Wolters Kluwer Financial announced that it has acquired a substantial amount of assets from Austin, Texas-based Stormwater Research Group.

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 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 with ensuring 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 the Community Reinvestment Act, Home Mortgage Disclosure Act, 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.