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REO Insurance Protects Clients Portfolios for Vacant, Foreclosed Properties
As an increasing number of individuals and families struggle to make mortgage payments in today´s economy, REO insurance has become a preferred risk management tool for lenders. Since these homes are vacant or foreclosed, financial institutions protect their portfolio by insuring their real estate owned (REO) properties with appropriate coverage from potential damage such as wind or vandalism.
To simplify the REO insurance process, Proctor Financial, Inc. offers a comprehensive REO Guard® hazard insurance product with optional liability coverage bundled with multiple services including Sale Date Inspections (SDI) and Internet Reporting.
Sale Date Inspections verify the property´s condition with a thorough visual inspection five days before the actual Sheriff Sale date. Internet Reporting allows lenders to add, change or terminate coverage on one or multiple properties through an easy-to-use, web-based reporting form 24 hours a day, 7 days a week.
PFI also recommends that lenders add flood insurance through PFI´s Bridge60®product to provide a complete insurance coverage solution which complies with current flood regulations. With hurricane season officially underway and the recent flooding in Arkansas, lenders have received plenty of forewarning to ensure adequate flood coverage on their properties.
To learn more about PFI´s REO Guard product and services, please e-mail PFI at [email protected]. PFI also offers a variety of additional insurance products for residential, commercial and mobile homes.