Lender-Placed Claims and Loss Drafts
When a homeowner experiences a loss to their property, a claim is filed with the insurance carrier to repair or replace the damaged property.
Claims handling is a core function of the insurance policy contract. Our commitment to satisfy our obligation under the LPI policy and provide outstanding service during the time of loss is one of the top roles we perform. Our actions are a direct reflection on the servicer and their relationship with the homeowner. Features of our program include:
When a homeowner experiences a loss and payment is approved, the check for damages is made payable to the homeowner and their mortgage company. This payment is referred to as a loss draft. We manage the servicer’s obligation to ensure these Loss Drafts proceeds, either from traditional insurance or LPI, are appropriately released to the homeowner and investor requirements are satisfied.
Our goal and efforts are to ensure that all lender-placed claims and loss drafts are handled efficiently and with outstanding service throughout the process.