Stormwater provides flood compliance solutions to the banking and mortgage industries, real estate development companies, insurance agencies and others.
Wolters Kluwer Financial Services announced today that the company has acquired substantially all of the assets of Austin, Texas-based Stormwater Research Group (Stormwater).
Stormwater provides flood compliance solutions to the banking and mortgage industries, real estate development companies, insurance agencies and other entities. Its products include basic and life of loan flood determination services. Stormwater also offers regulatory consulting services to provide clients with a comprehensive solution to their flood risk mitigation efforts.
The increased volume of loan modifications and refinancing activity has underscored the need for lenders and servicers to partner with providers that can help them handle increased volume efficiently and effectively. The acquisition of Stormwater will allow Wolters Kluwer Financial Services to expand and strengthen its presence in the flood determination part of the mortgage lending process. Currently Wolters Kluwer Financial Services Settlement Services unit, which includes the company’s PCi flood determination solutions, serves more than 1,500 banks.
Both Stormwater’s and Wolters Kluwer Financial Services’ PCi line of flood solutions offer lenders accurate, efficient and affordable determinations compliant with all federal flood regulations, as well as government agency and loan servicer requirements. They also assist lenders and servicers ensure flood insurance is maintained throughout the life of the loan.
In addition, both companies offer a comprehensive service experience by employing a skilled team of trained map analysts, who are available to answer any questions regarding exceptions and regulatory implications.
By joining Wolters Kluwer Financial Services, Stormwater customers will now also have access to a comprehensive up-to-date, online database that provides flood determinations in a matter of seconds. The combination also enables Wolters Kluwer Financial Services to offer existing Stormwater customers access to its other leading PCi compliance analytics solutions, including those that address Community Reinvestment Act (CRA), Home Mortgage Disclosure Act (HMDA) and fair lending requirements. Stormwater customers will also have access to the company’s financial crime control solutions and an expanded suite of Settlement Services.
“The combination of Stormwater and our own PCi line of flood determination tools allows Wolters Kluwer Financial Services to grow and strengthen our position,” said Brian Longe, president and chief executive officer for Wolters Kluwer Financial Services. “Both companies share a commitment to offering trusted solutions and exceptional service, and I am confident the transition for Stormwater’s existing customers will be seamless.”
“It was important for us to find a partner that had the resources and that was committed to maintaining the standards that have come to define Stormwater,” said Mark Boher, president of Stormwater. “Stormwater’s flood determination solutions are a natural fit for Wolters Kluwer Financial Services.”
Terms of the agreement are not being released.
