Iron Man
What aspects of loan servicing are covered by NGLS?
Tracking insurance
paying insurance premiums (when applicable)
placing lender-placed insurance
loss draft services
Who is responsible for paying the insurance premiums for NON-ESCROW accounts
The customer
What type of insurance is NOT required to be tracked by NGLS for any reason?
Earthquake
An insurance carrier must have US Bank listed on their policy. This listing is called what?
The Mortgagee Clause
What is the difference between the carrier and the agent?
The carrier PROVIDES the policy
The agent WRITES the policy
A Wrap around policy provides coverages in ____ with a fair plan policy.
Correlation. It provides coverage the fair plan policy does not.
What are the wind exclusion states? I am looking for the actual states, not just what "wind exclusion" means.
Alabama, Florida, Georgia, Hawaii, Louisiana, Mississippi, North Carolina, South Carolina, and Texas
What does FEMA determine?
Mandatory Flood Zones
What is the maximum amount the NFIP will cover for a NON-RESIDENETIAL property?
$500,000
Pro-Tip: despite what DuckTales will have you believe, diving into $500,000 of coins is NOT the same as a swimming pool, and I don't recommend it.
A flood zone code begins with one of which two letters?
A or V
What does NFIP stand for?
National Flood Insurance Program
If a customer has consistent coverage through their insurance carrier, they will not be placed on what by NGLS?
Lender-Placed Insurance
How many documents will a customer receive before Lender Placed Insurance is added to the loan?
3
How many days before placing LPI on an account will we send out the first warning letter?
45 days
If we receive proper evidence of insurance, how many days do we have to credit any LPI charges for fire insurance?
15 days
If we receive proper evidence of insurance, how many days do we have to credit any LPI charges for flood insurance?
30 Days
What type of document is a request for insurance coverage, but will not bind the coverage until payment is received?
Application
A Declaration is an example of a(n) _______
Issued policy
Who receives the bill for LPI coverage?
The bank (Lender)
What is the name of a legal contract between a lender and a borrower?
Mortgage
If loan pays into an ESCROW account, who would pay the insurance premium?
NGLS
What does PMI, or mortgage insurance cover?
The actual loan itself (the money)
When filing a claim, the borrower is responsible for paying what before the carrier will cover the rest of the cost?
Deductible
What does ISAOA stand for?
Its Successors and/or Their Assigns
Who won the 2008 Royal Rumble?
John Cena