LVPlace™ - The Community Bank Hybrid program praised by examiners

How It Works

  • Bank monitors for borrower insurance cancellation. When this is identified, simply add the property with expired insurance to our convenient online system
  • From there, the proper warning notifications are prepared by us, private labeled and personalized on the bank’s letterhead
  • The letters contain the required regulatory language, font, bold, italics sections as well as the required disclosures
  • The warning letters will automatically include the required Good Faith Estimate (GFE) regarding the borrower’s insurance premium.
  • At an agreed-upon interval, the letters arrive at the bank via email (or you have an option for us to send letters to borrower) to be printed and sent to borrowers
  • Your staff is relieved of the administrative burden of managing the letter cycle, creating a complex tickler, running premium quotes then manually adding them to the letters along with the borrower’s personal information, address for property and mailing address if different, etc./li>

What's Included

  • Private-label letters and policies on your letterhead which you receive to mail
  • 90 days of automatic coverage after borrower’s insurance expiration during letter cycle
  • Bank staff retains 100% control of sending letters and who is force placed
  • The mandatory premium estimate (GFE) required to be provided in writing to your borrower prior to force placement - we use exact premium cost, not an estimate
  • 24/7/365 secure online access to all insurance data – all letter, policy history and notes
  • Flat cancels - 100% refund to borrower if there was no lapse, with no time limit
  • No additional premium surcharges, add-ons or artificially earned premium
  • Local in-person service through Lawrence Victoria - specialists since 1976
  • Compliance controls and safeguards as well as proactive compliance support
  • Technology enhancements to achieve maximum efficiency

Custom FAQ Language

An optional additional insert we include answers your borrowers’ questions regarding the insurance requirement in their loan agreement, as well as other commonly asked questions pertaining to their individual circumstances. This provides the following advantages over other programs:

  • Exceeds regulatory compliance requirements
  • Helps soften the insurance requirement message
  • Increases the number of borrowers who comply with your insurance requirement
  • Reduce the number of borrowers who call bank staff with questions or complaints

 Click here to contact Jamey Lawrence at jlawrence3@lawrencevictoria.com or 440-349-0775 ext. 105

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