Insurance Tracking provides not only peace of mind, but a sense of compliance and security for financial institutions. As a financial institution, Insurance Tracking plays a critical role in understanding if your mortgage loan portfolio includes uninsured collateral.
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 policies on their mortgage, automotive and commercial loans.
Our Insurance Tracking program provides a compliant and secure solution to confirming all of your institutions collateral has sufficient insurance coverage. From tracking insurance on residential mortgage loans and multi-collateral commercial loans to tracking the insurance policies on auto and consumer loans, First Service Corporation has a solution for your institutions specific needs.
With a borrower-focused approach, our Insurance Tracking partner provides best-in-class customer service to you and your borrowers. We understand that as your partner, we are a reflection of your institution, and that is why we strive to uphold the highest level of customer satisfaction.
Insurance Tracking Program Overview
If a Borrower’s insurance cancels, expires or is deemed insufficient, 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 your institution from uninsured losses.
Insurance Tracking Features & Benefits
- Reduces the risk of uninsured losses
- Eliminates the need to track insurance on residential and commercial loans
- 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