Loan Protector Renames Insurance Tracking Product
After revamping its insurance tracking product for lenders of small-to-midsized mortgage loans, Loan Protector, an Ohio-based outsourcer of mortgage insurance tracking and verification programs, has renamed its EasyLink product to EasyData to better describe the product's attributes.
EasyData offers lenders up-to-date, digital homeowners insurance information from more than 85 insurance carriers. EasyData is ideally for lenders who prefer not to outsource their insurance tracking process, but who would benefit from receiving insurance information from major carriers electronically.
Previously, large servicers have been using this type of data interchange for years, but Loan Protector can now offer this type of service to any size portfolio.
"Although it has a new name, EasyData will continue to provide lenders with the automation they need to help streamline their businesses," said Ron Wiser, president of Loan Protector.
The EasyData system involves electronically sharing homeowners insurance information with lenders. EasyData is designed to act as a digital insurance information clearinghouse, gathering homeowners insurance from all major insurance carriers and enabling lenders to access this information electronically. With this service, lenders remain in control of their insurance function, while saving time and resources.
EasyData also includes the EasyNOR system, which processes a master file or extract of the lender's portfolio and tracks all borrowers without current insurance. The software generates a series of custom warning letters to the borrower. During the cycle of letters, Loan Protector offers automatic coverage that protects lenders from any hazard insurance losses. If a borrower does not respond to the series of letters, the system automatically orders lender-placed coverage on the property.
EasyData offers lenders real-time access to insurance data, which allows them to customize the way they manage their portfolios. Through the EasyData system, insurance records are instantly saved in the lender's servicing system, allowing access to the data at any time and eliminating paper documents.
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