Lender-Placed Insurance | Force-Placed Insurance

This coverage allows the Lender to place coverage on loans when the borrower’s coverage has either been cancelled, lapsed or non-renewed. Insures any property at any location. No need for insurance company approval or a physical inspection of the property. REO properties can also be insured for fire and liability. Coverage can be placed online or faxed on a form we provide. Residential properties are insured for “All Risk”. Commercial properties can be insured for “All Risk” instead of “Name Peril”.  

 

Lender-Placed Flood Insurance | Force Placed Flood Insurance

Available for mapped and unmapped, participating or non-participating communities. Premium is charged on a DAILY RATE basis. Coverage is effective at the time the order is placed online or faxed to us on order forms we provide. No 30 day waiting period. No annual premium paid up front as required by the NFIP coverage.

 

Lender-Placed REO Insurance | Force Placed REO Insurance

Lenders can use Lender-Placed REO Insurance, as known as REO Insurance and Real Estate Owned Insurance to protect against damage or loss to properties that the financial institution holds an interest.

 

Flood Zone Determinations

Order manually or online –  Life of Loan pricing.  Includes HMDA. No Charge for Re-Certs.

 

Blanket Hazard Insurance For Real Estate Loan Portfolio

All mortgaged properties are automatically covered during policy term. Policy is issued for an annual term. Eliminates tracking and force placing when a mortgaged property other than an REO property becomes uninsured. No follow up or force placing required. REO properties would require force placing for Fire and Liability through our Force Placed program.

 

HEQ & 2nd Mortgage Blanket Fire Coverage

Eliminates tracking fire insurance coverage on HEQ and 2nd mortgages. Does not cover REO properties. Loan can be closed without evidence of lender’sinterest to be noted on the borrower’s Homeowners policy covering the first mortgage.

 

Mortgage Lending Activities E&O Protection | MLAP

Eliminates need for a title search on HEQ & 2nd Mortgages. The coverage provided is for Errors or Omissions in determining status of property ownership by lender.

 

Mortgage Impairment E&O Policy

Eliminates monthly tracking and follow up for fire insurance on mortgages. There a several optional riders the lender can choose to insure risks such as; Title E &O, failure to Process Mortgage Life Insurance applications, Government Confiscation, Property Held in Trust, Custodial E & O, Extended Covered Property, Recordation E & O, Direct Physical Damage from Balance of Perils.

 

Insurance Tracking Services

This program relieves the lender of tracking insurance on loans. The tracking company assumes responsibility for making sure each loan is insured. Cost to the lender is based on the number and type of loans to be tracked.

 

Tax Tracking Service

Eliminates tedious followup and administration of property taxes.