Is borrower noise putting your reputation at risk?

The demands of insurance tracking can leave lasting damage to sound lending relationships in your loan servicing operations.

Feeling the impact of excessive forced placement?

 

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.

Is staff overwhelmed with DIY tracking or implementation?

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.

Is tracking putting your reputation and compliance
at risk?

Ineffective insurance tracking puts lenders at risk of damage to borrower relationships and raises the likelihood of fines and public scrutiny from regulator findings.

What a win looks like.

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.

The tracking win that loan servicing needs.

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.

6 Flood Gotchas - mock up

Top 6 Flood Insurance Gotchas

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.

loan servicing staff working hard with papers

The Catch-22 of In-House Tracking

Keeping your tracking in-house allows you to control borrower communications with no vendors to manage.

But that DIY responsibility or legacy insurance tracking complicates every tracking task leads to missed mailing requirements, constant compliance worries, and an unchecked flow of borrower frustration that is squarely focused on loan servicing staff and even reaches upper management.

large call center and woman with hands on headset

Publically Traded Insurance Tracking

Their big name suggests that you'd get access to better software, real expertise, and the prestige that comes with name recognition.

But they've lost what no lender can afford to ignore: their focus on borrower relationships and personal attention to the needs of your institution. Big promises can result in treatment you'd never give a borrower: like just another number.
frustrated credit union staff on the phone

The worst of both worlds: Legacy Tracking Software

Tracking software is supposed to streamline servicing operations and free up staff time for work that needs actual human attention.

But legacy tracking software isn't capable of keeping up with the demands of new regulations or complex loans. Paired with a legacy approach that feeds on excessive false placements, your bank or credit union can end up with the worst of both worlds: constant data clean-up, the loss of direct control with borrowers, and continued borrower noise.

Staff morale, bank reputation,
and borrower relationships
are collateral, too.

You need a modern approach to insurance tracking.

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