ATLANTA, GA., March 28, 2024 – OSC, an established lender-placed insurance and tracking technology company of Steamboat Group, in partnership with Newmark Valuation & Advisory (V&A) and powered by CoreLogic Flood Services data, is pleased to announce the launch of the mortgage industry’s first Total Flood™ solution, designed for the needs of banks, credit unions and mortgage services.
Increased regulatory focus on climate change and ongoing supervisory scrutiny means that banks, credit unions, mortgage lenders, commercial banks, and servicers must accurately implement and enforce the mandatory purchase of flood insurance. This requirement under the Flood Disaster Protection Act serves to protect collateral, reduce risk within a portfolio, and ensure strong, long-term relationships with your customers.
By combining OSC’s tracking and lender-placed insurance solutions, Newmark’s regulatory compliance expertise, and CoreLogic’s data/analytics, we are now able to offer lenders and servicers something previously unavailable in the market. This comprehensive set of solutions will support and improve flood compliance programs from initial assessment—including flood compliance analysis, flood determinations, loan onboarding—to the renewal of flood insurance policies and flood map changes, as well as administration of lender-placed options when required.
“This solution is truly a game-changer,” said Don Curtis, SVP Business Development, OSC. “This partnership will cover the needs of our clients every step of the way. We can close gaps in procedures, reduce risk within a portfolio, and manage the lender-placed insurance process, all within a single solution.”
“The timing of this combined effort could not be more appropriate,” said Joseph Posavec, EVP with Newmark’s Bank Credit Risk Solutions practice. “As the banking world grapples with flood insurance compliance and the insurance industry navigates coverage availability, the stakes have never been higher. This product line will offer much-needed relief to the sector.”
About OSC:
OSC is a leading and longstanding financial risk management, compliance and tracking technology provider of lender-placed and specialty insurance products from a range of top-rated carriers. OSC’s proprietary IrisX tracking technology is designed to meet the complex compliance and multi-collateral tracking demands of the 21st century residential and commercial lenders, mortgage servicers and property investors. Full outsourcing capabilities include document management and processing, bilingual call center services, and tax, flood and escrow integration. For more information, please visit www.oscis.com or reach out to Don Curtis at dcurtis@oscis.com.
About Steamboat Group:
Steamboat Group is the parent company of several insurance related brands focused on financial institutions, property investors, and member associations. Its four best-in-class divisions include OSC Insurance Services, Southeastern Underwriters, Target Markets Program Administrators Association, and Insurance Networks Alliance. For nearly 15 years, the company has built a reputation for delivering strategic solutions, insights, perspectives, and support that help agents, businesses, financial, and carrier partners protect and grow their institutions. Team members are experienced in critical infrastructure, technology, and compliance practices. More information about Steamboat Group and its products and services can be found at www.SteamboatIS.com.
About Newmark:
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operated from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com. To learn more about Newmark V & A, reach out to David Risdon at David.risdon@nmrk.com, Joe Posavec at joseph.posavec@nmrk.com or David Wolter at David.wolter@nmrk.com.
About CoreLogic:
CoreLogic is a leading provider of property insights and innovative solutions, working to transform the property industry by putting people first. Using its network, scale, connectivity and technology, CoreLogic delivers faster, smarter, more human-centered experiences that build better relationships, strengthen businesses and ultimately create a more resilient society. For more information, please visit www.corelogic.com.