Important Steps Lenders Should Take for Insuring Their Automotive Loan Portfolio

Posted by DIMONT on June 15, 2017 at 9:30 AM

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Ensuring auto loan borrowers maintain adequate automotive insurance coverage on their vehicles is an important task often overlooked. Most lenders have excellent processes in place to ensure insurance coverage at loan origination, however they often fail to maintain a sound process to ensure proper insurance coverage is maintained throughout the life of the loan.

In many cases, by the time we are called upon to assist the bank in filing a claim with the insurance carrier for damage on a repossessed vehicle, the borrower has either changed or canceled their insurance coverage, or signed a policy with an abnormally high deductible or one lacking in overall coverage.  

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Topics: Auto Insurance Claims

Why Custom Technology is an Essential Part of the Hazard Claims Process

Posted by DIMONT on June 8, 2017 at 10:00 AM

hazard insurance check.pngThere are few components of the modern mortgage business where technology is not a requirement for efficient operation; indeed, without our modern technology platforms, we would simply not be capable of operating in a compliant manner. This is particularly true when it comes to managing the complexities of the hazard claims business, where technology plays a pivotal role.

Historically, we had trouble finding software platforms on the market that met our needs and those of our clients, so we have chosen to develop our own proprietary platforms. As a result, we are able to interface directly with many of the systems used by our clients, as well as the systems in use by the nation’s property preservation companies, who often work closely with the same mortgage servicers with whom we partner. Additionally, we can interact directly with providers of lender-placed insurance products, allowing us to more easily share data, file claims quicker and report back to our clients with extreme accuracy.

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Topics: Hazard Insurance

4 Ways to Maximize Your Return on Auto Insurance Claims

Posted by DIMONT on May 25, 2017 at 9:30 AM

Key-Car-Orange1-300x121 - Auto.pngMany auto lending executives would be surprised to learn that filing insurance claims is one of the most effective ways to reduce overall loss severity on their repossessed auto portfolio.  Maximizing the institution’s return on auto insurance claims requires the right process be in place. Below we will share four ways to ensure your auto claims process is successfully managed.

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Topics: Auto Insurance Claims

How Long Does it Take to Process Hazard Insurance Claims?

Posted by DIMONT on May 18, 2017 at 9:30 AM

Time is money in the mortgage business and every day of processing time that an institution can save directly impacts its bottom line. That is certainly true in the case of hazard insurance claims. In fact, failure to adhere to a timeline can lead to much higher expenses and the possible loss of reimbursements or loan guarantees.

Naturally, it’s common for our customers to ask us how long it will take to process their hazard insurance claims. We resist the temptation to reply that “it depends,” though that is actually the truth. Instead, we help our customers understand which steps take up the most time in this important process and where we can more rapidly reach a favorable conclusion.

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Topics: Hazard Insurance

Ensuring Sufficient Hazard Insurance Coverage

Posted by DIMONT on May 11, 2017 at 9:30 AM

hazard insurance check.pngAfter over two decades of helping banks and mortgage servicers file claims and recover losses from insurance companies, we understand the criticality of having sufficient insurance coverage on collateral properties.

Investors face increased risk of loss when they have insufficient insurance coverage or the wrong kind of insurance coverage on a property that serves as collateral for a mortgage loan. Making sure that the coverage is both sufficient and of the proper type is critical for effective risk mitigation.

Having the Right Kind of Coverage for Your Collateral

Most servicers know that there are many types of insurance and only hazard insurance protects the mortgagee from risk should the property be damaged before the loan is paid off.

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Topics: Hazard Insurance

Bringing Hazard Claims Adjustment Experience to Auto Loans

Posted by DIMONT on May 4, 2017 at 9:30 AM

Key-Car-Orange1-300x121 - Auto.pngThe insurance claims filing process is an exacting business. One mistake can jeopardize the recovery, costing the lender both time and money. It requires an expert to do the job right and to recover the maximum possible for each claim.

After more than two decades of helping mortgage loan servicers successfully navigate the complicated business of filing hazard insurance claims on real estate collateral, we found that the skillset required for success in that market segment lines up particularly well with what is required to help auto lenders recover losses on their collateral as well.

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Topics: Auto Insurance Claims

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