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Access Reporting Tools to Facilitate Loan Tracking
Make requesting hazard insurance easy. Our website, MortgageHazard.com, allows the lender to easily place coverage and to cancel coverage on uninsured mortgage properties: residential, commercial, and REO. Harness our state-of-the-art technology, and let our assigned customer service representatives help you find the best program suitable for your lender needs.
Features
- Lender easily places property coverage when borrower fails to insure property
- Covers residential, commercial, and mobile home loans
- Provides all-risk residential coverage
- Pays claims at replacement cost on residential; ACV settlement for commercial properties
- Covers Real Estate Owned (REO) properties
- Carries option to include liability coverage
- Allows placement of flood coverage when required
Benefits
- Allows lender to insure specific, individual properties only
- Easy-to-use website for fast and efficient placement/cancelation
- Premium cost charged to the borrower
- Pays claims at replacement cost on residential; and ACV settlement for commercial properties
When a borrower allows a mortgage-secured property to go uninsured, even for a brief period of time, the lender is at great risk of large charge-off.
Better Protect Your Property
If a fire or windstorm or other disaster strikes, it’s highly unlikely the borrower will be able to pay out of pocket to repair/replace the real estate property and the borrower will likely default on his mortgage payments.
As a result, lender-placed hazard and flood insurance can be the key to add protection to a property when the borrower’s insurance coverage has lapsed. Learn more about the many benefits and protections lender-placed hazard and flood insurance can provide.
Features of Hazard and Flood Insurance
Lender-placed hazard and flood insurance can cover residential/commercial properties and mobile homes whenever the borrower fails to insure the property. Our mortagehazard.com system makes it easy for the lender to place hazard and flood insurance on mortgage properties.
This insurance will pay claims on a replacement cost basis for residential properties. For commercial properties, hazard and flood insurance will pay an actual cash value (ACV) settlement. Liability coverage can be added per property at a competitive rate, for the lender’s foreclosed properties (Real Estate Owned/REO properties).
What Is Force-Placed Insurance?
If the property owner’s insurance lapses for any reason, damages sustained during this period may not be covered – and just a few uninsured property losses can adversely affect profitability of lender’s loan portfolio.
Types of Available Force-Placed Insurance
Force-place policies may be written on variety of property risks. Commonly, lenders will place insurance on both uninsured residential and commercial properties. Foreclosed properties, whether residential or commercial, will also need force-placed insurance.
Cut Down on Lender Expenses
Some of the benefits of hazard and flood insurance include the ability to insure specific, individual properties (rather than an entire portfolio) and the ability to charge the premium cost to the borrower — which minimizes the lender’s expense. If the borrower defaults on these insurance payments, they can be converted to a money judgment when the property is foreclosed.
Features of Blanket Mortgage Hazard Insurance
Blanket mortgage hazard insurance covers the entire mortgage loan portfolio, and can be used when the lender does not want to track the insurance status on each individual mortgage property. Like lender-placed hazard insurance, blanket mortgage hazard insurance provides all-risk residential and commercial property coverage on a full portfolio.
Eliminate the Need to Track Insurance
Many lenders use the blanket mortgage hazard insurance to cover their second mortgages, home equity loans, and home equity lines of credit. This blanket insurance eliminates the need for any follow-up of insurance status after the loan has closed — creating a great savings of time and money for the lender.
In addition, blanket mortgage hazard insurance pays a claim if there is an uninsured loss to the property; without the requirement to foreclose on the property.