Colorado Agency Using Loan Protector

The Colorado Housing and Finance Authority has streamlined its residential mortgage servicing operation using Loan Protector's "LP direct," a Web-based ordering system for lender-placed insurance.

Loan Protector here said that by eliminating the need to work with paper forms, LP direct enables the CHFA to dedicate more resources and time to its core competency, which is providing housing alternatives to lower-income households. Using the Loan Protector system, the agency has direct access to all information regarding lender-placed insurance. Additionally, all lender-placed insurance documents generated by Loan Protector on behalf of the CHFA are imaged and available in real time through the secure LP direct website.

"LP direct has significantly reduced the amount of time spent following up on insurance coverages and requirements," said Tom Fleming, servicing manager for the CHFA, in a news release. "The technology is very sophisticated, but at the same time, very easy to use. We have access to all lender-placed insurance information, at any time of the day. LP direct greatly streamlines the lender-placed insurance process and allows us to concentrate on meeting the needs of our borrowers."

The CHFA credits the technological enhancements and dedicated support staff at Loan Protector for its long-term partnership.

"Whether I have a technical or general question, I can count on Loan Protector's staff to get me an answer the same business day. That kind of support team is very reassuring," Mr. Fleming said.

LP direct offers immediate coverage with deferred issuance, system-generated notification letters and e-mail reminders to help with the borrower notification process.

Ron Wiser, president of Loan Protector, said LP direct is invaluable to loan servicers and significantly reduces the amount of time and resources spent obtaining lender-placed insurance coverage.

"To ensure a portfolio is secure, a lender must have a uniform lender-placed insurance policy in place. LP direct's innovative design gives lenders the ability to place insurance 24 hours a day, significantly reducing the chance of an unsecured property resulting in a loss within a portfolio."

Loan Protector also offers insurance tracking services, including full outsourcing of insurance tracking for commercial and residential mortgage servicers, using the company's EasyTrack system.

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