In every town, city, and state across our country community lenders play a vital part in the mortgage economy. Their pivotal role has been highlighted yet again in 2020 as they help families and businesses face the unique challenges this year has presented to all Americans. While they exist in every community, no two community lenders are the same. For that reason, no two mortgage portfolios are exactly alike. 

The value that we provide to community lenders is our focus on custom-tailored mortgage policies and products arrived at through a consultative approach. Our goal in every interaction is to use our expertise to find the best possible solution for each lender. For that reason, we want to highlight a variety of mortgage solutions that community lenders across the country find useful in different circumstances.

Blanket Mortgage

As stated above, Blanket solutions are Unitas Financial Services’s specialty. The advantages that Blanket Mortgage programs offer are profound, including eliminating tracking and force-placing, making compliance easier, and cutting down on tough interactions with borrowers. Within a Blanket mortgage program, there are many possible points of customization, such as certain coverages, limits, and exclusions. Blanket Mortgage covers all real estate in a portfolio and can be separated by portfolio. For example, you can buy protection on commercial real estate, or only on your first mortgages. While the term “blanket” may sound like a one-size-fits-all plan,Unitas Financial Services works with lenders to customize it to their exact needs, wants, and goals.

Lender-Placed Hazard, Flood & REO

For some lenders, force-placing hazard and flood protection is a desire or even a requirement. During any consultation,Unitas Financial Services will seek to identify if this strategy is a better fit than Blanket coverage. Our force-placed hazard/flood provides all-risk protection for tracking insurance for hazard and/or flood when a borrower lacks adequate insurance on a mortgaged property. REO coverage provides liability coverage on properties owned by financial institutions. What makes our force-placed policies advantageous is an array of included and unique coverages that provide extra peace of mind to the lender. These include Blanket 90 protection, which provides Blanket coverage for 90 days from the date of a cancellation or expiration on an existing policy. Blanket 90 helps eliminate negative interactions with borrowers as most renewals or reinstatements will be received within the 60-day window before notification is required. One of the most attractive features of our Lender Placed program is our online admin system that makes adding properties, billings, and producing borrower notices simple.

Read our article: Do you have the Right Lender-placed Hazard and Flood Program?

Mortgage Impairment Protection

Mortgage Impairment Protection is an important mortgage servicing “umbrella” policy that improves a mortgage holder’s errors and omissions existing policy by providing the broadest coverage available. The supplemental coverage is designed to cover losses not typically covered by basic mortgage holder E&O policies. 

Important sections in this policy include:

• Coverage for risks that are not covered by the borrower’s primary insurance like flood loss 
• Coverage for unintentional errors and omissions made regarding insurance at closing and in the tracking and force placing of hazard and flood coverage after closing
• Protection for mistakes made in the escrow payments for real estate taxes and life and disability insurance
• Flood disaster protection is designed to cover losses due to any errors and omissions involved in flood zone determinations

Read our article: Does your mortgage portfolio have a backup?

Mortgage Settlement Solutions

Unitas Financial Services offers mortgage settlement services to help streamline your processes. Our partner provider offers a full suite of solutions for mortgage originators including appraisals, alternative valuation products (AVPs), credit reports, flood certifications, alternative title products, and income and employment verification. All these services are accessed through one user-friendly online portal. By simplifying and streamlining the origination process Financial Institutions reduce the time to close a loan and ultimately realize greater profits.

Beyond the solutions listed above,Unitas Financial Services can help community lenders with outsourced insurance tracking, equity default protection, flood determination certificates, and much more. Our wide array of mortgage portfolio solutions is a definite advantage, but what we truly take pride in is our commitment to work hand in hand with lenders to help them improve their business. For over 25 years our consultative approach and commitment to partnership have been at the forefront of what we do. We are a community-minded company, just like you and we let those principles drive us every day. If you think we may be able to help your institution, please use the link below to set up a free consultation.