ClosingCorp now is providing natural disaster alerts to users of its SmartFees, the company announced.
During natural disasters such as hurricanes, tornados or wildfires, lenders using SmartFees will receive an alert listing all properties in the affected area with mortgage applications pending. The alerts provide a score of “low,” “moderate,” or “severe” based on proximity to the disaster to help lenders understand a property’s potential risk and the need for additional quality control reviews.
“Over the past few years, we have experienced unprecedented natural disasters and many scientists predict that trend will continue in the years to come,” ClosingCorp CEO Bob Jennings said in a release. “This makes it critical for mortgage lenders to have an automated solution that can warn them about properties that could be impacted by a natural disaster.
“With natural disaster alerts, lenders are informed not only about open loans in the affected area, but also their potential portfolio risk — allowing lenders to expedite internal quality control reviews in a more expeditious and efficient manner,” Jennings said.