Home Equity & 2nd Blanket Mortgage Coverage
Most lenders prefer paying an annual premium to cover all loans as a cost-effective alternative to tracking or force-placing individual coverage for these types of loans. The follow-up work of getting evidence that the borrower has insurance or confirmation that the lender’s interest is noted in the borrower’s policy is time-consuming and costly.
This coverage protects only the lender’s interest and is excess to other insurance.
Home Equity & 2nd Blanket Mortgage Feature & Benefits
- Covers the entire Home Equity and 2nd Mortgage loan portfolio
- All-risk coverage for residential properties
- Fire, Extended Coverage and Vandalism & Malicious Mischief for commercial properties.
- Eliminates tedious follow-up work