Loan Protector Adds Escrow Unit
Loan Protector Insurance Services, an outsourcer of insurance tracking and verification programs, has added a new department dedicated to researching, processing and verifying insurance documents for escrowed and impounded loans that are serviced by Loan Protector.
Loan Protector says that because of its growing client base and the completion of more than 95 electronic interfaces with major insurers, as well as with Fidelity MSP, Financial Industry Computer Systems, McCracken and MortgageServ, the number of escrowed loans has significantly increased.
"The escrow department's sole focus is on servicing and processing issues related to escrowed or impounded loans," said Ron Wiser, president of Loan Protector.
"As we noted more and more escrowed loans coming in to be processed, we realized there was a need for a separate department with a single focus."
The new department allows Loan Protector to more accurately and efficiently process bills for escrowed loans, research and verify payee and billing document exceptions, verify and audit data entry, communicate exceptions to clients, respond to client inquiries and provide feedback to product management on enhancements needed.
The new department consists of nine full-time escrow specialists responsible for maintaining a knowledge base of specific insurance carrier billing procedures and for obtaining timely and adequate billing documentation from carriers related to insurance and taxes.
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