Wolters Kluwer Financial Services, headquartered in Minneapolis, Minn., announced it 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.
Source: Wolters Kluwer Financial Services
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