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#65947 - 03/06/03 09:20 PM Credit Life and A/H Insurance
Anonymous
Unregistered

We discontinued the sale of C/L & A/H Insurance until our vendor came up with a monthly outstanding balance insurance (MOB) rather than the single pay variety. Our vendor now has the product, but I have a number of problems with it. Is anyone else offering MOB insurance? I would particularly like to talk to anyone that uses Bankers System documents or LoanPro on the front end and Altell Horizon on the back end.

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#65948 - 03/06/03 09:48 PM Re: Credit Life and A/H Insurance
Pale Rider Offline
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Joined: Aug 2002
Posts: 34,318
under the Lone Star
This is out of my area of knowledge, but we sell credit life and use Alltel, Bankers Systems, Laserpro and other software. I suggest you call Mark Brenckman at (979) 361-6269. You may use my name (Don Burback) as a introduction.
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#65949 - 03/06/03 10:22 PM Re: Credit Life and A/H Insurance
Anonymous
Unregistered

We use the vendors named. In October when the HOEPA changes were final we discontinued offering Credit Life and A/H insurance on real estate secured loans because there were concerns with the MOB product that was being proposed. We still offer single premium on all other installment loans but have not worked through the issues with MOB.

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#65950 - 03/07/03 06:10 PM Re: Credit Life and A/H Insurance
Anonymous
Unregistered

We use ALLTEL and Laserpro. One of our insurance companies offers MOB, but it is not compatible with our ALLTEL system. We were told the monthly payment decreases based on the monthly outstanding balance. The insurance company said ALLTEL informed them they would work on resolving this problem, but ALLTEL told us they were not planning a fix to enable users to bill monthly based on outstanding principal. After learning this my day got worse.

I wish we did not offer the product, but the CEO decided to resume selling credit life on loans secured by homes and providing the correct HOEPA disclosure. Unfortunately Laserpro does not signal the processor when a loan is a HOEPA loan, therefore it is their responsibilty to correctly test each loan and get it right. Our FDIC examiner told us they did not have a problem with HOEPA loans as long as they are done right. I anticipate several errors before we get it right, but maybe I'll be wrong.

Does anyone know a good solution to all this mess?

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#65951 - 03/07/03 06:13 PM Re: Credit Life and A/H Insurance
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,035
Toano, VA
I'm not sure what kind of resolution of "this mess" you are seeking. Drop me an e-m if you'd like to explore new possibilities.
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#65952 - 03/08/03 05:15 PM Re: Credit Life and A/H Insurance
Cowboys Fan Offline
Power Poster
Joined: Dec 2002
Posts: 4,592
SC
We're on Alltel and use Laser Pro too. We're moving to Debt Protection/Cancellation coverage instead of traditional credit life. DPC isn't an insurance product so you don't have the HOEPA issues to deal with (yet!).
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