Employment verification checks dates of employment, salary and the position held. Verification of deposit will verify funds in a checking or savings account and the current balance.
Flood certifications Over the last several years, FEMA has made 83,000-plus flood map panel changes affecting 92 percent of the U.S. population. This means millions of properties may have a flood status change. According to the FDIC Annual report for 2011, 80 percent of the fines issued by the FDIC in 2011 were flood related. The Biggert-Waters Flood Insurance Reform and
Modernization Act passed in June 29, 2012 included an increase for penalties against lenders from $350 to $2,000 for each flood violation and eliminated the annual cap on flood violation fines. Ease your compliance worries by signing up with a vendor that has the dedicated staff and funds. Make sure that your vendor is partnered with a reputable flood certification vendor. Flood Certification has improved greatly with regards to technology. Vendors no longer are pulling actual maps to locate specific properties. Everything has been digitized, so information can be gained within seconds. Ninety-five percent of flood cer-
tifications can come back within just a few seconds. Your flood certification portfolio should have the latest flood data throughout the entire life of the loan and will also make sure you receive any revised flood certifications within 60 days of the new maps becoming effective so you can take the appropriate next steps as quickly as possible. With new regulations being implemented daily, there are more requirements than ever to get a loan approved. Bundled services are the way of the future. They reduce turnaround time, improve productivity, improve the bottom line and keep you
in compliance. By utilizing bundled services from a single provider, Lenders can set themselves apart in a highly competitive market. Johnna Leeds is vice president of compliance for Data Facts Inc. She has been with Data Facts since 1996. She is a member of National Association of Professional Background Screeners (NAPBS), and currently serves on the NAPBS Best Practices Group, Litigation Avoidance, Criminal Records Reporting Practices and Breach Prevention committees. She may be reached by phone at (901) 685-7599 or e-mail johnna@datafacts.com.
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NationalMortgageProfessional.com
n Michigan Mortgage Professional Magazine n JUNE 2013