Golden Eagle Insurance, Inc. announced a new bundle of Blanket Insurance Products designed to cover the risk a lender carries in their collateralized loan portfolio when the borrower's coverage lapses. Blanket 360, the latest product in the company's portfolio protection line for lenders, covers collateral immediately after loan closing, eliminating the need for tracking and making lender operations more efficient. "Blanket Insurance protections are a very simple and cost-effective way to eliminate virtually all internal insurance tracking after a loan is closed," said Bill Jones, President of Golden Eagle Insurance, Inc.
The Blanket 360 product covers all real estate, commercial equipment, and consumer collateral loans. The only remaining loans left to track would be those in a flood zone or those with extremely large balances that would not be fully covered by a blanket product. Statistics show that the average community lender has about 97-98% of their loan collateral properly covered at any one time. Thus, they spend enormous amounts of time and effort tracking insurance when in reality, only 2-3% of their customers are uninsured at any one time. Golden Eagle's blanket protections eliminate the negative interactions that can happen when a lender contacts borrowers about insurance issues. Blanket Insurance mitigates uninsured risk and allows loan servicing departments to spend time on more important lending functions. Lenders also appreciate the benefits of blanket protections when they are no longer written up for insurance exceptions by auditors and examiners. "Examiners know that blanket coverage is superior to tracking and force-placing since the entire portfolio is covered without the need for action and chance for human error," said Jones.
The Blanket 360 line immediately makes lenders more efficient, allowing them to grow without adding staff and protect their collateral and portfolios at a higher level than can be done when tracking and force-placing insurance protection. The Blanket 360 product line includes Blanket Mortgage protection which covers all residential and commercial real estate, Blanket Equipment protection which covers all commercial autos/trucks and equipment, and Blanket Single Interest Insurance (VSI) protects the remaining consumer loan collateral.
Golden Eagle Insurance is a national leader in developing these programs. "Community lenders appreciate the long-standing experience that we have with these products as well as our underwriting recommendations on how to properly and efficiently insure their portfolios," said Tod Hastings, VP, Regional Business Development.
About Golden Eagle Insurance, Inc.
Founded in 1995 by William Jones in Central Ohio, Golden Eagle Insurance is an innovator and specialist in lender portfolio protection and administrative relief. Golden Eagle Insurance offers a comprehensive selection of products to protect and complement mortgage, consumer, and commercial portfolios across the United States.
This article originally appeared on Yahoo Finance here.