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Blanket Mortgage Fire Protection
Overview
There is an alternative to lender placed hazard insurance.
The Blanket Mortgage Fire product is an economical alternative to Lender-Placed hazard tracking and insurance. This is comprehensive blanket protection for any segment of the lender’s portfolio. No
continuous insurance tracking is required.
For many lenders, Blanket Mortgage Fire is a superior risk management tool over lender-placed hazard insurance.
Key Features
Lender administrative expense is reduced, freeing resources for more productive purposes.
Gaps in coverage due to a failure to report properties as uninsured are eliminated.
Coverage is broader than many Lender-Placed hazard policies.
Simple to administer and report.
Premiums are frequently less than insurance tracking and monitoring expenses.
Lender selects which segments to insure on a blanket basis (e.g. First, 2
nd
, and HELOC).
May be placed in conjunction with Real Estate Owned or Lender-Placed hazard tracking and/ or insurance and combined within a single policy.
Eligibility
All Residential or Commercial Firsts, Seconds and/ or Home Equities. New Originations or Assumption of In-Force Mortgages. Real Estate Owned may be included on a scheduled basis.