| |
|
Blanket Mortgage Fire Protection
|
|
|
|
There is an alternative to lender placed hazard insurance.
|
|
|
|
The Blanket Mortgage Fire product is an economical alternative to Lender-Placed hazard
tracking and insurance. This is comprehensive blanket protection for any segment of
the lender’s portfolio. No continuous insurance tracking is required. For many
lenders, Blanket Mortgage Fire is a superior risk management tool over lender-placed hazard insurance:
|
|
- Lender administrative expense is reduced, freeing resources for more productive purposes.
|
|
- Gaps in coverage due to a failure to report properties as uninsured are eliminated.
|
|
- Coverage is broader than many Lender-Placed hazard policies.
|
|
- Simple to administer and report.
|
|
- Premiums are frequently less than insurance tracking and monitoring expenses.
|
|
- Lender selects which segments to insure on a blanket basis (e.g. First, 2nd, and HELOC).
|
|
- May be placed in conjunction with Real Estate Owned or
Lender-Placed hazard tracking and/ or insurance and combined within a single policy.
|
|
|
|
ELIGIBILITY
|
|
|
|
All Residential or Commercial Firsts, Seconds and/ or Home Equities. New Originations
or Assumption of In-Force Mortgages. Real Estate Owned may be included on a scheduled basis.
|