LVTrack™

Program Overview

Today, lenders face the complex task of monitoring hazard, automobiles/equipment and flood insurance status on their real estate loans to ensure all borrowers are compliant with the insurance requirements outlined in their loan agreement and federal flood insurance guidelines. New Dodd-Frank legislation has made that task even more difficult. Unfortunately,  lenders end up dedicating far too much time and energy to this task which negatively impacts the bottom line.

Despite a lender’s best effort to monitor borrower insurance status manually, it is impossible to identify all exposures.  Consequently, many lenders have incurred a significant financial loss due to uninsured damage to mortgaged property.  LVTrack™ will eliminate that exposure. LVTrack™ is a comprehensive program developed to monitor flood and hazard insurance status on residential and commercial loans and manage the placement of force placed insurance for lenders.  LVTrack™ offers complete protection and document management services that include:

  • Complete flood protection
  • Increased lender control
  • Reduced uninsured property
  • Covers 1st & 2nd mortgages
  • Reduced administrative costs
  • Compliance piece of mind
  • Automatic Coverage
  • Covers REO's and HELOCS

Lenders Challenge

Dodd-Frank is having a dramatic and profound impact on force placed insurance practices.  Force placed insurance has become a major compliance and loan servicing issue instead of simply a safety and soundness issue. Since most lender processing systems are not designed to monitor hazard and flood insurance, it has become increasing difficult to efficiently manage in-house tracking systems.

We are specialists dedicated to collateral insurance solutions. For 35 years we have been providing guidance and protection not available from generalists.  We will keep you compliant with the constantly changing Dodd-Frank legislation while ensuring you have the most flexible and consumer friendly plan available.

If you would like to learn more about this program or any of our other plans that help lenders manage the labor intensive process of tracking and monitoring flood and hazard insurance, call or email us.  We have a variety of plans that can be customized to meet your specific needs.

Program Enhancements

I-haveinsurance.com
Optional proprietary Lawrence Victoria website where borrowers can submit their insurance information online 24/7/365 per the instructions they receive in the lender's first warning letter

Provides optimal flexibility and service for your borrower by allowing them to furnish insurance information at their convenience without having to contact the bank during business hours.

Digital Imaging/Scanning
Eliminates copying, filing, storing and searching through paper insurance documents

All insurance documents we receive are digitally imaged, matched to the corresponding loan and made available via secure online access 24/7/365

Custom FAQ Insert
Answers your borrowers questions regarding the insurance requirment in their loan agreement as well as other commonly asked questions pertaining to their individual circumstances.  The FAQ insert:

  • Helps soften the insurance requirement message
  • Increases the number of borrowers who comply with the insurance requirement
  • Reduces the number of borrowers who call bank staff with questions and/or complaints.

Additional Benefits

  • Utilize a fully automated insurance tracking and document storage system
  • Instant access to all insurance documents via secure online access 24/7/365
  • Turnkey program that eliminates the potential human error involved in manually tracking and filing insurance correspondence
  • Reduces time and expenses while increasing staff efficiency
  • Promotes a “paperless” system and enhances “green” office initiatives.
  • No portfolio size or system restrictions
  • Little direct cost to lender (per loan tracking fee)

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

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