Reverse Lender Will Use Loan Protector
Loan Protector Insurance Services, a leading independent provider of customizable lender-placed insurance programs for lenders and mortgage servicers, said that Seattle Mortgage Co., a division of the Seattle Financial Group, has selected EasyTrack to track insurance information in its reverse mortgage portfolio.
"Loan Protector was selected to service the insurance tracking needs of Seattle Mortgage Co.'s reverse mortgage portfolio because of the years of experience they have in this unique industry," said Ken North, president and CEO of Seattle Savings Bank, which runs Seattle Mortgage, in a news release. "Loan Protector offers a program that provides a hands-on approach in dealing with our reverse mortgage customers, which is very important to our customer support department."
EasyTrack collects the latest insurance information on loans in portfolios, provides detailed information on noncompliant borrowers and is able to place insurance, if necessary, to help lenders protect their collateral. Used in an outsourced environment, EasyTrack removes the need for manual processing of insurance mail from a lender's operations.
The application provides document imaging, offers real-time, online access to the images as well as advanced reporting capabilities.
Seattle Mortgage has specialized in reverse mortgages for more than 11 years and is the third largest originator and servicer of reverse mortgages in the nation. The direct lender provides underwriting, funding and servicing for FHA-insured Home Equity Conversion Mortgages as well as Fannie Mae's HomeKeeper reverse mortgage.
Seattle Mortgage and their wholesale partners (for whom they service) originate loans in every state in the nation.
A reverse mortgage is designed specifically for older homeowners who need access to additional cash. No payments are required as long as the borrower occupies the home. The outstanding amount is due in a single payment when the last surviving spouse sells the home, permanently vacates the residence or passes away.
"Loan Protector has more than 10 years of experience in the full tracking of reverse mortgage portfolios," said Ron Wiser, president of Loan Protector. "The biggest difference with this type of tracking is the age of the borrower. We recognize the special needs of these borrowers and are staffed to address these requirements by developing programs to assist them."
In addition to EasyTrack, Seattle Mortgage also uses Loan Protector's EasyData system to instantly save insurance records. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com