All Risks Ltd. Joins REO Alliance
Hunt Valley, MD-All Risks Ltd. has joined REO Asset Alliance's collaborative effort to help lenders and investors manage and maximize the value of their distressed real property assets.
All Risks Ltd., a wholesale brokerage firm based here, joins the initial five Alliance partners - Avalar Network Inc., DDN Services, ECJ Asset Management, TrustTitle and TT Lender Solutions - and will offer the partnership's first insurance product.
All Risks Ltd. insures commercial banks, credit unions, savings and loans, mortgage banks, and financial institutions that service and/or invest in mortgage loans.
"All Risks Ltd. shares the Alliance partners' commitment to providing lenders with a superior range of services and support," said Tim Landwehr, senior vice president of TrustTitle.
"Their addition to the REO Asset Alliance will provide lenders and distressed property asset investors with expert property insurance options that can help them manage their REO assets in a more timely and cost-efficient manner."
Through its membership in the REO Asset Alliance the firm will make its customizable "REO and Lender Placed Insurance Program" available to lenders and investors with REO property holdings.
The program combines property and liability insurance for residential dwellings, manufactured homes, commercial property and vacant land. It provides Web-based administration, enabling policyholders to monitor their coverage amounts, run their own monthly reports, apply daily, prorated premiums and delete properties when they are sold in a timely manner to help contain costs.
According to Tom Elder, All Risks Ltd. financial institutions underwriter, "Timely portfolio management can reduce a lender's insurance costs by 20% and in some cases by as much as 50%. Clients can outsource their REO-related work to the Alliance."