Services
Portfolio Revision Determinations Program
Following the Flood Insurance Regular Program, a metered-out full portfolio revision may be contracted. Under this program, data is provided to Federal Flood either electronically or in hard copy, as agreed by the parties. The data shall include all the loans which are collaterized by real estate: residential, personal, commercial, industrial, etc., and which are outstanding in the portfolio of the Lender. Federal Flood will review the data and make flood zone determinations, verifying if the property is in a SFHA as per the most current FIRM (Flood Insurance Rate Map) panel available for the community as published by FEMA. FFHR will prepare and issue a Standard Flood Hazard Determination Form for each case verified.
All cases subject to an audit under our Portfolio Revision Program are continuously monitored by our Term-of-Loan Tracking service, at no additional cost. In order to maintain the portfolio in compliance with Federal Regulations regarding flood insurance, the Lender shall refer all new loans to FFHR and obtain the appropriate certification under the Ongoing Compliance Program.
Elevation Certificates
For flood insurance purposes, the date of construction for buildings must be determined in order to establish whether the building is "Pre-FIRM" (constructed before August 1st, 1978 in Puerto Rico, or October 1st., 1980 for US Virgin Islands) or "Post-FIRM" construction. The NFIP Elevation Certificate is required for Post-FIRM properties located in Zones A1-A30, AE, unnumbered A (with or without estimated Base Flood Elevations), V1-V30, VE, and unnumbered V (with estimated BFEs). The Elevation Certificate is not required for Pre-FIRM properties located in these zones, but may be favorably considered if a lower insurance rating is deemed possible.
Federal Flood employs professional engineers and land surveyors to complete and certify Elevation Certificates for insured customers of lending institutions operating under the Ongoing Compliance Program and/or the Portfolio Revision Program, at a cost of $175.00 in Puerto Rico. Costs of Elevation Certificates in the US Virgin Islands vary.
Ongoing Determination Program
The lender shall request Federal Flood to issue flood zone determinations on all cases submitted to its Underwriting Department, using a FLOOD SEARCH REQUEST form available from Federal Flood containing the following information:
- Borrower's full name
- Complete physical address of designated property
- Property Tax ID Number ("Catastro")
We continue to improve our services to provide a more effective and efficient way to send us this information. Press the icon above to be directed to the electronic form where you can easily and quickly complete the application online in just a few minutes. After completing and submiting the request, your information is immediately sent our way via more secure protocols over the internet using encryption technology, same as the one used in online banking. This process ensures your information is received in our offices reliably and will enable us to expedite processing.