Write Your Own (WYO)

(Write Your Own Force-Placed Insurance)

Miniter Group’s “Write Your Own” (WYO) 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.
Your loan servicing department will handle inbound mortgagee/lien holder mail.  If the borrower’s insurance is non-conforming based on your loan agreements, your agents will contact your borrower, or your borrower’s insurance broker to correct the issue.  If your agents are unable to resolve the issue, they will force-place insurance using the Miniter WYO system.
Once the insurance is placed, your loan servicing team will monitor the WYO system as compliant notifications are sent out with perfect timing, in compliance with both RESPA and NFIP regulations. These notifications can be sent either from your location or from Miniter Group’s secure mailroom in Rockland, MA.  Insurance premium billing couldn’t be easier with the option for annual or monthly billing.  When your borrower has re-established their insurance, the Miniter WYO system will calculate timely premium refunds to ensure that you stay in compliance.
Do you have questions regarding a notification, placement or a billing issue?  Real time messaging is available during business hours, linking you directly to Miniter experts who will resolve your questions within minutes.

With Miniter’s WYO solution, you successfully manage the customer relationship, and we will successfully monitor compliance for your lender-placed insurance program with our Borrower-CentricSM insurance tracking system.

Lender Internal Tracking

With Miniter Group’s “Write Your Own,” the lender is responsible for managing all inbound mail from borrower insurance companies. Tracking of borrower insurance can be handled by the loan servicing system, or could be managed with an excel spreadsheet. However, regardless of which system the lender uses, Miniter Group’s “Write Your Own” will integrate into the workflow to automate the placement of insurance.

Call Center Employee at Work
A Woman Prepares an Insurance Policy
Easy Insurance Placement

Once the lender’s internal insurance tracking system shows an uninsured status for a borrower, the lender can log in and place insurance. The lender will enter all loan and collateral information into the Miniter WYO system.  Once completed, the collateral will be insured from that moment until the lender cancels the insurance. As an option, Miniter’s WYO system can also send the borrower a series of letters by first class mail designed for compliance notification.

Compliant Outbound Letters

Insurance notifications and mailing dates are handled by Miniter’s WYO system. We have invested in state-of-the-art outbound mail technology to provide low-cost, accurate and verifiable mail to your borrowers. Letter formats are designed to be Dodd-Frank, NFIP and NAIC Model Act compliant; they include First Notice, Final Notice, Notice of Insurance (NOI), and cancellation letters. All outbound insurance mail can be printed and sent from either your location or from Miniter’s secure mail room in Rockland, MA.

Man Inspects Document with Magnifying Glass
Woman Prepares Invoice
Automated Premium Invoicing

Two invoicing options are available.  The lender can be invoiced one time for the annual policy premium, or the annual premium can be billed monthly.  Monthly invoices are based on a net calculation of new premium and unearned premium refunds, which avoids large premium refunds when the borrower obtains their own insurance.  Invoices are prepared on the first of the following month and can be printed directly from the website.

Contact Us to Learn More

We know you want to provide the best solutions for your customers while making your own systems more efficient. To learn more about writing your own force-placed insurance solutions, reach out to us at 781-982-3100 or fill out our contact form.