“60 Percenters” Changes To Internal Force-Placed Insurance Workflows
In April, we will be releasing our “9 Steps to CFPB Compliance for Force-Placed Insurance” marketing efforts. This will be a comprehensive approach that loan servicers will need to follow to make sure that they are compliant with their force-placed insurance program by next January. Take aways from these efforts will be a white paper which will be released in April, as well as a webinar on April 11th at 2 pm EDT.
Needless to say, we have been very busy here at Miniter Group. We have a record number of loan servicers we have contracted with to outsource their insurance tracking and force placement workflows. All of these lenders are experiencing how we can significantly reduce NIE in their loan servicing department by outsourcing to Miniter.
There are other lenders who have proactively committed to keeping insurance tracking in their loan servicing departments. For those folks, we have consulted with them on CFPB Compliance as well as provided notification placement tools to help them become compliant in their shops.
The last, and by far the largest, group of lenders understand that internal force-placed insurance workflows need to change, but have not yet kicked off a project to address the issue. In talking with these bankers, my conclusion is that they are not procrastinating, they simply don’t know where to start. If you are in this group, you’re not alone. I’m estimating that over 60% of the banks I have talked with fall into this category.
Hence the reason we are publishing “9 Steps to CFPB Compliance for Force-Placed Insurance” If you are one of the “60 Percenters,” make sure you sign up for our newsletter to get your copy as well as attend the webinar to discuss implementing the 9 steps which will follow on April 11th at 2:00 pm EDT.
If you have questions on how to get started on your project, email me at firstname.lastname@example.org or call me at 1-800-MINITER (646-4837).