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Author: admin | Category: Auto Rate Calculator | Date: 04.02.2016

As a top national subservicer, LoanCare helps clients in the lending industry achieve optimal asset performance while delivering a superior borrower experience. LoanCare has received an Above Average rating as a residential mortgage primary servicer and as a residential mortgage special servicer from Standard & Poor’s Ratings Services.
When servicing of your mortgage loans is outsourced to LoanCare, we become an extension of your servicing operations and borrowers see the quality of the servicing they receive as a reflection of you.
LoanCare is focused on helping our credit union clients provide an extraordinary member service experience. Because we were once a division of a banking institution, LoanCare thoroughly understands the financial services culture and what is important to bank or member customers. LoanCare is experienced with meeting the operational demands associated with the purchase and sale of Mortgage Servicing Rights (MSRs).
LoanCare’s Seller Finance solutions, including either full subservicing or component servicing, giving real estate sellers the ability to carry back a mortgage without the worry of managing the monthly cash flow remitted by the borrowers. US Government Agencies must sometimes rely on the private sector to provide servicing solutions for loans they own, guaranty or insure. LoanCare is dedicated to leveraging the unique capabilities of our people, processes and technology, and as a result, we stand out as an industry leader. With direction and leadership from our executive team, LoanCare attracts and retains the best talent available, sourced from both inside and outside of our organization.
Our clients trust that we will get the job done timely and accurately while continually focusing on mitigating risk.
LoanCare’s investment in technology to provide greater portfolio transparency sets us apart from our subservicing competitors. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. Award-winning LoanCare, a residential loan servicer with clients in all 50 states and Puerto Rico, continues to grow and is looking for hard-working, goal-oriented individuals to join their talented team. ADICIO utilizes Google Maps to map property locations for information and display purposes, subject to Google's terms and conditions of use as may be found here (general terms and conditions for Google Maps) and here (API terms of use).
Although regulations pertaining to lender-placed insurance (LPI) and the related headlines appear to be calming to a dull roar, the need for this insurance remains as strong as ever. LPI, and the protection that it affords, plays a critical role in making credit available to consumers. In an ideal world where all people do what they are supposed to, there would be no need for this protection because all borrowers would maintain insurance on their properties. For lenders and servicers, knowing when to place the insurance can be the most challenging issue at hand. Several years ago, a loan servicer was working through a default on a $2.5 million loan on a motel in Las Vegas. As these examples illustrate, with an LPI program, a lender or servicer can do it all wrong and sometimes get lucky, or it can think it is doing everything right and have things go horribly wrong.
There are two basic trains of thought with regard to LPI programs; the first is to outsource, and the second is to keep it in-house. The question is not whether a lender or servicer needs to have an LPI program, but how it will be administered.
Third-party vendors are unaffiliated companies to which a lender or servicer could outsource certain functions. Many lenders and servicers are not willing to risk this loss of control and, thus, choose to manage their LPI programs internally with employees.
Regardless of whether a lender or servicer outsources or keeps the management of its LPI program in-house, things can go wrong. So, how does a lender or servicer protect its investment if it doesna€™t even know it is at risk? As regulators, insurance companies, trade associations, lenders and servicers all continue to debate what the ideal LPI program looks like, the show must undoubtedly go on. The question for servicers is not whether they should have an LPI program, but how it should be administered.

Combining strategic, technical, operational and organizational expertise with proven, disciplined approaches, LoanCare co-develops solutions with our clients that produce extraordinary results. The level of servicing technology and expertise you offer your borrowers by outsourcing to LoanCare is often a determining factor for them to look to you for additional financing. Our extensive industry experience, established best practices, scalability to meet growth demands and strict compliance focus will help you meet your servicing objectives. We have developed long-standing partnerships with several national, regional and community banks, most of which have been clients for over 10 years. Our individual buyer and seller portals allow for tracking history and ease of information.
LoanCare can provide support for a wide range of government loan products including single family and multi-family loans. Our goal is to develop each employee’s skill-set which directly impacts the level of service we deliver to our clients and their borrowers. LPI, also known as force-placed insurance or creditor-placed insurance, is defined by the National Association of Insurance Commissioners as a€?an insurance policy placed by a bank or mortgage servicer on a home when the homeownera€™s own property insurance may have lapsed or where the bank deems the homeownera€™s insurance insufficient.a€? But, for those in the servicing industry, this definition is where the simplicity ends.
If a borrower fails to meet his contractual obligation to maintain insurance on the property, LPI will protect the lender in the event that the property is damaged or completely destroyed. In reality, situations do arise in which borrowers are unable to maintain insurance - many times through no fault of their own. This lender did not have a formal insurance tracking process in place for commercial loans; however, as a general practice, it placed insurance when a loan was in default and it was unable to establish contact with the borrower.
This is one of the biggest challenges that lenders and servicers face when it comes to properly administering an LPI program.
In order for an LPI program to be effective, a lender or servicer must properly track its loan portfolio to ensure that all of the collateral for the loans is adequately insured. The right solution can only be determined by each lender or servicer based on what fits its business model the best.
It has been around for decades and has continued to become more effective with advances in technology.
Under the current third-party vendor management standards, companies are fully responsible for the actions of their third-party vendors. The benefits and drawbacks of this hands-on approach are almost perfectly the reverse of the outsourced option: Though this approach does allow for total control of the insurance tracking and force-placement processes, there are many cases in which these institutions lack the general expertise and resources internally to ensure that everything is being done to the letter of the law. One of the most common errors with LPI is failing to properly report a location to a lendera€™s policy prior to incurring a loss.
Every lender and servicer should have a mortgage lendera€™s errors and omissions policy in force. Whether they decide to outsource or keep control in-house, the need for lenders and servicers to have LPI to protect their investments remains ever constant and unchanging. We are not just another industry vendor, but a strategic partner who will work with you to form a successful relationship built to last. With more than 60 subservicing clients under management, many of who seek liquidity events from time to time, LoanCare can be a source for MSR product. This is demonstrated in areas where insurance protections, such as hazard and flood insurance, are exorbitantly priced or unavailable to homeowners. It can be an expensive program if premiums are not recovered from the borrower, but it can also be rewarding when a lender receives payment on a claim that has occurred, thus protecting its investment. The $1.3 million loan that this lender made was on the borrowera€™s personal home, which the borrower continued to make payments on in a timely fashion.
The only real ongoing debate is whether a lender or servicer should outsource its tracking program or keep it in-house.
There is plenty of conclusive evidence that one size does not fit all with any one process or solution.
It has recently gained popularity due to increased scrutiny by regulators on the costs associated with LPI, the processes used to place the insurance, and the relationship between the lender and the insurance company itself. Ita€™s because there are some drawbacks to outsourcing - the most cited of which is the loss of control of the process.

This means that if a lender or servicer were to outsource the insurance tracking and placement of LPI, then the actions of the vendor - erroneous or otherwise - would be considered that of the lender or servicer, even if the third-party vendor was properly vetted by the lender.
Most commonly, this approach is used when a lender either has an internal risk manager that understands tracking and LPI or when it is partnering with an insurance expert from an agency or a carrier that will help it manage the risk properly. A lender or servicer should know what the reporting requirements are as spelled out within the policy. This policy, also commonly referred to as mortgage impairment, protects a lender from errors in servicing.
All stakeholders benefit from an internal LoanCare-to-LoanCare servicing trade, which typically features lower setup and release fees and virtually no borrower disruption.
Having a lender or servicer place coverage on its master policy is often times the cheaper or only option available to these homeowners. At some point in time, the ousted partner came back to the property and stripped it of anything of value, including the copper in the walls, air conditioners, furniture, lighting fixtures, mirrors - he even removed the toilets and sinks from the bathrooms. A solution has to be customized to fit how the lender or servicer conducts its business, or it will not work in reality or practice. With this new attention from regulators, many companies have looked at the benefits of hiring a a€?proa€? to do the job.
Under the new regulations, lenders and servicers are responsible for the actions of their third-party vendors.
Even if one follows the requirements to the letter, there will still be occasions when one is unaware that the borrowera€™s insurance has lapsed. Though there are various coverage options that would be of interest to mortgage lenders and servicers, the most common reason to have a mortgage impairment policy would be to protect properties that were erroneously reported or that someone failed to report to the LPI policy. Whatever the reason for the lapse in coverage or the need for force-placing the policy, without the availability of LPI and the ability to protect their investment, lenders would be much less willing to lend. The borrower informed the lender that, due to his decreasing financial situation, he was unable to maintain property insurance and that the insurance had lapsed several months after the bank had verified it. When a lender or servicer has to implement a policy change, it must perform a proper analysis of its business processes, determine how the change will affect the various divisions, implement the solution and adequately train its staff. The primary benefit of this approach is that there are third parties out there that specialize in the proper management of LPI tracking and placements.
In fact, one would currently be hard-pressed to pick up a trade publication without seeing an article regarding third-party vendor management.
These errors are there, on companiesa€™ schedules, right now; they just dona€™t realize it yet because they have not suffered an unlucky loss. In the event of a loss on a property that was not reported, the traditional lender-placed policy would, in most cases, deny the claim and close the file.
The lender never placed insurance on the property because when it did its annual verification, the data showed that the borrowera€™s insurance was currently in force.
These third parties have technology, processes, expertise and systems in place to ensure that tracking and placements are not only done, but that they are done properly and in compliance with the rules. If there is a mortgage impairment policy in place, coverage would be triggered by the error - in this case, the failure to report the property - and the claim would likely be paid from this policy instead, making the lender whole on its investment.
Luckily, the lender had placed insurance coverage two months prior and was covered for the damage, making it, once again, whole on its investment. Additionally, the lender never received notification from the borrowera€™s insurance company that coverage had lapsed.
The additional layer of protection that mortgage impairment coverage provides should be considered necessary in order to fully protect a portfolio of loans. There was no coverage, and the property was ultimately sold a€?as isa€? with the damage and at a loss to the lender.

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