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Lender-Placed Hazard Insurance

Lender-Placed Hazard Insurance Program

Mortgage Guard protects properties when borrowers fail to maintain adequate insurance coverage as collateral for the loan. Mortgage Guard ensures continuous insurance coverage by securing all-risk lender-placed hazard insurance, including wind, for residential properties.

  • Master policy names lender as the insured
  • Instant binding authority
  • Not individually underwritten
  • Reporting form policy with online reporting tool
  • Claims settled at Replacement Cost Value
  • Dedicated customer service and support

key features

  • Master policy names lender as the insured
  • Instant binding authority
  • Not individually underwritten
  • Reporting form policy with online reporting tool
  • Claims settled at Replacement Cost Value
  • Dedicated customer service and support

applies to

  • Financial institutions: mortgage servicers, community banks, credit unions, etc.
  • Hard money lenders
  • Trusts

coverage

  • All risk coverage, including wind, for residential and mobile home properties
  • Named perils for commercial properties
  • Optional coverages include:
    • Lender-placed flood
    • Liability: available with underlying hazard policy
    • Commercial all-risk
    • Residential vacant theft
    • Foreclosure & demolition
    • Automatic coverage
    • Commercial contents & equipment
    • Farm outbuilding & equipment
    • Terrorism

requirements

  • Completed the Mortgage Guard application
  • 3 years of loss runs
  • Complete property listing spreadsheet

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Learn More

Talk to our Mortgage Guard experts for more information about lender-placed insurance products.

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Compatible Products

Bridge60, Mortgage Impairment, EquiShield

Claims Settled at Replacement Cost Value

With Mortgage Guard, claims are settled on a replacement cost basis vs. Actual Cash Value. This results in significantly higher settlement when claims are adjusted on replacement cost basis. Claims are settled at RCV even if the property is not repaired. The decision to repair the property is the lender’s choice.

Reporting

Flexible reporting options are available, ranging from web-based self-reporting to automated lender placement and full outsourcing with servicing system integration.

Proctor uReport

uReport is our proprietary reporting tool for automated lender-placement, tracking policy expiration dates, edit billing functions, premium calculations, claim reporting, and lender-placed borrower notifications.

Borrower Notification Letters or Templates

CFPB-compliant borrower notification letters and cycle specific to lender’s business rules. Letters include warning, bind, annual renewal, and cancelation.

Customer Service

Dedicated Proctor representative to assist with refunds & billing options.

Outsourced Insurance Tracking

Includes insurance tracking driven by compliant business rules, thorough servicing system integration, transparent vendor management via proprietary tracking tool Intelligent Insurance Manager (IIM), policy procurement, mail servicers, escrow disbursement services, award-winning borrower care center.

Replacement Cost Valuation

ValueNOW is a real time property replacement cost valuation tool for residential and commercial properties using three national public property data sources.

Real Estate Tax Services

Comprehensive tax tracking, payments, tax certifications, and redemption processing.

Flood Determination Services

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