I'm looking for a resource that can provide the state-specific requirements for lender-placed insurance notifications - this would be above/beyond the CFPB model forms.
Is the Kentucky Insurance Disclosure required on all loans, consumer and commercial, or is it just a consumer (Reg Z applicable)
I would like to know where I can go to register for daily/weekly updates on what is new in compliance for the insurance world.
We recently stopped offering credit life insurance for our loans. Our Financial Services area does not offer this product either but would offer a term life insurance policy as an alternative. If the customer comes to the loan officer and inquire about insurance, we would refer them to the Financial Services area so that they can shop for term life insurance products.
Since we are not offering the credit life insurance product anymore and our Financial Services area doesn't sell it, are we still required to provide the Federal Credit Application Insurance Disclosure to our customers? I would think that we don't need to unless a customer inquires about insurance, then we would need the disclosure to be provided to the customer.
What is your opinion on this?
What is acceptable proof of hazard insurance?