Six Things Servicers Need to Know About Filing Investor Claims in a Timely Manner

Posted by Robert Barbaro on April 13, 2017 at 9:30 AM

DIMONT_Key-House-Orange1.pngThe benefit of making insured loans is if the borrower defaults and the servicer meets all guidelines, a claim can be filed with the investor to recover part or all of the loss. But the government carefully regulates this process, and servicers that fail to meet all requirements can lose part or all of the potential claim.

While every investor requires servicers to work within the same time frame, different servicers handle the process in their own ways. The standard 30-day clock starts ticking for everyone from the date of a terminable action, and servicers must be prepared to submit their initial claims within that time frame.

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Topics: Investor Claims

Our Way at DIMONT

Posted by Nicholas Holley on December 23, 2016 at 9:30 AM

Dimont_OurWay_Values_laptop-640803-edited.jpgYou obtain a job to become financially stable; to provide a foundation to support yourself and your family in order to live a pleasant, worthwhile life. That’s what most jobs meant to me, and that’s what I assumed DIMONT would be when I was hired. I thought it would simply be a means to reach basic stability. But I was wrong, in a good way.

DIMONT provided me something more than just a foundation. It transcended the commonality of what a job could be. DIMONT wasn’t just a job; it was a chance to be a part of an evolving community. One of the company’s Our Way values perfectly explains what sets them above the rest: “We care about our people, encourage their development, and reward their performance.” Three things that ring true for me every day here.

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Topics: Other

DIMONT Successfully Wraps Up 2016 Used Car Week Conference

Posted by DIMONT on November 17, 2016 at 9:30 AM

With the end of 2016 nearing, DIMONT has been busy traveling across the United States for the conference circuits in both the Mortgage and Auto Finance industries.  Over the last two months, we have been a part of two of the largest Auto Finance conferences and wrapped up the final conference of the season this week.

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Topics: Auto Insurance Claims

Why Servicers Should Outsource Flood Insurance Analysis

Posted by Perry Canet on October 20, 2016 at 9:30 AM

Umbrella_trans-300x250-flood.pngAn increasingly important part of the servicing industry is lender placed flood insurance valuation analysis. Accurately assessing the required amount of flood coverage to place on a property is an opportunity that the industry has not responded to in any meaningful way.  This fact is apparent from increased instances of inaccurately insured homes and failed audits. Many of these errors are due to servicers trying to manage flood insurance coverage valuation analysis themselves.  Flood coverage valuation is difficult to do accurately and efficiently; the root cause of this difficulty, for most servicers, is that flood coverage valuation is not part of a servicer’s core competency.

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Topics: Flood Insurance

Proprietary Claims Processing System Enhanced for Auto Claims

Posted by Melissa Lingenfelter on October 6, 2016 at 9:30 AM

In a recent press release, DIMONT announced an enhancement to its proprietary system, Eldorado, in order to process claims on repossessed autos.  We want to share with you, some of the reasons it has been well received by auto servicers.

The Auto enhancement in Eldorado has been tailored to process claims effectively with an automotive industry vision as DIMONT makes a footprint in the sector.  Similar to Eldorado, users will still access Files, Tasks, and Notes, just as the client account teams (CAT) for hazard insurance claims processing do today.

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Topics: Auto Insurance Claims

DIMONT’s White Glove Service Reflected in On-boarding Process

Posted by Rebecca Lopez on September 27, 2016 at 9:30 AM

In our 20th year of service in the residential mortgage hazard insurance industry, we are excited to have fine-tuned the on-boarding service that lends itself to what we at DIMONT call White Glove Service.

With the on-boarding of six new clients within 2016, we have had the opportunity to provide a smooth transition from contract agreement to the receipt of the first file for processing.  To begin, a personal on-boarding specialist is assigned to each client to navigate the implementation logistics.

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Topics: Other

Changing The Auto Claims Process: What to look for in your auto claims provider

Posted by DIMONT on August 30, 2016 at 9:30 AM

Key-Car-Orange1-300x121 - Auto.pngWhen auto lenders think about damage claims to recoup their losses on repossessed, damaged vehicles, they often think about the FTEs who provide a claims service as a part of their daily responsibilities, or the current vendor to whom they outsource.  The question is, are these employees and vendors doing enough?

The face of damaged auto claims has changed over the past few years.  Auto lenders are realizing that they miss out on thousands, and potentially millions, of dollars in claimable funds per vehicle they repossess.  With this realization comes the brainstorm to find a claims vendor who will recover these funds and maintain a compliant process while doing so.

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Topics: Auto Insurance Claims

More Compliance Q&A on Insurance Claims Management

Posted by DIMONT on August 1, 2016 at 9:30 AM

hazard insurance check.pngInsurance claims management is definitely one area in which servicers can benefit from the experience of the right third party partner. We wrote about this in a recent white paper we published where our compliance experts provided a complete rationale for this approach. There are simply too many compliance risks that servicers must overcome, causing company risk if they perform this work on their own.

In our paper, we covered claims for flood insurance, auto insurance and more. That paper is available now on our website. We welcome you to download it to find out more about why outsourcing insurance claims management can limit your compliance risk. After posting the paper, we received some excellent questions from readers. We addressed some of these questions in a recent post and will address the remainder of them here.

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Topics: Compliance

Reducing Loss Severity on FHA Loans in Default

Posted by DIMONT on July 12, 2016 at 9:30 AM

Filing claims on defaulted loans, whether they are hazard insurance claims on policies on real estate collateral or guaranty claims with federal government agencies for loss coverage on a federally insured loan, has always been important for servicers. This is particularly true for servicers of FHA loans.

There are two critical areas in which servicers can effectively limit their losses on defaulted FHA loans. The first involves collecting on hazard insurance that is in-force on the properties during the time the servicer is in charge of the asset, before it has been sold back into the market through REO disposition. The second is through effective handling of investor loss claims to the FHA after the real estate sales process is complete. We cover both in a new white paper that is available now on our website.

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Topics: Hazard Insurance

The Use of Data Analytics Helps Investor and Servicer Clients Measure Risk and Reward

Posted by DIMONT on June 20, 2016 at 9:30 AM

In a recent press release, we mentioned utilizing data analytics to help investor and servicer clients better measure risks and rewards of investing in loans with commercial and residential real estate properties as collateral. We are taking that process to the next level of tech-forward thinking by partnering with Relus Technologies.

Working with Relus to utilize the latest version of Apache Spark in an Amazon cloud environment, DIMONT now has the unique capability of predicting potential insurance claim recoveries on nonperforming mortgage loans, and a process to re-calibrate these models as new outcome data is generated from operations. These sophisticated models consider multiple attributes over an extended period while adjusting for current market conditions and trends. Building this in a cloud environment insures a secure, highly scalable and cost effective model.

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Topics: Technology