KwikRisk Provides Lender Placed Insurance Coverage for Special Needs, High Value Properties
Sometimes, traditional lender placed hazard and liability insurance products will not fit the lender’s needs for coverage, which could range from the type of property to covering equipment and machinery at the location.
Proctor Financial, Inc. developed the KwikRisk® lender placed insurance program to insure hard-to-place or high value residential or commercial properties where the loan value exceeds a lender’s Mortgage Guard or REO Guard limit – or for specialized property needs which are not eligible for PFI’s Mortgage Guard program.
KwikRisk covers properties including residential and commercial buildings, buildings undergoing repairs/improvements, strip malls, office buildings, warehouse, new construction, renovations, 1 to 4 family dwellings and other qualified properties.
Designed for the Excess & Surplus Lines insurance market, this flexible lender placed insurance product also provides coverage for non-financial entities and non-real estate collateral such as contractor’s equipment, machinery and business personal property.
To learn more about PFI’s innovative KwikRisk program or to download an application, please visit PFI’s KwikRisk page or send us an e-mail.
PFI Charity of the Week: American Cancer Society’s Relay for Life
The American Cancer Society's Relay For Life is a life-changing event that gives everyone in communities across the globe a chance to celebrate the lives of people who have battled cancer, remember loved ones lost, and fight back against the disease.
At Relay, teams of people camp out at a local high school, park, or fairground and take turns walking or running around a track or path. Because cancer never sleeps, Relays are overnight events up to 24 hours in length. Relayers do not have to walk all night, but each team is asked to have a representative on the track at all times during the event.
Each year, more than 3.5 million people in 5,000 communities in the United States, along with additional communities in 20 other countries, gather to take part in this global phenomenon and raise much-needed funds and awareness to save lives from cancer.
For more information, please visit www.relayforlife.org. This PFI charity day was sponsored by Heather LaFreniere of Lender Solutions.
PFI Charity of the Week: Michigan English Setter Rescue
Michigan English Setter Rescue is an English Setter Rescue program in the state of Michigan dedicated to the placement of English Setters that have been abused, abandoned or surrendered to help find their forever homes. This non-profit program is compromised of an all volunteer staff that is funded through donations and fundraiser events.
For more information please visit www.facebook.com/MESCRESCUE . Or if you would like to see a list of adoptable Setters available at the MESCRescue, please visit www.petfinder.com/shelters/mescrescue.html. This week's charity day was sponsored by Michele Kellogg in Lender Solutions.
Perspectives – January 2012 Newsletter Discusses Fannie Mae Condo Changes
January 2012 issue of Perspectives
- Provide Feedback on PFI's ISO 9001 Processes
- PFI Teams with ICG to Offer Integrated Tax Services
- Stop by PFI's Booth #704 at the MBA's National Servicing Conference & Expo 2012
- This month's survey asks about your use of social media
- Collecting Insurance Damages for Mortgage Claims
PFI Charity of the Week: Elevate Hope Foundation to assist foster care and outreach programs
Elevate Hope Foundation (EHF) is dedicated to providing abused and abandoned children an alternative method oftherapy through music and the arts, and funding special services and programs that assist the needs of these children using these fundamental methods.
Co-founded in 2001 by entertainer Sheila E. and business manager, Lynn Mabry, EHF supports existing programs of their beneficiaries through monetary funding and in-kind donations e.g. musical instruments, art supplies, and work stations complete with computers, keyboards and applicable instructional software.
Over 65 percent of our grant dollars will be invested at the local community level. Outside financial support fills a viable niche in light of more conservative funding offered by the federal government.
Foster care systems and outreach programs alike share the urgent demand for funding and unite in this strong commitment to serve the needs of disadvantaged children.
An estimated 794,000 children across the country were victims of abuse or neglect in 2007, according to national data released in 2009 by the Children’s Bureau of the U.S. Department of Health and Human Services.
Child protective service agencies received an estimated 3.2 million referrals, involving the alleged maltreatment of approximately 5.8 million children.
The statistics indicate about 10.6 out of every 1,000 children were victims of abuse or neglect.
About 1,760 children died of abuse or neglect. More than three-quarters (75.7 percent) of children who died were younger than 4 years old; 12.9 percent were 4 to 7 years old; 4.7 percent were 8 to 11 years old; and 6.5 percent were 12 to 17 years old.
For more information, you can visit www.elevatehope.org or you can make a donation at http://www.elevatehope.org/donate/. This week's charity day was sponsored by Melissa Knarr in Lender Solutions.
Stop by PFI’s Booth #704 at the MBA National Mortgage Servicing Conference
Proctor Financial, Inc. will display at Booth #704 during the Mortgage Bankers Association's National Mortgage Servicing Conference & Expo 2012 hosted by the Orlando World Center Marriott Hotel & Convention Center from February 21-24.
The conference offers mortgage servicers a chance to speak one-on-one with our leasing experts to learn how PFI can develop an efficient lender placed insurance solution through competitive insurance products, insurance reporting and tracking services, PFI's proprietary IIM–Intelligent Insurance Manager® e-Client portal, and complete insurance outsourcing capabilities with scanning, document/mail processing and call center functions.
PFI also encourages current clients to stop by the booth to give us feedback on our programs, pick up a promotional item and learn more about PFI's new compliance webinars on demand, IIM® upgrades and integrated tax services.
The MBA's event is tailored toward residential mortgage loan servicers including senior management, servicing managers, department heads, default managers, customer service managers, service providers, attorneys and other servicing personnel.
This year's first general session features speaker Paul Begala, political analyst for CNN. Begala previously served as a counselor to President Bill Clinton in the White House and was a senior strategist for the Clinton-Gore 1992 Presidential Campaign.
For more information about the 2012 MBA Conference, you can visit their website for registration information, schedule of events and download a floor plan.
PFI Charity of the Week: The Autism Society of America, the nation’s leading grassroots autism organization
The Autism Society, the nation’s leading grassroots autism organization, exists to improve the lives of all affected by autism. We do this by increasing public awareness about the day-to-day issues faced by people on the spectrum, advocating for appropriate services for individuals across the lifespan, and providing the latest information regarding treatment, education, research and advocacy.
Founded in 1965 by Dr. Bernard Rimland, Dr. Ruth Sullivan and many other parents of children with autism, the Autism Society is the leading source of trusted and reliable information about autism. Through its strong chapter network, the Autism Society has spearheaded numerous pieces of state and local legislation, including the 2006 Combating Autism Act, the first federal autism-specific law. The Autism Society's website is one of the most visited websites on autism in the world and its quarterly journal, Autism Advocate, has a broad national readership. The Autism Society also hosts the most comprehensive national conference on autism, attended by 2000 people each year. Our information and referral team, our program staff, and our strong chapter presence serve thousands of families each year who are searching for help in their journey with autism.
The Autism Society's national office is headquartered in Bethesda, Maryland. We are proud to be one of the few organizations to have members with autism serving as active board directors. The Autism Society's Panel of Professional Advisors sets the standards for our Options Policy that governs our practices, and we are proud to count the top professional experts in autism on our PPA. The Autism Society'sAdvisory Panel of People on the Spectrum of Autism is a first-of-its-kind advisory panel comprised solely of individuals with autism, who help Autism Society staff create programs and services that will advocate for the rights of all people with autism to live fulfilling, interdependent lives.
Each year, people with autism, families and professionals volunteer thousands of hours to help the Autism Society achieve its mission of serving all those affected by autism.
To learn more about this charity, please visit www.autismsociety.org or call 1-800-328-8476. This week's charity day was sponsored by Rick Harrison in Lender Solutions.
Compliance: Fannie Mae Makes Important Changes to Condo Insurance Requirements
Fannie Mae recently made two important changes to its condominium insurance requirements. The new requirements are effective for all loans with an application date on or after January 1, 2012.
First, Fannie Mae has reversed its prior position and will now accept master or blanket insurance policies for unaffiliated condominium associations or projects. Fannie will accept such master or blanket policies provided they meet various new requirements outlined in the Servicing Guide and Selling Guide.
Servicers will need to obtain the insurance policy as well as all necessary schedules, endorsements, statement of values or other documents to determine whether a policy covers multiple unaffiliated condominium associations and, if it does, if such policy meets Fannie Mae’s requirements.
The second important change involves requirements for HO-6 insurance policies. Fannie Mae previously required that an HO-6 insurance policy must provide coverage in an amount that is no less than 20% of the condominium unit’s appraised value. Fannie Mae now provides that when the HO-6 policy is required by Fannie Mae, the HO-6 policy must provide coverage, as determined by the insurer, which is sufficient to repair the condominium unit to at least its condition prior to the loss.
Fannie Mae also eliminated the use of the term “walls-in” and now addresses when it will require an HO-6 policy with respect to three types of master or blanket condominium insurance policies: “single entity”, “all-in” and “bare walls”.
To view the full text of the Servicing Announcement, click here.
To view the full text of the revised Selling Guide, click here.
If you have any further questions, please send an e-mail to compliance@pfic.com or through our Contact PFI form.
PFI Charity of the Week: Adopt-A-Pet, Inc (Fenton, Michigan)
Adopt-A-Pet, Inc’s long term goals are to continue to find loving homes for homeless dogs and cats as well as assist people in the community to find homes for their personal animals. In addition, we continue to educate the public on the importance of spaying and neutering their pets as well as proper pet care. We have programs to help reduce the amount of animals euthanized in over crowded shelters. We will continue to work with other shelters to find ways to reduce the amount of animals killed in over crowded shelters each day. We look forward to a day when there will be No More Homeless Pets!
Adopt-A-Pet adoption policies are stricter than many people expect. We believe all pets deserve to live in a clean and loving home where their presence is valued and contributions to their human companion are acknowledged. For this reason:
- We carefully screen all adoption applicants.
- We adopt only to homes where the pet will live indoors as a family member. We do not allow pets to be left outdoors while their guardians are at work or away for long periods.
- All pets are fixed prior to adoption. Any other pets in the same household must also be spayed or neutered. NO EXCEPTIONS. We reserve the right to do a home check at any point after the adoption.
- Some of our pets are older or have a medical condition. Special requirements of the adoptive family may have to be met.
- We reserve the right to refuse any adoption and the foster home has a final say in all adoptions.
PFI Encourages Clients to Provide Feedback on Lender Placed Insurance Processes
One year ago, Proctor Financial, Inc. received its ISO 9001.08 certification for the servicing of lender placed insurance, which demonstrates the commitment of PFI’s Senior Management and employees to deliver quality customer service to our banking and financial institution clients.
With the ringing in of the New Year, PFI encourages clients to provide a quality assessment of our lender placed insurance services by taking a few minutes to submit an assessment through an online feedback form located at www.pfic.com/feedback. PFI will review each submitted form and an appropriate ISO 9001.08 team member will contact you directly if further information is required.
PFI’s quality statement is “to be a market leader, unique in service, with unwavering integrity and dedication to excellence in quality and continual improvement.” You can learn more about PFI’s ISO 9001.08 certification by visiting www.pfic.com/iso9001.
If you have any further questions, please contact Valentine Dickerson, Senior Vice President of Compliance, at 248.269.5723 or vdickerson@pfic.com, or Karen Clayton, ISO Managing Representative, at 248.269.1849 or kclayton@pfic.com.
© Copyright 2012 Proctor Financial, Inc.
