Xactus will add flood providers to its record of verification options with the acquisition of MassiveCert, a software program firm that gives flood zone determinations for insurance coverage, lending and actual property.
With the acquisition, Xactus will provide flood zone determinations to its shoppers through the use of its proprietary flood information and know-how merchandise, the agency mentioned Wednesday. MassiveCert shall be rebranded as Xactus Flood Solutions. The phrases of the deal weren’t disclosed.
“The acquisition of MassiveCert supports our objective of advancing the modern mortgage by allowing us to more comprehensively address our clients’ flood risk assessment needs,” mentioned Shelley Leonard, president of Xactus.
Mortgage lenders are required to find out a property’s flood threat and resolve whether or not flood insurance coverage shall be required as a situation for a mortgage. Up till now, Xactus obtained information from third events. MassiveCert, along with flood zone determinations, offers elevation certificates, Letters of Map Amendment providers, non-public flood compliance, and real-property threat evaluation.
Xactus’s addition of flood providers comes after the options supplier rolled out a monitoring program in June. The program, which scans residential addresses for modifications in itemizing standing, was aimed toward courting extra lenders by means of its energetic itemizing information in a decent housing market, the agency mentioned.
Starting out with a mixture of credit score reporting firms CIS Credit Solutions and Avantus in 2020, the corporate moved into the appraisal know-how enterprise the next 12 months and rebranded to Xactus in March 2022.
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