Most Popular Lending Content
Upping Force Placed Policy Procedure
07/16/2023
A flood policy expired on a loan that had deferred principal due to a COVID Deferral program. The customer didn't renew their policy and force placement of coverage was implemented, notices went out on time and the force placement happened on day 46. The problem came one week prior to the renewal of the force placed policy, when evaluating to renew, it was discovered that the number used to calculate coverage last year was incorrect. The principal used was a much smaller amount which is the one agreed on the COVID deferral, but not the real one. Since the policy is a forced placed policy, and regulation doesn't require a new set of notices, we only send one courtesy letter advising the client of the imminent force placed renewal. My counterparts think that we should restart the letters since we will renew the policy for a higher amount but I don't agree with that assessment. What do you think?
Commercial loan imaging complexity
07/09/2023
Why is commercial loan imaging complex?
Problems with maintaining separate imaging and exception tracking systems
07/09/2023
What are the downsides to maintaining separate imaging and tracking systems for commercial loans?
Source for low appraisal amounts
07/09/2023
How do I find below-contract appraisal valuations for minority census tracts?
Identifying languages used in your assessment area
07/09/2023
How do I find out what languages are spoken in households within my assessment area?