First Service provides solutions and services to meet the demands of their clients. In an effort to meet these demands, First Service Corporation has combined forces with partners to offer Insurance Tracking Services.
Insurance Tracking tracks insurance on, but not limited to automobiles, trucks, trailers, motorcycles, boats, mobile homes and real estate.
When your institution elects to use a Insurance Tracking Program, a computer file is initiated for each loan and match incoming insurance mail to that loan.
If a borrower’s insurance cancels, expires, or is not received, notices of the insurance requirement are issued in accordance with CFPB and Biggert-Waters Flood Act regulations.
If proof of insurance is not received, the third party tracking partner will issue a lender placed policy insuring the collateral for the Lender.
There are typically three different options when considering an Insurance Tracking Service:
- Out Source Tracking (OST)
- Track Your Own (TYO)
- Write Your Own (WYO)
Each of the three different options is unique in one way or another. First Service is dedicated to finding the solution that best fits the needs of your institution. To receive more information on an Insurance Tracking Service, please click the button below.