Tom Stover

Recent Posts

Going Deeper: Insurance Compliance Q&A

Posted by Tom Stover on June 7, 2016 at 9:30 AM

hazard insurance check.pngIn a recent white paper we published, our compliance experts provided a rationale for engaging a third party vendor that specializes in insurance claims management to help servicers overcome the compliance risks our industry faces today. We covered claims for pre-foreclosure and REO property hazard insurance, 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 mitigate your compliance risk.

We are very happy to report that many executives from around our industry have already downloaded the paper and we have received good reviews of the material. But we also received a few excellent questions and we’d like to address some of them in this post.

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Topics: Compliance

Three Ways Servicers Can Ensure Compliance While Filing Hazard Insurance Claims

Posted by Tom Stover on April 26, 2016 at 9:30 AM

MagnifyingGlass_hazard.pngThe processing of hazard insurance claims is not often the main focus of service expertise within mortgage servicers, as it is usually outsourced to specialty insurance providers. These providers are subject to state regulations, with each state free to determine hazard insurance compliance requirements as it sees fit. Because of this, processes can, and do, vary greatly from state to state, and it is the servicer’s job to ensure that they comply with all regulations.

For those mortgage servicers still processing hazard claims internally, here are three ways to ensure you maintain compliance: hire licensed adjusters; provide ongoing training; and establish an effective method of managing consumer data.

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Topics: Hazard Insurance

Are Your Auto Insurance Claims Processes Compliant?

Posted by Tom Stover on March 24, 2016 at 9:30 AM

Key-Car-Orange1-300x121 - Auto.pngOutsourcing the auto insurance claims component can be advantageous for both auto finance companies as well as their clients. However, being successful within the auto finance industry depends primarily upon remaining compliant regulatory guidelines and investor and business requirements.

As mentioned in a previous blog, regulatory oversight for auto claims processing may be behind mortgage claims processing, but your compliance processes should always be up to date in preparation for future compliance and regulatory requirements.

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Topics: Auto Insurance Claims