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The Proctor Perspective | Agency Relations
Provides insurance professionals with mortgage industry insight and is a resource P&C agents to learn more about protocols associated with insurance solutions for financial institutions. If you have relationships with financial institutions, visit to learn more about business best practices, industry trends, competitive advantages, and income producing opportunities.
Mortgage Impairment for Financial Institutions
Amanda Bowers
, 11/8/2017
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What is Mortgage Impairment?
Questions?
Contact:
Amanda Bowers
248.824.1464
[email protected]
Applications
•
KwikRisk Financial Institution Application
•
KwikRisk Non-Financial Institution Application
•
KwikRisk Equipment & Contents Application
For the past 45 years, Proctor Financial, Inc. (PFI) has established itself as a market leader providing servicing solutions and comprehensive lender-placed insurance products to satisfy the needs of financial institutions. By bundling insurance programs, PFI has been able to mitigate risk & reduce administration for the 1,500 clients it serves nationwide. Visit
www.pfic.com
to learn more.
To coincide with Mortgage Impairment, Proctor recommends additional insurance products such as
Mortgage Guard
(lender-placed hazard insurance) to mitigate risk exposures to financial institutions.
For more information on Mortgage Impairment or Proctor Financial, visit our
Mortgage Impairment
storefront.
The Mortgage Impairment program provides a safety net for unknown or unexpected losses by protecting the lender’s interest in the property from errors and omissions that may occur in the day-to-day origination and servicing of residential and commercial mortgage loans. Mortgage Impairment provides the compliance required by guarantee organizations such as Fannie Mae, Freddie Mac and Ginnie Mae.
Coverage includes physical damage, as well as errors and omissions. Bundle Mortgage Impairment with Mortgage Guard (lender-placed hazard), Portfolio Guard (blanket hazard insurance), and/or Bridge60 (lender-placed flood) for a complete risk management insurance solution.
Program Highlights:
•
Physical Damage – coverage for the lender if property suffers a loss from required perils.
•
Errors & Omissions – liability in handling day-to-day mortgage servicing such as real estate tax liability, processing of life/disability coverage, failure to determine property located in a flood zone, loss of secondary market guarantees, title errors & omissions, VA/FHA/SBA/PMI lost coverage.
•
Streamlined Administration Options:
○
Borrower’s insurance is verified initially and annually thereafter.
○
Borrower’s hazard insurance is verified at closing only with follow-up on non-renewals and cancellations.
○
Blanket Coverage: Borrower’s insurance is verified at loan closing with no required follow-up.
•
Extensive coverage options are available, including:
○
Physical Damage:
property suffers a loss from required perils; includes flood insurance when necessary
○
Errors & Omissions:
mishandling physical damage or homeowner’s insurance that covers the borrower’s real property
○
Balance of Perils:
broadens physical damage coverage to perils not required of the borrower
○
Real Estate Tax Liability:
coverage against errors and omissions arising inadvertently from unpaid real estate taxes
○
Equity Endorsement:
removal of hazard tracking requirement on second and equity loans
Proctor Financial, Inc.
5225 Crooks Road
Troy, MI 48098-2823
tel: 248.878.2528 | fax: 248.824.1931
www.pfic.com
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Tags:
Financial Institutions Mortgage Impairment Equity Endorsement Insurance
Financial Institutions Mortgage Impairment Errors & Omissions Insurance
Financial Institutions Mortgage Impairment Physical Damage Insurance
Financial Institutions Mortgage Impairment Real Estate Tax Liability Insurance
Categories:
Mortgage Impairment
Other articles by: Amanda Bowers
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