Insurance Tracking

 

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.

 

We utilize our Borrower-CentricSM insurance tracking services on your Residential, Commercial, Flood, Contents, Escrow, Multi-Collateral, Vehicle, and Condominium loans. We have developed our insurance tracking software to handle the unique challenges associated with each of these loan types. 

Utilizing a combination of proprietary borrower-based pricing, highly automated operational technology, and extensive training of our agents, we will deliver an insurance tracking solution that will satisfy your most rigorous requirements for years to come.

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 a stress on the force-placed insurance tracking legacy business model that relies on force-placed insurance commissions offsetting the cost of free insurance tracking.  

In 2012, Miniter Group introduced Borrower-CentricSM insurance tracking which charges a tracking fee at loan origination.  This RESPA compliant approach enabled Miniter to assist your borrowers with maintaining their insurance as specified in your loan agreement.  This model pays our tracking expense upfront, so we don’t have to force-place your borrower to pay the bills later.

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

 

HIGHLIGHTS 

  • The borrower pays a one-time insurance tracking fee at loan origination.
  • Miniter agents work closely with borrower’s 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

For more information read 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”.

 

Miniter Group’s Complete Guide to Force-Placed Insurance

This guide provides the lender with a detailed overview of Force-Placed Insurance. Discussions include features & benefits, history of force-placed insurance, the lender-placed insurance policy, issues with the current force-placed insurance business model and the new Borrower-Centric insurance tracking module along with compliance and vendor management. This is a must-read for any lender using force-placed insurance.

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Borrower-Centric Mortgage Insurance Tracking

Miniter Group’s Borrower-Centric Insurance Tracking Service defines a new business model for the delivery of force-placed insurance.  Under our Borrower-Centric methodology, our insurance tracking is aligned with your goal of providing the best possible borrower experience.

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Corporate Headquarters

400 Hingham Street

Rockland MA 02370 USA

1-800-MINITER (646-4837)

1-781-982-3100