First American Flood Data Services Offers Credit Unions Free FloodCert Account Trial
— Demo FloodCert Accounts Provide Credit Unions with the Opportunity to Utilize Industry’s Most Accurate Flood Determination Solution —
August 24, 2009, AUSTIN, Texas
First American Flood Data Services, a member of The First American Corporation (NYSE: FAF) family of companies and the market leader in fast, accurate flood determinations, announced today the launch of its new program that provides a free, fully functional 15-day trial account of its online FloodCert® application to credit unions.
“As credit unions expand their member services to include mortgage, home equity and reverse mortgage products, they become more exposed to the risks posed by inaccurate flood determinations both from non-compliance civil penalties imposed by federal regulators and from uninsured flood damage to the credit union’s collateral interests,” said Vicki Chenault, senior vice president and general manager of First American Flood Data Services. “By providing a free, 15-day trial account, we hope to show credit unions just how easy it is to get fast, accurate results for their flood determination needs.”
With more scrutiny than ever on the lending industry, more and more lenders are seeing federal regulators audit their portfolios for flood compliance. With the risk of regulatory fines, most small- to mid-sized credit unions cannot afford having a vendor making determinations using outdated maps or unproven technologies. First American Flood Data Services combines advanced digital mapping technology with the knowledge and experience of tenured flood map analysts to provide the fast, reliable flood information credit unions require. With more than 90 percent of requests being processed automatically and manual reviews taking less than 24 hours, credit unions receive a quick and accurate determination that won’t slow down the processing of their member’s loan. Once the determination is completed, First American Flood Data Services continues to provide personalized customer service and a hands-on flood compliance team to ensure credit unions’ flood determination needs are continually met.
The availability of the free trial account to credit unions runs from Aug. 10, 2009 through Oct. 31, 2009. Once a credit union signs up for an account, they will have access to the FloodCert online application for 15 days. Flood determinations produced by the trial site are not guaranteed and cannot be used for actual loans. The trial flood determinations are for comparison purposes only. To register for the free trial, please visit www.faflood.com/CUDemo. To have a First American Flood Data Services representative open a fully functional account, please call 1-800-447-1772.
About First American
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With revenues of approximately $6.2 billion in 2008, it is America's largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people's lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Information and Outsourcing Solutions, Data and Analytic Solutions, and Risk Mitigation and Business Solutions. More information about the company and an archive of its press releases can be found at www.firstam.com.