The terms of every mortgage requires the borrower to carry adequate hazard insurance on the property to insure it against fire and other perils, for the entire life of the loan. However, borrowers often let their insurance coverage lapse. Whether from an Act of God, a fire, or severe weather, uninsured collateral losses can be devastating to an investor/servicer.
Likewise, not having the right terms and conditions in your lender-placed policy can also result in unexpected and unwanted business outcomes. IL Group can find the right lender-placed hazard insurance for your real estate portfolio to help reduce the risk of uninsured collateral.
Constructing the right insurance coverage for your loan portfolio can be a complicated and difficult task. There are many policy options to choose from that impact not only the cost of the policies, but also the coverage. Our experts help protect you from the many situations that can arise over the life of a loan.
Contact us to find out how you can best protect your portfolios and investments, mitigate against increased compliance risk while improving your lender-placed hazard and flood insurance operations.