Allowing Lee & Mason to perform tracking services and insure your installment loan collateral when needed creates several benefits:
When Lee & Mason performs insurance tracking services for our clients' installment loan portfolios, they are longer responsible for any insurance mail. Instead, our tracking facilities handle all insurance mail, match policies with loan records, and immediately identify lapses, cancellations, or insufficiencies. Lee & Mason sends notices to uninsured and under-insured borrowers encouraging them to purchase insurance as quickly as possible. Our clients can view their portfolio as a whole or any individual loans or collateral in real time via Intrex.
Lee & Mason does not add lender-placed insurance until a borrower has failed to promptly act to confirm your collateral is protected.
The lender-placed coverage is dual interest to protect the lending institution while also ensuring the borrower's damage can be addressed immediately. Supported by an Automatic Coverage endorsement, our lenders have portfolio-wide coverage without needing to open any mail or monitor any renewal dates internally.