Insurance Tracking : Convenient, accurate, efficient outsourcing
Our Lender Placed Program provides full outsourcing services, including insurance tracking on residential and commercial loan types, as well as tracking for equipment, automobiles, boats or any other type of collateral.
Our experience has shown that many lender servicing systems are costly, may lack the necessary risk management edits to protect your interest, and are cumbersome at best with regard to insurance placement needs. Arcana’s Processing System (APS) is Windows-based, designed to be extremely flexible and provides the information vital to your compliance program. We relieve you from the costly and time-consuming administrative tasks required to manage a thorough insurance program.
You don’t have to be an insurance expert to know that many lender servicing systems are costly, lack the necessary risk management edits to protect your interest, and are cumbersome, at best, when it comes to insurance placement. Arcana’s Processing System (APS) is a Windows-based platform, designed to be extremely flexible and provide the information you need to remain in compliance. In short, we relieve you from the costly and time-consuming burden of managing a thorough insurance program.
Our outsourcing capabilities include the following and apply to all insurance types, including hazard (residential & commercial), flood, wind, earthquake, marine & aviation and more.
Our Outsourcing Responsibilities Include :
- Receipt of all insurance mail and processing
- Insurance verification of each loan
- Real-time processing of data entry (insurance information) to the loan file
- Review of electronic loan file for your “insurance exceptions”
- Borrower contact through a series of custom-designed and approved notices to request updated insurance information
- Regular updates of the loan file to synchronize our system with your most current loan information
- Communication with the customer or their insurance agent to secure proper coverage information
- Automatic insurance placement (lender placed policy) on eligible collateralized loans
- Daily processing of renewals, cancellation, and reinstatements
- Unlimited lender access to loan/borrower data via Arcana’s Client Center website
Arcana Tracking Services Benefit You :
- Automatic Coverage on all eligible properties. This mitigates unknown covered insurance losses due to improper cancellation or nonrenewal notice of the borrower’s insurance.
- Fully compliant program for bank examinations and audits.
- All servicing processes are SSAE-16 compliant.
- Extensive experience with flood insurance programs, both the Federal National Flood Insurance Program and Lloyds of London.
- Allows you to manage and grow your loan portfolio without increasing staff operations.
- Our Call Center representatives are experienced, highly trained and well-supervised insurance professionals.
- Comprehensive management reports available on your timetable.
- A+ rated insurance carriers with competitive insurance rates and comprehensive coverages.
Collateral Protection Insurance (CPI)
Arcana’s Collateral Protection Insurance (CPI) program protects lender interests against uninsured physical damage loss events. Protection includes all physical damage perils and may include optional coverages, such as non-filing errors and omissions, customer skip and collateral confiscation, lender repossession expenses, mechanic’s lien repayment and repossessed property protection. This program can also provide some borrower loss recovery benefits without the necessity of repossession.
Typically, all loans in the portfolio are tracked for primary insurance. Those loans or leases identified as not having insurance, having inadequate coverage, or having insurance with an incorrect loss payee are sent reminders or insurance deficiency notices (see our Lender Placed tracking program for more information). If the borrower fails to respond after a series of such notices, an individual certificate is issued with premium added to the underlying loan balance.