Lee & Mason Financial Services, Inc.

Simply verify required insurance at loan closing, and then discontinue checking for required insurance, and without the need to place coverage when the property is known to lack insurance.

Features

Covers all residential, commercial, second mortgage, and home equity lines of credit.

Eliminates the need to track or force place mortgaged properties for required insurance.

Provides non-existent “Required Perils” coverage, in addition to providing coverage for Perils that are either “not required” to be insured; or that were insured for inadequate amounts including the perils of Flood and Earthquake.

Carries option on a blanket basis to automatically cover all REO lender properties following foreclosure without additional premium.

Benefits

Coverage is less costly and less burdensome than the cost to the lender of maintaining a full policy or a cancellation checking department.
Designed to protect the lender against a host of other mortgage servicing errors and omissions, such as failure to pay real-estate taxes, maintain required insurance, or other custodial, title, and recordation errors.
Coverage has a no claims renewal credit feature, which rewards a lender who has better than expected loss experience.

Optional Risk Management Approach

While coverage is normally written on the basis that the lender will never monitor or force place for required coverage on its loan portfolio, coverage can also be written to allow a lender to “carve out” and to force-place just its seriously delinquent and those mortgages in the process of foreclosure using Lee & Mason’s mortgagehazard.com. This approach offers a substantial premium discount. And, when coupled with the ‘no claims renewal credit’, this risk management approach can add up to big savings.

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