Abstract: Proper tracking and maintence of your loan portfolio's flood zone determination monitoring has never been more important. The Federal Emergency Management Agency (FEMA) Map Modernization initiative will require many changes to flood insurance ratings maps (flood maps).

Flood maps must be periodically updated to reflect changes to the floodplains that result from community growth, development, erosion and many other factors. A study conducted by the General Accounting Office during 2003-2004 revealed that 70% of the nation's flood maps were more than 10 years old and may contain inaccurate flood data. These findings prompted FEMA to launch a multi-year Presidential initiative, supported by Congress, called the Map Modernization Program, with its primary goal being the digitization of the maps.

In 2006, FEMA reviewed the progress of the Map Modernization Program, resulting in the Mid-Course Adjustment report. The focus was shifted to the assurance of flood boundary information being updated prior to the digitization of the maps. The focus would apply to the highest risk and most rapidly developing communities, covering approximately 92% of our nation's population.

The number of updated maps had doubled from 2006 to 2008; only 45% of the communities funded for new studies had new maps published by the end of 2008. As a result, communities funded for updated maps will continue until the end of 2010.

The most current and accurate Flood Zone determination should be very high on lenders' compliance needs. FEMA's ongoing flood map maintenance initiative has indicated that almost 20% of the average lender's portfolio may be affected by map and panel changes in 2009.

We provide the latest map updates for lenders to effectively manage the flood risks that can exist in a loan portfolio.

United One Resources' life of loan flood zone determination solution provides assurance that loan portfolios are in compliance and meet current regulations. For more information on our flood zone determination solution, please contact Jen Dennison directly or visit our website at www.unitedoneresources.com.

Published on Tuesday, September 08, 2009