Loan Protector Enhances Servicing Technologies; Mission Hills Mortgage Reduces Cost and Labor with EasyNOR(SM).CLEVELAND Cleveland, former county, England Cleveland, former county, NE England, created under the Local Government Act of 1972 (effective 1974). It was composed of the county boroughs of Hartlepool and Teeside and parts of the former counties of Durham and -- Loan Protector protector /pro·tec·tor/ (-tek´ter) a substance in a catalyst that prolongs the rate of activity in the latter. Insurance Services, a leading independent provider of customizable lender-placed insurance programs for lenders and mortgage servicers, announced several enhancements to EasyTrack(SM) and EasyNOR, the first of six scheduled updates to occur in 2006. "We understand how important it is to continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. update our solutions to reflect servicers' requests," said Ron Wiser, president of Loan Protector. "We strive to make our products more flexible and user-friendly to exceed their expectations." Loan Protector developed EasyTrack to address the needs of servicers who outsource their entire insurance tracking portfolio. The system helps 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. EasyTrack collects insurance data and matches it with the loan portfolio to update insurance status and notifies borrowers if they are not compliant with a servicer's requirements. The latest enhancement allows users to mark a policy "found" on the Policy Export Exception report so it will not attempt to export the next time a client report is run. EasyNOR is designed for mortgage servicers and lenders who want to automate To turn a set of manual steps into an operation that goes by itself. See automation. their borrower notification and lender-placed insurance process. EasyNOR technology automatically detects exposures in insurance coverage, initiates custom borrower notification cycles (letter, telephone and fax) on exposed loans and automatically orders lender-placed insurance at the completion of the notification cycle. The solution is customizable with a servicer's letterhead, logos, layout and mortgagee mortgagee n. the person or business making a loan that is secured by the real property of the person (mortgagor) who owes him/her/it money. (See: mortgage, mortgagor) MORTGAGEE, estates, contracts. He to whom a mortgage is made. clauses and is a flexible tool that allows private labeling on multiple investor portfolios. EasyNOR users will now be able to select from the following policy deficiencies they wish to track: --Coverage amount under minimum --Deductible amount over maximum --Carrier rating --Lapse of insurance "Our insurance department was burdened with the time consuming task of manually monitoring borrower's insurance and issuing notification letters," said Mike Jones, vice president, Loan Administration of Mission Hills Mortgage. "Loan Protector automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. the entire exposure and notification cycle. Using EasyNOR significantly reduced our labor and servicing costs." Loan Protector uses innovative technology and solutions to help servicers create efficiencies in their businesses, remain compliant and improve customer relations. Servicers benefit from Loan Protector's product suite because they are customizable, flexible and provide accurate portfolio information. About Loan Protector Loan Protector is a leading independent 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(SM), Loan Protector helps loan servicers  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. 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. |
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