RC_LA_EA_301.1 Insurance Servicing Foundations
Insurance Servicing Foundations presents the fundamentals of insurance servicing. It begins by providing context for the discussion of insurance in loan servicing. It defines insurance and explores the history of insurance. It then describes insurance underwriting and the use of insurance scores. It continues with a review of the fundamental reasons lenders require property insurance and why they escrow for insurance premium payments. Finally, the course takes a big picture view of the mortgage lending cycle and loan servicing's place with in it to give context to the servicer's responsibilities in regard to insurance.
This is a single-family/residential course.
- Defining Insurance
- History of Insurance
- Underwriting and Establishing Rates
- Insurance Scoring
- Why Lenders Require Insurance
- Why Lenders Escrow for Property Insurance
- Servicing and the Mortgage Banking Process
Seat time approximately 1 hour.