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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
non-compliance!
Generally, no loan in
any portfolio is exempt from this legislation.
Lenders Financial
Insurance Services provides the following
solutions to this growing need for financial
institutions:
FLOOD INSURANCE
NEW LOANS
- 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.
FORCE PLACED
- 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 -
Excess flood
coverage for individual properties, superseding the
NFIP maximum limits, is available.
TRACKING
- 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.
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