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The Equity Protection Program (EPP) is a fully insured loan program designed to assist lenders in generating more Home Equity loans
EPP allows for expanded underwriting guidelines and protects a lender’s home equity portfolio against losses due to borrower default. In addition to the default protection, many lenders use the program to eliminate or reduce loan loss reserve requirements. 100% combined loan-to-value (CLTV) coverage is available.
ELIGIBLE LOAN TYPES:
- Closed-End Seconds
- Home Equity Lines of Credit (HELOC)
- Purchase – Money Seconds (Combo, Piggyback subordinate financing for 1st)
- Home Improvement Loans (Secured & Unsecured)
Highlights
- Risk transfer on 1st and 2nd liens protecting against borrower default for any reason
- Allows lenders to safely broaden CLTV thresholds on home equity loans and purchase money seconds up to 100% with credit scores below 700
- Delegated underwriting authority
- Balance sheet protection – no losses reported
- No foreclosure ever required, eliminates REO expenses
- Single interest, risk-based coverage, no disclosure to borrower required
- Expanded CLTV thresholds to 133% on secured home improvement loans
- Unsecured Home Improvement Loans up to $25K (no title work or valuation required)
The Borrower-CentricSM Insurance Tracking system ensures NFIP/RESPA compliance while maintaining a good relationship with your borrowers.
Insuring residential portfolios requires a combination of lender-placed insurance, blanket insurance for HELOCS and Condominiums as well as strict adherence to RESPA and NFIP/Agencies guidelines. Protecting your borrower relationships requires proper use of advanced technology and well-trained tracking agents.
Highlights
- Systematic Flood Insurance Compliance
- Condominium Master and Unit Owners Insurance Tracking
- Blanket Non-SFHA HELOCS & Condos
- Monthly Billing in Arrears
- Outsource Escrow Payments
- Tracking of Policy DEC Page Limits
- Private Flood Insurance Processing
- Customized Blanket Hazard Policies
Commercial borrowers demand high levels of service. Any mistakes with insurance tracking may cause these borrowers to look to other financial institutions
Commercial Insurance Tracking – We currently provide outsourced commercial insurance tracking for over 100 financial institutions. An eight-year development effort lead to the ability to mine complex property valuations data. This data is critical for accurate tracking of multi-collateral loans, cross-collateral loans, and commercial contents loans.
Underwriting – In addition to our years of underwriting expertise, we work with worldwide insurance companies that can provide high-limit Commercial CRE policies when required.
Highlights
- Multi-Collateral & Cross Collateral Commercial Loan Tracking
- Commercial Package Policy Insurance Tracking Expertise
- Flood Insurance Tracking for Condominium and Detached Structures
- P3 Valuation Technology to Eliminate False Placements
- Contents and All-Business-Assets Tracking
- Commercial Underwriting Expertise
- High-Limit Hazard and Flood Policies when Required.