SAN DIEGO-- DataQuick®, a provider of advanced real estate information solutions powered by data, analytics and decisioning, has recently added two new web APIs to its suite of Flood Risk Analysis tools. Flood IQ™ and FloodScape™ reports provide users with quick flood insurance risk data and a seamless interface for the automated delivery of data and maps.
“Yet undergoing a full flood analysis can be time consuming, causing delays at the closing table if information surfaces late in the process. Our flood risk suite quickly gives users the information needed to plan for flood needs early in the loan process, saving time and money in the long-run.”
Since most homeowners’ insurance policies exclude flood damage, lenders, servicers and insurance agents need a fast way to identify the risk of flood early in the loan process. Flood IQ’s risk scores help lenders determine the potential need for flood insurance and alert their borrowers early enough to help avoid costly delays at the closing table. The FloodScape maps can also assist lenders and insurance agents in visualizing the risk for properties within or on the edges of high risk flood zones.
“Flood damage ranks as the most expensive natural catastrophe to affect home owners in the United States,” said John Walsh, President of DataQuick. “Yet undergoing a full flood analysis can be time consuming, causing delays at the closing table if information surfaces late in the process. Our flood risk suite quickly gives users the information needed to plan for flood needs early in the loan process, saving time and money in the long-run.”
DataQuick’s Flood IQ Risk Analysis tool offers multiple markets a more cost-effective alternative to a full Flood Zone Determination, providing them with an automatic, accurate analysis of whether a property sits within a FEMA-designated special flood hazard area based on the most up-to-date Flood Insurance Rate Maps (FIRM). Because the solution provides an immediate response, lenders are notified in advance of a loan’s flood risk potential, which allows insurance professionals to begin the quoting process much sooner.
FloodScape reports provide a visual snapshot of a property’s location as found on current FIRM. This visual representation of the flood zones surrounding a given property provides valuable support to a lender’s business processes and any other professional who seeks to better understand the flood risk associated with a parcel.
“For years DataQuick has been a trusted provider of real estate data for lenders throughout the mortgage industry,” Walsh said. “With the addition of Flood IQ and FloodScape to our suite of Flood Risk Analysis tools, we are once again leveraging that data into new formats and delivery channels that help lenders, insurers and other real estate professionals be more efficient.”
About DataQuick
San Diego-based DataQuick delivers advanced information solutions powered by higher quality data, innovative analytics and automated decisioning across a national footprint. The company drives better decision making and improved profitability for the real estate, mortgage lending and secondary investor markets. DataQuick’s integrated solutions include property data and analytics, appraisals and non-appraisal evaluations, flood determinations, mortgage credit reports, automated valuation models, automated decisioning software, title insurance and property information, property research portals and marketing tools. For more information, visit the company’s website at www.dataquick.com, on LinkedIn or on Twitter at @DataQuick.
