Mortgage Hazard Insurance

What Is Mortgage Hazard Insurance?

Mortgage Hazard Insurance is used to transfer physical damage, theft and other coverage associated with dwellings and other structures that are typically contained in a Homeowners Insurance Policy (HO-2, HO-3, HO-5), Condominium Association and Condominium Unit Owners Policies (HO-6).  Mortgage Hazard Policies are typically all risk policies with the exclusion of water damage (flood).

Benefits of Mortgage Hazard Insurance

  • Broad Coverage
  • Low cost to lender
  • Requires borrower homeowner insurance tracking
  • Highly regulated
  • Common name is force-placed hazard insurance

Underwriting Force-Placed Hazard Insurance

The Mortgage Hazard Policy is a master policy which is issued to the lender.  Coverage is placed on loan collateral when a Notice of Insurance (NOI) is issued for the policy.  Premium is billed to the lender who directly passes the premium charge to the borrower per their loan agreement.  Limits and deductibles are underwritten to the requirements of the particular portfolio.  Once we understand the risk profile of your portfolio, the Miniter underwriting team will select from the 60 available endorsements to customize the policy to maximize coverage at the lowest applied cost.

Delivering Mortgage Hazard Insurance to Lenders

This policy form uses Notice of Insurance certificates (NOI) so software technology is required to efficiently place, monitor and invoice for these certificates.  In addition, regulatory requirement require lenders to follow strict notification and billing procedures.  Miniter’s offers three different delivery systems technology listed below along with the claims processing system that will be used to report a loss.

Our Loan Insurance Tracking Solutions

The four items below provide you with a glimpse into the different types of services you can choose from to insure your loan portfolio against risk.

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.

Learn More About OST Through Miniter
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Write Your Own (WYO)

Our WYO 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.

Learn More About Our WYO Service
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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.

Learn More About Our TYO Service
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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.

Learn More About Our Claims & Lien Holder Services

Contact Us to Learn More About Mortgage Hazard Insurance Solutions

We want to help you protect your mortgage loan portfolio without sacrificing your relationship with your clients. Reach out to us to learn more about our mortgage hazard insurance by calling us at 781-982-3100 or filling out our contact form.

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