The Vendor Single Interest policy saves time and administrative expenses by eliminating the need to track and force place insurance. In return, the policy also helps to improve customer relationships by avoiding negative contact with customers. Although the Vendor Single Interest policy eliminates the need to track and force place insurance, the Financial Institutions should continue to verify coverage at time of loan closing. After loan closing, no further tracking is required as long as the loan agreement contains wording specifying the borrower must contain adequate insurance throughout the term of the loan.
The pricing of this program is very affordable based on the loss ratio of the Financial Institution. There is a one-time cost per new loan, which makes this policy affordable and valuable.
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