Iron Man
What three aspects of mortgage lending services does NGLS (us) provide?
Tracking and paying required property insurance premiums.
Providing lender-placed insurance when necessary.
Loss Drafts Services
Who pays the insurance premium for an escrow loan?
NGLS (us)
All properties MUST have these two types of coverage.
Fire and Wind
Why is a mortgagee clause important?
It ensures insurance documents are sent to the correct lender (bank)
What does an insurance agent do?
Writes insurance policies for the borrower on behalf of the carrier (insurance company)
What is the purpose of a Wrap Around Policy?
Provides additional coverages to use in correlation with other policies.
What two geographical areas are most wind-exclusion states located?
Gulf and East Coast
Who determines if a property is in a flood zone?
FEMA (The Federal Emergency Management Agency)
What is the NFIP Maximum for a residential property?
$250,000
What two letters indicates if a property is in a flood zone?
A or V
What federal entity can provide affordable flood insurance?
NFIP (National Flood Insurance Program)
What is the easiest way to avoid Lender-Placed insurance?
By providing US Bank with a copy of preferred coverage.
How many times does a customer receive documentation during a Letter Cycle?
Three
First Letter
Second Letter
LPI Letter and Notice of Insurance
How many days before charging LPI for fire and wind do we send out the first letter?
45
LPI for fire and wind must be credited within ___ days of receiving preferred insurance?
15
LPI for flood must be credited within ___ days of receiving preferred insurance?
30
What document provides temporary coverage until the carrier completes the underwriting process?
Binder
What are three examples of issued policies?
Certificate of Insurance
Evidence of Insurance
Declaration
VISUAL
Does the document list a mortgagee clause?
YES
Fire
VISUAL: What is the DOCUMENT Type?
Declaration
VISUAL: What are the names of the insured?
Visual: What is the property address?
1 Drury Lane (Upstairs)
Rhyme, NY 12345-1234
Visual: What is the policy number?
01234567890123
What are the term dates?
01/30/2020-2021