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Why do banks and mortgage servicers choose Proctor Financial?

When choosing between providers of lender-placed insurance you know PFI has the experience and proven track record that keeps its clients in compliance.  With forty plus years of experience, 21% market share in the top 100 servicers, and 1500 loyal clients, the choice becomes easy.

Experience

• 40+ years of experience writing lender-placed insurance
• 1,500 financial institution clients nationwide
• 30 full service hazard tracking clients
• 21% market share in the Top 100 Servicers
• $21.5 billion of insurance in-force
• 1.8 million insurance lines tracked

Satisfaction

• 5 Clients – 30+ years
• 117 Clients – 25+ years
• 256 Clients – 20+ years
• 401 Clients – 15+ years
• 567 Clients – 10+ years
• 154 Clients < 10 years

What’s different?

There are many reasons we’ve had so much success and longevity. PFI is borrower focused while providing compliant workflows and third party vendor management tools for client audits. There a number of ways that we do this that make us stand out from the rest:

Proprietary Tracking System and e-Client Portal
Our tracking system is table driven, scalable, and flexible for quick client business rules and regulatory changes. PFI’s e-Client portal is designed for transparency, audit and quality control including client vendor management.

Full Service Program Underwriter with Claims Authority
Proctor has partnered with multiple exclusive carriers for program stability and insurance aggregate for growth; Claim adjudication services including adjuster assignment, claim review and draft authority. 80% of claims are settled within 45 days.

Loss Drafts Module
Designed and owned by PFI, our state of the art workflow is managed and serviced by PFI to reduce expense for clients; transparency for borrower customer service.

Dedicated Award Winning Call Center
For the past 4 years, PFI’s call center was awarded the Call Center of Excellence by BenchmarkPortal; an industry recognized organization for performance and service metrics. PFI is staffed with trained professionals for borrower inquiries, claims, service level agreements and vendor management. All borrower calls are recorded for quality control and audit purposes.

ISO 9001 Certification for Lender-Placed Insurance and Claims; Policy Production
Being certified for the past 4 years demonstrates PFI’s commitment to improving quality and setting standards for continuous performance improvements.

Dedicated In-House Compliance and IT Governance and Security
Ensures PFI and client compliance with CFPB/OCC and regulatory agencies. PFI continues to invest in infrastructure to ensure client compliance.

Third Party Vendor Oversight Tools
E-client portal, Monthly Vendor Scorecard with SLAs and results; Monthly management dashboard and trend reports, recorded borrower phone calls for audit requirements.

CFPB/OCC Audits
Several PFI clients have completed audits in 2014 with no insurance findings.

Borrower Experience Enhancements
Documented borrower escalation and resolution reporting, ExpressInsuranceInfo.com for borrower policy submission.

Dedicated Client Relationship Manager/Service Team
Customized Business Rules aligned with best practices and clients’ business objectives. Colaborative implementation with IT and operations team for conversion, training and ongoing customer support. Minimum quarterly business meetings with operations team and management to identify ongoing new objectives, changes in regulation or processes.

Comprehensive and Flexible Products
Proctor Financial has a comprehensive lender-placed insurance program and administrative solutions for mortgage servicers to mitigate risk. You can feel confident that PFI will work with you to develop a risk mitigation strategy to meet your business objectives.

Core Products

• Mortgage Guard – Lender Placed Hazard Insurance
• Bridge60 – Lender Placed Flood Insurance
• REO Guard – Real Estate Owned Hazard & Optional Premises Liability

Specialty Products

• Portfolio Guard – Blanket Hazard Insurance
• EquiShield – Blanket Home Equity
• KwikRisk – Hard-to-Place Property Program
• Mortgage Impairment – Physical Damage and Errors & Omissions
• Excess Flood – Excess Insurance over NFIP Limits
• Investor/REO Rental Program – Property & Liability Coverage for Investor Rental Properties
• Tax – Full Service Tax Tracking
• Outsourcing Services – Fee based Insurance Tracking & Ancillary Services

Certifications

• PFI has received the Call Center of Excellence award from BenchmarkPortal from 2011-2014.
• Proctor Financial is also ISO 9001:09 Certified for the servicing of lender-placed insurance and claims. In 2014, PFI also received certification for Policy Production.
• SOC 2 Type 2 Compliant

 

To learn how PFI forms partnerships with our clients, please Contact Us.