As a result of federal
laws enacted in recent years, mortgage lenders and
servicers are required to maintain flood insurance
on all properties located within a Special Flood
Hazard Area. Despite the potential for heavy
fines – to the financial institution – there
continue to be continued known events of
Generally, no loan in
any portfolio is exempt from this legislation.
Insurance Services provides the following
solutions to this growing need for financial
- Flood insurance written through the NFIP and
"Write Your Own" (WYO) carriers. Can be obtained by
simply completing a form, and payment of premium.
Lenders Financial does the rest.
- Available from the very first day that coverage is
needed. No 45 day waiting period - coverage is
immediate. Simple reporting and a 60 day delayed
billing process makes this program user friendly to
both lender and borrower.
EXCESS COVERAGE -
coverage for individual properties, superseding the
NFIP maximum limits, is available.
- Complete tracking services for flood insurance
policies, including letter writing, force
placing, and management reports. For
those institutions that currently track insurance
policies on a manual basis, or for which upgrading
their in-house system would be costly.