As you may know, SolarWinds recently issued a security advisory related to a cyberattack that impacted their Orion Platform. Lee & Mason has never used any version of SolarWinds Orion NPM software at any of our locations so our systems are not impacted in any way...
UPDATE: December 2020 As we wrap up 2020 and look forward to 2021, Lee & Mason wanted to provide an update to our valuable customers. Just like you, our commitment remains on the health and safety of our employees and their families. While cases of COVID-19...
2020 has been a year of constant change and uncertainty. Despite COVID-19, its continued economic impact, and remote employees (both within your staff and among your customers), low interest rates continue to keep you busy with new loan and refinancing requests. Collateral protection insurance has never...
As mortgage loan servicers grow in size and diversify their portfolios, internal property insurance tracking can become more and more cumbersome. Meanwhile, the potential losses that may be incurred during even a brief lapse in coverage for a single property can be substantial. For some,...
For lenders, one of the most significant risks to their collateral occurs when a property owner allows their insurance coverage to lapse. If the property is damaged or destroyed due to fire, windstorm, vandalism, etc., without a valid insurance policy in place, the homeowner may...
Answer: Blanket Lenders Single Interest (LSI) or Vendors Single Interest (VSI) covers many collateral losses. However, a significant exposure that is not covered is Fraud. The key coverage components to Blanket LSI are uninsured physical damage, skip by the borrower, and Security Interest Non-Filing Errors and...
Blanket mortgage impairment insurance is a type of back-up mortgage property protection for the lender’s residential and commercial mortgage portfolio. This coverage comes in three different forms: full-blanket, ex-checking, and checking. Below we'll explain further what each of these options includes and how they differ...
Vendor's single interest (VSI) insurance is designed to protect lenders if an uninsured vehicle is damaged or destroyed. Learn more about the coverage options available under a VSI policy, what type of collateral can be covered, and what lenders should know before purchasing a VSI...
Today's economic climate can be turbulent and uncertain. With a novel pandemic and increasing unemployment rates, the next few years seem almost certain to bring a rise in mortgage defaults. For lenders, these defaults can carry the risk of the borrower defaulting on the loan and the...
A question often arises among mortgage lenders concerned about uninsured real estate property damage: What is the difference between Mortgage Impairment Policy and Blanket Mortgage Hazard insurance coverage? Traditionally, there had a been a lot difference in the two forms of coverage, but times have changed,...
