The average price of a new vehicle peaked at nearly $38,000 in 2020, and supply chain issues related to COVID-19 (Coronavirus) are likely to increase this cost in 2021 and beyond. This means that lenders carry more risk than ever before when it comes to...
Blanket is a word commonly mentioned within collateral protection insurance but not always correctly. Specific to a portfolio of real estate loans, a Blanket policy eliminates the need for you to monitor Hazard insurance after your team has verified it at loan origination. Even if...
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...