Lee & Mason's website, MortgageHazard.com, is designed to make force-placing and canceling coverage on uninsured mortgage properties quick, simple and compliant. Our program can be used to place property/hazard, flood and foreclosed liability coverage on residential and commercial properties when needed.
CFPB Model Act letters are available, and Lee & Mason can send these letters at no additional expense to ensure compliance and reduce work.
To deliver timely responses on a personal level, each lender has a dedicated support team that leads orientation and remains available when needed.
MortgageHazard.com offers Special Form coverage on residential and commercial properties. Coverage is also available for Mobile Homes and Business Personal Property.
Our coverage is designed to protect the lender against a variety of losses including fire, wind, theft, frozen pipes and arson. Flood is also available when specifically scheduled. Insurance is effective immediately without the need for individual underwriting or grace/waiting periods.
Force-placed insurance, sometimes referred to as “lender-placed” or “creditor-placed” insurance, is a type of insurance that lenders purchase on behalf of a borrower when the borrower does not provide proof of adequate insurance coverage. The purpose of this insurance is to protect the collateral in the event damage occurs to the mortgaged property and the borrower did not maintain their required coverage.
In these instances, the lender has the right to purchase force-placed insurance and pass the costs of coverage on to the borrower. The lender-placed policy would respond if damage occurred to the collateral and would protect the lender up to Replacement Cost Valuation (RCV), not to exceed the lender’s interest (typically unpaid principal balance).
Lee & Mason is a Managing General Agency (MGA) that provides specialized insurance for both residential and commercial properties. Our force-placed insurance policies and foreclosed property coverages are customized to meet the individual needs of each client. When bound, lender-placed insurance provides financial protection to the lender against loss resulting from otherwise uninsured damage. With our expertise, superior customer service, and unparalleled carrier access, Lee & Mason is uniquely equipped to serve as your force-placed insurance partner.
Lee & Mason understands the complexities that come with foreclosing on a property and is committed to helping our clients address both the damage and liability exposures it creates. Most clients insure these properties instantly through MortgageHazard.com, our convenient reporting program. For larger, more unique risks, we individually underwrite terms through our 1-Off program.
Lee & Mason specializes in force-placed flood insurance to help lenders address their properties located in Special Flood Hazard Areas (SFHA). This can include lender-placed flood insurance, primary coverage, excess protection above NFIP limits, or foreclosed/REO property needs.
MortgageHazard.com provides a variety of templates used in the verification and placement process. Lee & Mason can generate and mail these notices in accordance with required timelines.
Policies are issued in compliance with regulatory guidelines and include tiered deductibles for mortgages serviced on behalf of a government-sponsored enterprise (GSE).
Lee & Mason's processes reflect our focus on compliance and include the ability to backdate coverage, generate refunds weekly and allow the lender to dictate the amount of insurance needed on any property.
As an alternative to the traditional force-placed approach, Lee & Mason offers two kinds of blanket mortgage insurance. A blanket policy eliminates the need to monitor non-escrowed property/hazard insurance after it is verified at loan closing. Blanket coverage can protect residential mortgages, 2nd/HELOCs and commercial real estate loans. The policy can be written to cover the entire portfolio or customized to a single loan type.
Blanket Mortgage Hazard insurance offers Special Form coverage that can immediately address damage to the property in the absence of borrower coverage. Blanket Mortgage Impairment protects the lender's financial loss resulting from that damage and requires loan default accordingly.
In addition to the actual insurance provided, lenders choose blanket mortgage coverage to eliminate the time, hassle and expense required to monitor individual policies.