The demands of insurance tracking can leave lasting damage to sound lending relationships in your loan servicing operations.
Relying upon legacy insurance tracking models and tracking that doesn't provide reliable visibility can fuel the flow of false placements—and the borrower noise that results.
Staff is faced with the burden of managing correspondence, borrower contacts, broker outreach, and regulatory notices with the work of preparing messy data for internal or outsourced tracking.
Ineffective insurance tracking puts lenders at risk of damage to borrower relationships and raises the likelihood of fines and public scrutiny from regulator findings.
You have confidence that your tracking is rock solid. Excessive borrower noise is eliminated while you reduce flood compliance fears and the cost burden on loan servicing.
You need to win on all three levels: streamlining your servicing, safeguarding your reputation, and stemming the tide of borrower complaints.
You'd stop having to chase declarations documents to avoid false placements.
You would have full visibility with every loan no matter the status or complexity—not just with auto, but with mortgage and commercial loans, too.
You'd have total confidence in tracking with up-to-date accuracy and always timely notifications.
New flood insurance compliance rules are making loan service managers nervous. Here are the top six flood compliance areas and how to stop them from becoming a problem.
Keeping your tracking in-house allows you to control borrower communications with no vendors to manage.
But that DIY responsibility using manual workflows can complicate every tracking task and lead to missed mailing requirements, compliance mistakes, and audit worries. In addition, the unchecked flow of borrower frustration is directly focused on your loan servicing staff and even reaches upper management.
Learn what makes modern insurance tracking different, and how it can change loan servicing.