Fully Outsourced Insurance Tracking Program
Our outsourced insurance tracking program is designed to monitor insurance on all loan types and collateral (auto, real estate, business assets). Our outsourcing service creates workflow and expense efficiencies, while providing comprehensive risk management solutions. Our objective is to help our lenders comply with the New CFPB Insurance Tracking Regulations and provide you with a Compliant and Comprehensive Risk Management Approach. Tracking Insurance, sending borrower notification, and force placing insurance coverage has become a big headache for lenders, especially since the new insurance tracking regulations came out in January of 2014, and our solutions will focus on managing the risk and document flow in the most efficient, streamlined and cost effective way possible.
In-Sourcing Insurance Tracking Programs
We provide our lenders an online system that helps you monitor lapsed or canceled insurance, send CFPB compliant notices to borrowers, and force place insurance when it becomes necessary. This system is easy to use and eliminates much of the manual work and process of sending letters and force placing insurance. The lender placed policies can also be converted to an OREO type coverage once the property becomes bank-owned. We often implement Mortgage Impairment and Blanket Insurance related coverage as part of this risk management approach too. This eliminates much of the insurance tracking a lender would normally have to do.
Blanket Insurance Programs
Some lenders want to completely eliminate insurance tracking or at least lessen the amount of monitoring by purchasing blanket insurance or mortgage impairment insurance on the portfolios. The blanket options can include commercial, residential, home equity and title vehicle loans. The coverage can be customized and can be used to completely eliminate insurance tracking, other than for flood insurance which is required by the regulations.