Insurance Tracking

Case Study

Our Borrower-CentricSM insurance tracking business model does not rely on forced-placed premiums to pay the bills, so we truly focus on helping your borrower obtain and maintain the most adequate insurance. We ensure that both you and your borrower are protected.

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The CFPB’s 2012 change to RESPA made significant regulatory changes in the force-placed insurance industry. 

These changes, in conjunction with a recently improving economy, have lowered force-placed insurance premiums nationwide. These low premiums have put stress on the force-placed insurance tracking legacy business model that relies on force-placed insurance commissions offsetting the cost of free insurance tracking.  

Highlights

  • The borrower pays a one-time insurance tracking fee at loan origination.
  • Miniter agents work closely with borrowers’ insurance agents to resolve insurance discrepancies.
  • Reduce borrower notification letters by over sixty percent.
  • Reduce insurance placements by over fifty percent.
  • P3 Technology reduces/eliminates false placements
  • No borrower complaints

Learn more about our modern approach to
Borrower-CentricSM Mortgage Insurance Tracking.

When evaluating outsourcing force-placed insurance tracking, the trade-off you must evaluate involves:

  • The lost control of your borrower’s customer experience.
  • The cost savings of outsourcing force-placed insurance tracking.

The trade-off may be acceptable for the residential 1-4 portfolio, but potential relationship issues with large commercial borrowers and the regulatory scrutiny of NFIP flood regulation can make this decision much more difficult.

Borrower-CentricSM insurance tracking has changed the premium-based business model of force-placed insurance. This has allowed us to spend more time and effort helping your borrowers maintain their insurance as specified by your loan agreements. 

This approach has begun to revolutionize the force-placed insurance industry.

Highlights

  • The Borrower-CentricSM approach allows more time to help your borrower maintain insurance.
  • Automated residential 1-4 insurance tracking including Flood; Wind, Escrow Payments; Condo Master and Unit Owners.
  • Automated commercial insurance tracking including Multi-Collateral; Cross Collateral; Contents; Residential 1-4 tracking features.
  • P3 Technology to reduce/eliminate force-placements.
  • Monthly or annual billing.
  • Full system support from 8 am to 11 pm (New York).
  • Integration with the most popular core system providers.
For more information please read:
“Miniter Group’s Complete Guide to Force-Placed Insurance”.

Miniter’s “Write -Your-Own” (WYO) solution is a web-based insurance placement system that is designed to integrate into a lender’s existing insurance tracking system workflow.

WYO is an easy-to-use system that automates the placement, cancellation, billing, and compliance notifications associated with force-placing insurance.

Highlights

  • Lender tracks internally use WYO only when force-placed insurance is needed.
  • WYO automates the mailing of RESPA compliant force-placed insurance notifications.
  • Annual or monthly billing options.
  • Full system support from 8 am to 11 pm (New York).

To learn more about Miniter’s WYO Insurance Placement System read:
“Miniter’s 2019 Complete Guide to Force-Placed Insurance”.

If you prefer to track insurance in-house, but your information systems are not optimized for it, Miniter’s Track-Your Own (TYO) force-placed insurance tracking solution may be the right fit. 

This system provides the full functionality of our web-based Borrower-CentricSM insurance tracking system right in your loan servicing department.

Highlights

  • Inbound mail matched and processed by loan servicing.
  • RESPA compliant notifications sent on schedule from Miniter Groups’ secure mail room.
  • Full system support from 8 am to 11 pm (New York).
  • Annual or Monthly Premium billing options.

To learn more about outsourcing insurance tracking please review
“Miniter Group’s Complete Guide to Force-Placed Insurance”.

Each year, lenders fail to recover millions of dollars of lien-holder claims payments from their borrower’s primary insurance companies. When a lender receives a repossession condition report with physical damage, the loan servicing department may not have the tools to identify the borrower’s insurance company, or the expertise to maximize claims payments.

Insurance companies know that bankers are not insurance experts. In our experience, they tend to “deny first” once they know they are dealing with a banker. They will quote some detail of the borrower’s insurance policy that the lender has neither the time nor the expertise to research. Without the proper expertise to respond to the denial, a legitimate claim payment may be missed.

Highlights

  • Expert staff focused on lien-holder claims payments
  • Expertise on auto policies in all 50 states
  • Insurance discovery tools for last known borrower insurance
  • Claim payment litigation history with many borrower insurance companies
  • A/B testing to prove our recovery effectiveness

 

Outsourcing your Lien-Holder Claims to Miniter will put our insurance experts to work for you. We have tools to identify your borrower’s last known insurance provider, and we will work with these insurance companies to make sure they pay all legitimate lien-holder claims.

Learn more about our modern approach to
Borrower-CentricSM Mortgage Insurance Tracking.

You need a modern approach to insurance tracking.

Learn what makes modern insurance tracking different, and how it can change loan servicing.

Modern Insurance Tracking