Policy Management & Invoicing
In the event that the borrower is unsuccessful in obtaining insurance prior to the
cancellation of the existing policy, the Miniter-MPI program is designed to ensure
that there is no lapse in collateral coverage to the lending institution. On the
cancellation date of the existing borrower policy, lender placed insurance will
automatically be placed by the system. Outbound letters and phone calls will continue
for the next 45 days in an attempt to persuade the borrower to obtain their own
insurance. Once the borrower obtains insurance and the policy information is entered
into the system, the lender placed coverage will be immediately cancelled. The lender
will be billed only if a borrower insurance lapse occurred.
Premium Invoicing
The Miniter-MPI insurance policy is a limited dual interest policy that remains in
effect until cancelled. The lender has two invoicing options. The lender can be
invoiced for the annual policy premium, or monthly premium billing can be invoiced.
Monthly invoices are based on a net calculation of new premium and cancelled premium refunds.
Invoices are prepared on the first of the following month and can be printed directly from the
web site. Invoice payment is due by the 10th of the month (10 days net).
