According to the San Diego-based company, SmartFees users will receive an alert listing all properties with mortgage applications pending in areas that could be impacted in markets facing the destructive impact of an oncoming or in-progress natural disaster, including a hurricane, tornado or wildfire. The alert will also provide a score of “Low,” “Moderate” or “Severe” based on the properties’ proximity to the disaster area.
“Over the past few years, we have experienced unprecedented natural disasters and many scientists predict that trend will continue in the years to come,” said Bob Jennings, chief executive officer of ClosingCorp. “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.”