Flood Report Summary

Flood Reports are more properly termed Flood Zone Determinations.  Flood Reports are required for nearly every real estate loan at some point in the lending process.  Lenders use flood reports to assess their risk for potential damage from flooding for the property, and may require the borrower to provide additional insurance to mitigate the risk of a loss from such an event if the property is in an area identified as a floodplain.

Flood Reports are based on survey data and maps from the Federal Emergency Management Agency (FEMA).  These maps are updated on a continuous basis, so changes in the status of a property may occur at any time.  By definition, every property is in a flood zone, the only question is whether the location is in a low, moderate or high risk area.  Land areas that are at high risk for flooding are called Special Flood Hazard Areas (SFHAs), or floodplains. A home located within an SFHA has a 26 percent chance of suffering flood damage during the term of a 30-year mortgage.

The Flood Report is a certification, from the company providing the Flood Zone Determination, stating whether or not the subject property is within a SPHA.  The certification is made from the best available data at the time the certification is made.  Lenders accept the certification as proof that the subject property is "in" or "not in" a floodplain.  In the event that a flood occurs, and the property was improperly classified as "not in" the SFHA, the company providing the certification may be liable for damages.

Alliance 2020 Flood Reports

Alliance 2020 provides Flood Reports from LPS National Flood, a leader in the industry.  LPS Flood Reports have the following advantages.

• Guaranteed accurate Flood Zone Determination (FZD) for any property within the United States
• 24-hour turnaround time
• Order online from within your Alliance 2020 workspace or third-party Loan Origination Software, such as Calyx, Ebit or Loan Ace
• Full compliance with Home Mortgage Disclosure Act (HDMA), including provision of Census Tract, Metropolitan Statistical Area, County Code and State Code.
• Two determiantions available:  Basic Flood Determination and Life of the Loan Flood Determination
• Coverage for the life of the loan, if Life of Loan Flood Determination is chosen
• Status updates to the lender within 60 days if the FZD changes, or when community participation status affecting flood insurance is detected for the subject property, if Life of Loan Flood Determination is chosen
• Acceptance by nearly all lenders, and the ability to quickly add a new lender

How to Order Online from Alliance 2020

Ordering a Flood Report from Alliance 2020 is easy.  Just follow these simple steps.

1. Go to www.alliance2020.com and click the Client Login button.
2. Click on Mortgage Credit Reports in the list of login options
3. Login to your Mortgage Credit Reporting workspace.
4. Click on the "ORDER" in the upper left corner of your workspace, and then Click "Order Flood Zone Determination" (in the lower right hand area of the open window)
5. Provide the required information.
6. Note that you can pay by credit card (yours or the borrower's) by checking the box in the lower left portion of the window and completing the information as required.