Forced Place Coverage

Lender-Placed Mortgage Hazard Insurance (MPI)

Mortgage Protection Insurance (MPI) is a web-based system designed for lending institutions that are looking for a simple to use collateral risk transfer solution that automates the insurance tracking process while at the same time protecting their customer relationships.

There are two options (Systems) offered by our carrier.

I. MPI-Write Your Own

This option is designed for lenders who currently use an internal system for tracking borrowers insurance. This system allows users a quick and simple method for placing insurance when their internal system is calling for placement of insurance. MPI-Write Your Own is designed for lenders who wish to receive inbound insurance notifications while utilizing a web based fully integrated tracking and placement system. MPI-Write Your Own “Outsource Tracking” provides full outsourcing of your entire tracking and placement operation.

MPI-Write Your Own is simple to set up and many borrowers are fully utilizing the system in days rather than the months usually required with traditional insurance tracking systems. MPI-Write Your Own is designed so that lending institution’s loan servicing departments maintain full control over customer service, insurance tracking and insurance placement. The MPI-Write Your Own policy provides broad based coverage in order to transfer collateral risk from portfolios.

II. MPI Program Benefits:

• Pushes borrowers to obtain their own coverage as required by your promissory note.
• Eliminates foreclosures due to un-insured borrowers “walking away" from damaged collateral.• Protects your collateral interest by placing insurance on the borrowers who are "unable" or “unwilling" to obtain their own insurance.
• Protects your collateral interest against physical damage that occurred prior to and after foreclosure.