Commercial Insurance Tracking

Transferring risk in a lender’s commercial portfolio is more complex than tracking Residential 1-4 because of the complexity of business insurance policies as well as the “abundance-of-caution” underwriting that will bring equity from multiple business assets to secure the loan.

Miniter Group’s Borrower-CentricSM insurance tracking system was developed to handle the complex insurance tracking of commercial portfolios.  Our system is designed using a 3-tier relational database with each tier independently relating to each other as required.

Loan Tier – Loan data is imported weekly from the lenders core systems which typically include loan balances, loan type and collateral addresses.

Collateral Tier – Addresses from both the loan file and the insurance policies are mapped together to provide a bridge from the loan tier to the policy tier.

Policy Tier – We maintain all insurance related information regarding policy limits, collateral information and locations for real property, equipment & contents.

The three tiers of the commercial tracking database enables tracking of complex relationship when there is multiple collateral to secure a loan, when one collateral supports multiple loans or when one policy supports multiple collaterals.  This type of flexibility in our database structure allows Miniter’s Borrower-Centric insurance tracking to accurately monitor your commercial portfolio.

Outsourcing Your Tracking to Miniter (OST)

When you choose Miniter as your lender-placed insurance tracking partner, we ensure compliance by following carefully designed and vetted processes, and employ a Borrower-CentricSM approach.  This means we treat your borrowers (or, your members, in the case of credit unions) like you treat them.

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Write Your Own (WYO)

Our Write Your Own 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.

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Track Your Own (TYO)

If you prefer to track insurance in-house, but your information systems are not optimized for it, Miniter’s Track Your Own force-placed insurance tracking solution may be the right fit. This system provides the full functionality of our outsource insurance tracking technology in your loan servicing department.

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Claims & Lien Holder Services

Claims service is critical to the operational efficiency of transferring collateral risk. Miniter Group has invested in state-of-the-art claims processing for force-placed hazard and flood insurance, as well as blanket VSI. In addition, we offer debt cancellation claims processing services to increase your per-claim recovery and reduce your net charge-offs.

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