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#764238 - 06/28/07 09:06 PM Hazard Insurance, & Section 8
Last Mango Offline
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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.
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Lending Compliance
#764255 - 06/28/07 09:13 PM Re: Hazard Insurance, & Section 8 Last Mango
rlcarey Online
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rlcarey
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.
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