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#764238 - 06/28/07 09:06 PM Hazard Insurance, & Section 8
Last Mango Offline
Gold Star
Joined: Mar 2001
Posts: 293
Too Far From the Beach
I believe this is a Section 8 issue but would love to have someone elses opinion.

* A bank has an affiliate insurance agency.

* The affiliate insurance agency has arranged for an unaffiliated insurance agency to provide force-placed hazard insurance to the bank for R/E loans with lapsed policies.

*The bank will provide the info on lapsed policies directly to the unaffiliated insurance agency that will purchase policies and bill the bank.

* The affiliate insurance agency will collect an override commission from the unaffiliated insurance agency for each policy force-placed.

Section 8?
Last edited by Last Mango; 06/28/07 09:07 PM.
If you keep living straight from the heart, you will know when to stop and to start.

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Lending Compliance
#764255 - 06/28/07 09:13 PM Re: Hazard Insurance, & Section 8 Last Mango
rlcarey Online
10K Club
Joined: Jul 2001
Posts: 83,005
Galveston, TX
This has nothing to do with the settlement of the loan and fails outside of the realm of RESPA.
The opinions expressed here should not be construed to be those of my employer:

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