Borrower Credentialing Services
Loan documents dictate the type of insurance the borrower is required to carry.
Lenders collect insurance information from borrowers to confirm that the borrower is meeting the insurance requirements in the loan to protect the lender's interest in the collateral securing the loan. This is typically done during the loan closing process and annually thereafter.
The effectiveness of a lender’s insurance tracking process for loans is determined by five key factors:
- Insurance tracking process
- Insurance knowledge and the lender's number of servicing staff
- Servicing platform used by the lender
- Insurance requirements in the loan documents
- Lender's Mortgage Impairment insurance coverage
At BCS, we have a dedicated team of professionals who specialize in pre/post-closing loan audit reviews. Using our proprietary web-based platform, we have a customizable audit process with the ability to store and organize all loan documents. We also provide a flexible reporting component that can service all types of loan portfolios.
In addition, we have expertise in Mortgage Impairment/E&O, lender Forced Placed coverage and Flood insurance and compliance issues. Learn more about BCS and our risk management services.