portfolios flood determinations are updated and tracked for as long as you own or service the loan.
  • Precision Data Research will notify you within 60 days if any of your loans are affected by map changes of revisions.
  • Current portfolio loan updates to Life-of-Loan flood certification
  • Our work is insured with errors and omissions insurance that specifically covers flood zone determinations.
  • Subject properties involving several zones are delineated to the foundation without additional charges to you or your customer