Visit Proctor Financial at the MBA Servicing Conference

January 18, 2017

Attending the MBA’s National Mortgage Servicing Conference & Expo in Grapevine, Texas next month? So is the team at Proctor Financial. Visit Booth #623 to learn how Proctor’s hazard tracking & lender-placed insurance solutions make a connection between vendor management standards and industry compliance for mortgage servicers. Proctor’s insurance programs are designed to mitigate risk effectively while surpassing audit and […]

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Fannie Mae Update for Project-Level Insurance

January 17, 2017

On December 14, 2016, Fannie Mae issued Ann.SVC  – 2016-11 regarding insurance requirements for Condos, Cooperatives and PUDs. The acceptable evidence requirements with regard to project-level property insurance for Condominiums, Cooperatives and Planned Unit Developments (PUDs) have been modified to assist Servicers in verifying coverage. Servicers are now authorized to obtain either: a blanket insurance […]

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Freddie Mac Update for Project-Level Insurance

January 17, 2017

On November 30, 2016, Freddie Mac issued Announcement SVC-2016-21, which expanded the acceptable evidence requirements with regard to project-level property insurance for condominiums, cooperatives and Planned Unit Developments (PUDs). If the Servicer is unable to obtain evidence of insurance for a Borrower’s unit, the Servicer is now able to acquire: A blanket insurance policy; or […]

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Agencies Propose Private Flood Insurance Regulations

January 6, 2017

The five federal agencies charged with implementing flood regulations (FDIC, OCC, FRB, NCUA, and Farm Credit Administration – collectively, Agencies) issued a joint proposed rule to implement private flood insurance provisions of the Biggert-Waters Act of 2012 (Act). The Act requires regulated lending institutions to accept private flood insurance policies if they meet the requirements […]

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Make a Connection with Proctor at MBA Annual Convention & Expo

October 11, 2016

October 11, 2016 Visit Booth #1811 to learn how Proctor’s hazard tracking & lender-placed insurance solutions make a connection between vendor management standards and industry compliance for mortgage servicers. Proctor’s insurance programs are designed to mitigate risk effectively while surpassing audit and mortgage servicing requirements. Let’s take this opportunity to make a connection and discuss […]

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Louisiana Department of Insurance Response to Severe Flooding

August 19, 2016

August 19, 2016 In response to recent catastrophic flooding, the Louisiana Department of Insurance issued Emergency Rule 27 on August 18th, which suspends certain provisions of the Louisiana Insurance Code, including those related to cancellation, non-renewal, premium payment and claim filings. Rule 27 is applicable to all types of insurance written by entities authorized to […]

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CFPB Updates Rules for Force Placed Insurance Notifications

August 8, 2016

August 8, 2016 On August 4th, the Consumer Financial Protection Bureau (CFPB) issued final rules for mortgage servicers which include updates to force placed insurance notifications. The final rule amends the CFPB’s 2013 Mortgage Servicing Rules under the Real Estate Settlement Procedures Act (Regulation X), pursuant to which the CFPB mandated requirements for force placed […]

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6 Sales Best Practices for Property & Casualty Agents

July 26, 2016

July 26, 2016 Establishing relationships and prospecting new business is a challenging playing field for Property & Casualty insurance agents. Working as a strategic planner and applying innovation can increase your probability of successful sales outcomes. Here are 6 tips for sales best practices for Property & Casualty agents to solidify your distribution strategy for […]

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What is an MGA?

June 20, 2016

June 20, 2016 A Managing General Agent (MGA) is an insurance agency or business entity who is granted authority by an insurance carrier to administer insurance programs and negotiate contracts on its behalf. The MGA acts as an intermediary between carriers and agents and/or insureds. Partnering with an MGA can be thought of as working […]

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Fannie Mae Property Insurance Reimbursement Limits

June 9, 2016

June 9, 2016 On June 8th, Fannie Mae issued Announcement SVC-2016-05., which updated the Servicing Guide related to property insurance reimbursement limits for third-party foreclosure sales and short sales. Property insurance premiums will be reimbursed for Fannie Mae’s share for up to 14 days after: The closing date for a short sale; or Fannie’s insurable […]

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