RC_LA_EA_300.2 Escrowing Property and Flood Insurance
MBA Member Price: $49.00
Nonmember Price: $79.00Purchase
This is a single-family/residential course.
The three major components of most escrow accounts are property insurance, mortgage insurance, and real estate taxes. Property insurance protects the borrower and lender against losses due to property damage or destruction. The mortgage servicer is responsible for assuring that adequate insurance coverage against property damage is in place to cover the investor's investment.
Escrowing Property and Flood Insurance looks at property insurance coverage and related duties and requirements. The course begins by explaining the purpose of property insurance. It then looks at typical lender requirements regarding acceptable coverage. Next, the course describes how lenders use lender-placed insurance to protect their interests when there is a lapse in coverage. Next, flood insurance requirements and servicer responsibilities regarding flood insurance are presented. Insurance losses and related servicer responsibilities are then described. The course concludes with a discussion of other insurance-related functions, such as setting up initial insurance records, maintaining a copy of the policy declarations page, making timely payment of renewal premiums, and handling policy substitutions.
Seat time approximately one (1) hour.