Loan Protector Upgrades Service

Loan Protector Insurance Services, which offers Internet-enabled solutions for tracking and force placing all types of insurance for residential and commercial loan servicers, has upgraded two of its products, EasyTrackSM and INS for Web.

Clients using the EasyTrackSM insurance tracking program will see a "next generation" bill processing solution, created with the input of current clients and industry experts. Users of another Loan Protector program, INS for Web, will also see enhancements.

Loan Protector's "Premium Escrow Service" enhancements to EasyTrack will make it possible for Loan Protector to preprocess insurance bills, weeding out the bills that clients should not pay and presenting them with the ones they should pay. Typical reasons for nonpayment include double billing, bills sent for terminated loans and bills that borrowers are supposed to pay themselves.

"Every bill that we input will be run against a set of business rules," said Loan Protector president Ron Wiser. "If the bill passes the business rules, we will send it to the client for payment. This preprocessing makes for less work on the part of the lender, which reduces costs."

Another benefit is reduced risk, because Loan Protector helps ensure that bills that need to be paid are paid. Loan Protector's Premium Escrow Service includes outbound calls to agents to track down missing bills on escrowed insurance policies.

The company said its EasyTrack Web interface creates a collaborative bill payment solution. The client and Loan Protector can concurrently work the premium bills, reviewing and resolving process exceptions, and seeing each other's work immediately. A "marking" mechanism leaves a trail of all action taken on bills by either party.

INS for Web, a service for smaller lenders, has added flexibility. The free product allows servicers to send a series of notifications to borrowers, ending with force-placement if necessary. Now, Loan Protector offers customized notification letter cycles, giving servicers control over when the letters will be sent out, what they say, and how they look.

"Insurance can be very complicated, and it changes constantly," Mr. Wiser said. "But mortgage bankers are not necessarily well equipped to stay current with the complexity. There is a lot of innovation in the insurance industry, new forms, new coverages and new exclusions."

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