Insurance Tracking | Residential & Commercial Loans
In today’s industry where regulations have consumed financial institutions, Insurance Tracking provides not only peace of mind, but a sense of compliance and security.
First Service Corporation offers Insurance Tracking solutions to Financial Institutions and Lenders looking to reduce administrative costs and alleviate risk. Insurance Tracking is an optional alternative for any size financial institution looking to out-source the process of tracking insurance on their residential and commercial loan portfolio.
The Insurance Tracking programs through First Service Corporation provide compliant Insurance Tracking solutions for both Residential and Commercial loans. From tracking insurance on residential loans to multi-collateral commercial loans, First Service Corporation has a solution for your specific need.
Insurance Tracking Program
If a Borrower’s insurance cancels, expires, or is not received, notices of the insurance requirement are issued in accordance with the CFPB. If proof of insurance is not received, the third-party tracking partner will issue a lender placed insurance policy insuring the collateral for the Lender. From tracking insurance and following up on cancellations, to sending out CFPB compliant letters and issuing lender placed insurance policies, an Insurance Tracking program can alleviate risk and protect from uninsured losses.
Insurance Tracking Features & Benefits
- Reduces the risk of uninsured losses
- Eliminates the need to track insurance on residential and commercial real estate
- Eliminates the need to track insurance on collateral associated with residential and commercial loans
- Outbound letter cycle is compliant and handled by third party tracking partner
- Issuing of Lender Placed Insurance policies is made by third party tracking partner
- SSAE-16 Compliant and data security
- User-friendly online system with Real-Time access
- Access to tracking notes/messages between third party, Borrower and broker/agent