Blanket Mortgage Hazard is a robust insurance coverage but just as crucially, it creates operational simplicity and savings. There is no need to monitor Hazard insurance after you verify it at closing so Blanket Mortgage Hazard eliminates the need to react to track renewals, react to cancellation or non-renewal notices, and force-place Hazard insurance.
Lee & Mason provides Blanket Mortgage Hazard coverage to protect residential mortgage, 2nd/HELOC, and commercial real estate portfolios. These policies are an efficient way to eliminate significant daily time and expense of related to borrower insurance while protecting the entire portfolio.
The loan servicing team can redirect focus to other tasks while the lender has peace of mind knowing each loan is covered in the event of otherwise uninsured physical damage. Like a lender-placed certificate, BMH protects damage up to the lender's interest (outstanding loan balance) but eliminates the time, hassle and expense of insuring individual locations.
Transitioning to Blanket Mortgage Hazard coverage eliminates the need for a lender to mail required letter cycles to their customers. It's a borrwer-friendly solution that also creates simplicity during an audit or exam as you can simply provide this policy as proof every loan is protected.
Lee & Mason represents the leading Blanket Mortgage Hazard carriers and has been providing blanket solutions since 1954. Please connect with us to learn more.