|
Guarantees and Regulatory
Compliance
*Last updated May 21, 2010
1.
GENERAL
a. NW
Flood Data shall always use the most current FEMA flood map available.
b.
When a property or structure is found to be located within a FEMA
designated Special Flood Hazard Area NW Flood Data shall issue a
“Notice of Special Flood Hazards and Availability of Federal
Disaster Relief Assistance” to Client with it’s corresponding
flood zone determination.
2.
STANDARD DETERMINATION
a.
If the insurable improvements on a subject property are located
within a Special Flood Hazard
Area on the FEMA flood map in effect on the date of certification and NW
Flood Data certified that they are not in, and an uninsured flood
loss occurs to the insurable improvements, NW
Flood Data (or their Insurer) will reimburse the amount of uninsured
flood loss based on a National Flood Insurance Program flood insurance policy for the
mortgage amount being in effect (not to exceed the maximum available for
the property).
b. NW
Flood Data (or their Insurer) will reimburse the borrower for any
un-required insurance premiums paid as a result of certification that
the insurable improvements on the subject property were located within a
Special Flood Hazard Area
and in fact the insurable improvements were not located within a Special
Flood Hazard Area.
3.
LIFE OF LOAN CERTIFICATION
a. NW
Flood Data (or their Insurer) will reimburse the borrower for any
uninsured flood loss, based on a National
Flood Insurance Program flood insurance policy (not to exceed the
maximum available for the property) if NW
Flood Data fails to notify the lender (Client) within 90 days of the
issuance of a new flood map that changes the flood hazard status of a
property (certified by NW
Flood Data) from not in to in a Special
Flood Hazard Area, if,
and when, the aforementioned events occur within the term (life) of the
loan .
b. NW
Flood Data (or their Insurer) will reimburse the borrower for all
paid un-required flood insurance premiums if NW
Flood Data fails to notify the lender (Client) within 90 days of the
issuance of a new flood map that changes the flood hazard status of a
property (certified by NW
Flood Data) from in to not in, a Special
Flood Hazard Area, if,
and when, the aforementioned events occur within the term (life) of the
loan.
4.
ALLOCATION OF RESPONSIBILITY FOR REGULATORY COMPLIANCE
All issues
relating to regulatory compliance, except those described above, and
contained within Sections 1.a, 1.b, 2.a, 2.b, 3.a and 3.b are the
responsibility of Client.
If
at any time, and for any reason, NW
Flood Data is unable to perform the Life of Loan Tracking services
explained above, NW Flood Data
shall, upon request by Client,
supply Client with digital
data containing pertinent information for all loans being tracked by NW
Flood Data for Client. This data shall
be in a mutually acceptable media format and shall be delivered to Client,
and/or Client’s new flood determination vendor. This contract will remain
valid for as long as Client
retains NW Flood Data
as their primary Flood Zone Determination Vendor.
NW
Flood Data,
and any affiliated entities and/or individuals,
assumes
no liability and shall be held harmless for inaccurate determinations
and/or tracking errors, as a result of inaccurate, incorrect,
incomplete, illegible, misleading and/or falsified property and/or
structure information supplied by Client,
lender, FEMA, NFIP, FIA and/or other source deemed reliable and/or
necessary to complete the aforementioned flood zone determinations.
.
|
