The Avengers
What services does NGLS provide?
Track and pay insurance premiums
providing lender-placed insurance
loss drafts services
NGLS
What two types of coverages are required for ALL loan types?
Fire and Wind
What guarantees a carrier will send the bill or declaration to the correct lender?
The Mortgagee Clause
What does an insurance AGENT do?
They write the insurance policies for the carrier.
What does a Wrap-Around Policy do?
It provides coverage in correlation to a Fair Plan policy.
Wind Exclusion States are normally found where?
East and Gulf coasts
What is the NFIP maximum for a residential flood policy?
250,000
When looking at flood zone codes, what two letters signify a mandatory flood zone?
A or V.
What does NFIP stand for?
The National Flood Insurance Program
Providing proof of insurance from a preferred carrier will prevent a customer from receiving what?
Lender-Placed Insurance
How many documents does a customer receive in total when Lender-placed insurance is purchased for the loan?
1st letter
2nd letter
policy
How many days must a first warning letter be sent before LPI is placed on the account?
45 Days
How many days does NGLS have to credit LPI for fire and wind once we receive proof of insurance?
15 days
What document provides temporary coverage to a property until a policy is completed?
Binder
What are some examples of issued policies?
Certificate of Insurance
Declaration
Evidence of Insurance
Which address on a policy must be accurate for NGLS to accept it?
Property Address
How Flagstar Bank should be listed on an insurance policy.
If an account is non-escrow, who pays the insurance premium?
The customer
What does PMI cover?
The Mortgage itself, not the property.
What does LPI cover ONLY?
The structure, NOT personal belongings.
What type of insurance is required ONLY if the property is located in a certain "zone"?
Flood
The Outside of the condo
What does a condo UNIT policy cover?
The inside of the condo.
Who determines Flood Zones?
FEMA