Outsourced Insurance Tracking
An Outsourced Insurance Tracking program relieves a lender of the burden associated with tracking insurance policies after loan close on real estate and consumer loans. In addition to tracking policies, an outsourced insurance tracking service will take the steps necessary to secure the lender’s interest in the event the borrower's insurance has lapsed, been canceled, or been deemed insufficient.
When implementing an Outsourced Insurance Tracking program, lenders get peace of mind knowing their collateral is secure, and a sense of compliance knowing the program follows regulations when sending warning notices and force-placing coverage.
As an alternative to a traditional Lender-Placed Insurance program, Insurance Tracking solutions help lenders reduce the risk of uninsured collateral and reduce the amount of time spent on the duties associated with tracking insurance.
Benefits of an Outsourced Insurance Tracking program:
- SSAE-16 Compliant providing data security and privacy.
- Real-time information available – no batching processing or uploads.
- Reduces the risk of losses on uninsured collateral.
- Transfers the duties associated with tracking insurance policies after loan close.
- Compliant letter notifications are sent by tracking partner according to timing cycle.
- Access to tracking notes & messages between third party, Borrower and insurance agent.