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 placement system that automates the placement, cancellation, billing, and compliance notifications associated with force-placing insurance.
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. But, regardless of which system the lender uses, Miniter Group's “Write Your Own” will integrate into the workflow to automate the placement of insurance.
Easy Insurance Placement
Once the lender’s internal insurance tracking system shows an uninsured status for a borrower, the lender will log in and place insurance. The lender will simply 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 WYO can also send the borrower a series of letters by first class mail designed for compliance notification.
Compliant Outbound Letters
All outbound insurance mail is handled by Miniter Group. We have invested in state-of-the-art outbound mail technology to provide low-cost, accurate and verifiable mail to your borrowers. All outbound letter formats are designed to be Dodd-Frank and NAIC Model Act compliant. Letters can be customized by the lender. Outbound letters include: First Notice, Final Notice, Notice of Insurance (NOI), and cancellation letters.
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.