Mortgage Loan Products

Blanket Mortgage Hazard Insurance 

Blanket Mortgage Hazard Insurance provides coverage for lenders who want to eliminate hazard insurance tracking and follow-up.  The borrower’s insurance is verified at loan closing and no further tracking is required.  Should the borrower’s insurance lapse, the coverage responds if uninsured physical damage occurs to the property.  The program can be written so that a default or foreclosure is required, or is not required, prior to coverage responding.

Program highlights:

  •  Residential and commercial loans can be covered.
  • The lender’s security interest in the mortgaged properties is covered with a single annual premium based on portfolio size.
  • The premium is paid by the lender, not the borrower.
  • Replacement cost coverage is available.
  • In some instances, REO properties can be included for an additional quarterly premium.  Reporting is required. 

Blanket Mortgage Hazard Insurance protects the lender from uninsured or underinsured physical damage losses to properties in their portfolios.  Serving a similar function as traditional lender-placed coverage, it eliminates tracking and reporting of individual properties, and can reduce the chance for financial loss due to human errors in the servicing of mortgage loans. 

Lender Placed Hazard and Flood Insurance

With lender placed coverage, a master policy is issued to the lender and coverage is placed on specific properties as needed only when the borrower fails to maintain primary coverage.  Both residential and commercial properties are eligible.

  • Mortgage loans are tracked for insurance coverage compliance.  The lender can choose to track internally, or the tracking function can be outsourced to our SSAE 16 credentialed tracking partners.
  • REO properties are normally included for coverage.
  • The program can help eliminate foreclosures resulting from un-insured borrowers abandoning damaged property.
  • The cost of coverage is added to the loan balance and normally recovered from the borrower.

When packaged with Lender Placed Flood Insurance, Liability Coverage, and Mortgage Impairment E&O Coverage, the programs offer a comprehensive coverage solution for the mortgage lender.

To download an application for Blanket Mortgage Hazard coverage or Lender Placed Hazard coverage, follow this link: Mortgage Hazard Application

Equity Protection Insurance 

Our Equity Protection Insurance program is a surplus lines insurance product that insures the lender against default by the borrower on real estate equity loans. The program is comprised of several components that can be selected to create a customized solution.  The program is designed for lenders who want to create additional loan volume while controlling default risk.  The component products include:

Closed-End Home Equity Loans

  • Up to 100% LTV
  • Loans up to $250,000 are eligible
  • Proceeds can be used for any purpose other than purchase (see 80/20 Purchase Money component)
  • Minimum 660 Credit Score, maximum DTI is 45% of gross income

Open-End Home Equity Loans

  • Up to 100% LTV
  • Loans up to $250,000 are eligible
  • Proceeds can be used for any purpose other than purchase )see 80/20 Home Purchase component)
  • Minimum 660 credit score, maximum DTI is 40% of gross income

Property Improvement Loans

  • Improvements to real property are elgible
  • NEW – Loans up to $25,000 do not require a second mortgage or title search
  • Combined LTV up to 133%
  • Loans up to $250,000 are eligible

80/20 Purchase Money Second Mortgage Loans

  • Up to 100% LTV
  • Loans up to $250,000 are eligible
  • Proceeds must be used for purchase money second mortgages
  • Minimum 680 credit score, maximum DTI is 40% of gross income

Utilizing the Equity Protection Program, lenders can safely expand their loan product offering, retaining current customers and attracting new ones.  The marketing advantage gained results in increased loan volume, which translates directly into additional income and more cross-sell opportunities.

RESIDx Residential Property Valuation Product

The InterAgency Guidelines are spurring Lenders to beef up their evaluation process for loans that do not require a full appraisal. Currently, any loans under $250,000 do not require such an appraisal. Due to cost and lag time, many lenders will opt for a less expensive option than a full appraisal for these loans. The RESIDx Subject Confirmed Onsite Property Evaluation (SCOPE) product is designed to cost-effectively meet the IAGs guidelines for an independent, condition-documented property valuation and is especially useful in the following situations:

  • Loans less than $250,000 in value
  • Home Equity valuations
  • Refinances
  • Low loan to value situations
  • Delinquent loans
  • Loan renewals
  • Certain balloon lending situations
  • Loans requiring annual revaluation
  • Appraisal audits

Mortgage Impairment, Mortgage Life and Disability, Home Warranty, and other Mortgage Loan Products

As we specialize in financial institution coverage, we have access to a wide range of mortgage related programs to meet the needs of your organization.  If their is a product or program you don’t see here, just let us know – we likely have it, or we’ll use our industry resources to bring in the right expert for your needs.

**DISCLOSURE:  These are synopses only. Certain terms, limitations, and exclusions apply, which may change from time to time.  Please refer to the policies for specific wording, and full terms and conditions.