LENDER-PLACED FIRE AND FLOOD INSURANCE

Lender placed property insurance is a basic fire (hazard) insurance policy that provides protection to the lender for their interest in mortgaged property. It is put into effect when a borrower fails to maintain insurance as required by the mortgage agreement. The policy may also cover a property which had been foreclosed or on a property partially damaged and insurance is cancelled or cannot be obtained until repairs are made. Depending under certain circumstances, the financial institution may be given automatic binding authority. Lender placed Flood Insurance works in a similar fashion to Lender placed Property Insurance.

APPLICATION
Lender-Placed Hazard Application

ADDITIONAL INFORMATION
Mortgage Hazard Compliance
Blanket Mortgage Hazard Insurance
Home Equity and Second Mortgage Insurance
Flood Insurance and Determinations

ARTICLES:
Outsourcing Lender-Placed Insurance Functions
Coverage Is Really At A Premium
Yes, There is Another Way

OUTSOURCING PROGRAMS

Different options are available for your client's hazard insurance servicing operation. Choose from partial outsourcing programs (mail opening and basic tracking) to full outsourcing that includes inbound and outbound phone support for your client's borrowers.

ARTICLES:
Check Your Force Placed Policy
The New Lender-Placed Insurance

MORTGAGE IMPAIRMENT / ERRORS AND OMISSIONS

Mortgage Errors and Omissions (E & O) insures against a negligent act that may occur in originating or servicing of loans. It usually refers to the investor required liability coverage for those that service loans. The policy covers the handling of such items as borrowers insurance, real estate taxes, and flood zone determinations.

APPLICATION
Mortgage Impairment / Errors and Omissions Application

ADDITIONAL INFORMATION
Professional Liability Coverages

ARTICLES:
Garbage In-Garbage Out
How Much Coverage Should You Have?

FINANCIAL INSTITUTION BONDS (BANKERS BLANKET BOND)

Blanket bond protects banks against losses due to employee dishonesty. This coverage is usually required by investors. Limits of coverage are generally determined based on the size of average deposits, mortgage portfolio, and assets of the banking institution.

APPLICATION
Bankers Blanket Bond Application

ADDITIONAL INFORMATION
Professional Liability Coverages

ARTICLES:
Garbage In-Garbage Out
How Much Coverage Should You Have?

PROFESSIONAL LIABILITY (E&O)

Mortgage bankers &/or brokers professional liability insurance protects against loss from claims against the insured for alleged negligent acts, errors or omissions committed in the originating, financing, closing, selling or servicing of mortgage loans on real estate or the rendering of advice for the above.

APPLICATION
Professional Liability Application

ADDITIONAL INFORMATION
Professional Liability Coverages

ARTICLES:
Garbage In-Garbage Out
How Much Coverage Should You Have?

STATE LICENSING BONDS

These are Surety Bonds or "guarantees" required by state agencies when applying for Bankers or Brokers licenses. Amounts and limits vary by state.

FLOOD DETERMINATIONS

Fast, easy, and accurate determinations are available through a variety of methods. You may send requests and receive reports by fax, or on-line methods.

ADDITIONAL INFORMATION
Flood Insurance and Determinations

ARTICLES:
The Call Before The Hurricane

Financial institutions involved in credit transactions face the threat of heavy losses from uninsured collateral. The Collateral Protection policy provides the lender with coverage for physical damage on collateral held by the lender. Characteristics of the risks to consider include the number of collateralized loans in the lender's portfolio, the number of collateralized loans made each month, maximum term, maximum amount, and whether insurance is required in the loan contract. The range of collateral covered can include autos, pickup trucks, vans, motorcycles, campers, motor homes, travel trailers, boats, etc.

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