Five Star Bank Outsources End-to-End Insurance Tracking Operations to Loan Protector.Advanced technology streamlines bank's mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. process CLEVELAND -- Loan Protector Insurance Services, a leading provider of customizable lender-placed insurance programs for lenders and mortgage servicers announced Warsaw, N.Y.-based Five Star Bank is successfully using EasyTrack[R] and EasyPlace[R] to automate its insurance tracking operations. The bank began outsourcing the process to Loan Protector in early October 2006. "With Loan Protector's EasyTrack system, Five Star Bank's servicing department has real-time access to policy information, and can log on and view it anytime, so they always know which of their accounts have insurance on them. It also helps from a compliance standpoint - Five Star can show auditors in real-time they have insurance on their policies," said Steve Wiser, mortgage industry expert on custom data automation systems and President of Specialized Business Software, Loan Protector's software development partner. EasyTrack was developed to address the needs of servicers who outsource insurance tracking functions, helping them manage insurance, escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. and verification processes in a secure, online environment. This service collects insurance data and matches it with the loan portfolio to update insurance status, and it notifies borrowers if they are not compliant with a servicer's requirements. EasyPlace allows servicers and lenders to manage and order lender-placed insurance online in a secure environment - anytime, anywhere. "EasyTrack is very customizable and simple to use," Wiser continued. "Before the Five Star Bank implementation, we gathered information about the bank's business practices, and then customized the system based on their feedback." Loan Protector offers products and services that help lenders protect their portfolios by using advanced technology to manage the insurance verification process. Through its customized programs, they have helped many companies eliminate mistakes, repetition and omissions by leading the movement to automate lender-placed insurance. Loan Protector's services are transparent to a bank's customers even though they handle the entire tracking operation, including receiving and processing mail, updating records, sending out expiration letters and mailing checks to the insurance companies. "By owning the code to their systems Loan Protector was able to drive the focus of their technology into areas that they felt were most important," Wiser said. "This detailed control allows Loan Protector's clients in turn to focus on other areas of importance such as strengthening their borrower relationships." "Our technology has truly improved the way lenders and servicers do business," said Ron Wiser, President of Loan Protector. "Outsourcing insurance tracking and processing streamlines the mortgage servicing process and allows our customers to focus on other business matters. Loan Protector is fully committed (Law) committed to prison for trial, in distinction from being detained for examination. See also: Fully to meeting the technological and support needs of Five Star Bank, and we look forward to playing a significant role in helping them achieve their business goals." About Five Star Bank With $1.9 billion in assets, Five Star Bank provides a wide range of consumer and commercial banking services to individuals, municipalities and businesses through a network of 50 offices and over 70 ATM's in Western and Central New York Central New York is a term used to broadly describe the central region of New York State, roughly including the following counties and cities: Cayuga County – Auburn Cortland County – Cortland Madison County – Oneida State. The bank and affiliates of its parent company, Financial Institutions, Inc (FII FII Federated Investors Inc. (Pittsburgh, PA) FII Foreign Institutional Investor FII Falling Into Infinity (Dream Theater album) FII Fundación Instituto de IngenierÃa ), also provide diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services to its customers and clients, including brokerage, trust, and insurance. More information on Five Star Bank is available through the Company web site at www.five-starbank.com. More information on FII and its subsidiaries is available through the Company web site at www.fiiwarsaw.com. About Loan Protector Loan Protector Insurance Services, a Hilb Rogal & Hobbs company (NYSE NYSE See: New York Stock Exchange : HRH HRH abbr. Her (or His) Royal Highness HRH Her (or His) Royal Highness HRH abbr (= His (or Her) Royal Highness) → S.A.R. ), which is the world's tenth largest insurance intermediary, is a leading outsourcer of customized mortgage insurance tracking and verification programs, designed to fit each lender's specific requirements. Loan Protector offers a complete line of insurance tracking products, including hazard and flood insurance Flood insurance denotes the specific insurance coverage against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands and floodplains that are susceptible to flooding. tracking for commercial and residential mortgage servicers. Using its state-of-the-art proprietary software, EasyTrack[R], Loan Protector helps loan servicers manage their insurance, escrow and verification processes in a secure, online environment. For more information about Loan Protector call 800.545.6580 or visit www.loanprotector.com. For more information about HRH, visit www.hrh.com. About Specialized Business Software Specialized Business Software (SBS See Small Business Server. ) is a developer of customized data automation and imaging software solutions and web services (1) Loosely, any online service delivered over the Web. Such usage appears in articles from non-technical sources, but not in IT-oriented publications, because definition #2 below describes the correct use of the term. for the insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industries. SBS provides software development and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to Loan Protector Insurance Services and its affiliates. For more information about Specialized Business Software call 440.542.9145 or visit http://www.specializedbusinesssoftware.com. |
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