Lender-Placed Insurance and Compliance

Lender-placed Insurance (LPI)

While our processes thoroughly validate if required property insurance exists on a loan, sometimes the homeowner doesn’t obtain the necessary insurance to protect their dwelling. In those cases, LPI comes into play – first through notifications to the homeowner and then through placement of a policy if evidence of traditional insurance cannot be verified. LPI helps protect the value of a servicer’s assets and meets investor and/or federal regulatory requirements related to continuous insurance. LPI also helps protect customers’ homes and provides peace of mind should the unfortunate occur.

We offer a wide range of insurance solutions to meet your portfolio needs and reduce risk to the assets servicers oversee:

  • LPI fire, flood, flood gap and wind insurance
    • 50-state admitted hazard insurance product using National General carriers for maximum compliance
  • REO hazard, liability and flood insurance to protect servicers’ real-estate owned properties
  • Automatic coverage
  • Continuous coverage
  • Flexible deductible options and coverage amounts where permitted
  • Blanket insurance policies to protect you with hazard coverage on condominiums, junior mortgages/HELOCs and others
  • Catastrophe management tools
  • Insurance coverage for servicers who track mortgage loans in-house

Compliance

We protect your brand, customers and investors as if they were our own with an unwavering focus on compliance. National General’s team of legal and compliance experts uses a disciplined methodology to assist you in maintaining compliant insurance programs in accordance with federal and state regulations, as well as investor requirements. Features include:

  • ComplianceTrack™ – A proprietary database of laws, regulations and investor guidelines used to anticipate and avoid compliance issues or inconsistencies
  • Established Relationships – Includes the GSEs, CFPB, industry trade groups and state insurance departments
  • Rigorous Project Structure – Effectively recognizes and implements regulatory change
  • Complaint Management Oversight – Includes root cause analysis and trend identification for process improvement and reporting to improve the customer experience
  • Consultative Partner – We issue proactive compliance communications via bulletins and webcasts

We serve as a resource for our clients’ compliance teams to help mitigate risk and maximize the customer experience.

Actions

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