Insurance
Binder
A binder provides legally binding insurance coverage for a specified amount of coverage, for specified damages, and for a specified time period (typically 30-120 days) until the real policy arrives.
Appraisal
A document that gives an estimate of a property’s value (fair market)
Meaning of LPI
Lender Placed Insurance
Mention the steps in buying a home
Arrange Finances
Search for property
Make an offer
Appraisal and Inspection
Closing
Receive keys
Where can you find procedures?
the Hub
Co-Borrower
Any additional borrowers whose names appear on loan documents
Closing
The "closing,” also called “settlement,” is when the home buyer and all the other parties in a mortgage loan transaction sign the necessary documents.
1st Notice
Expiration notice
Escrow vs Non escrow
When is it required?
Can you print procedures? why/why not?
updates
Deductible
A borrower’s out-of-pocket expense on a loss before the insurer pays
Foreclosure
The legal process through which a lender seizes a property, evicts the homeowner, and sells the home after a homeowner is unable to make full principal and interest payments on his or her mortgage, as stipulated in the mortgage contract. Varies state-by-state.
LPI components - Explain
Premium
Coverage
Deductible
Coverage Period
PITI
Meaning
What are SLAs?
Service Level Agreement
Dwelling
Dwelling coverage, sometimes called "dwelling insurance," is the part of your homeowners insurance policy that may help pay for the rebuilding or the repair of the physical structure of your home if it's damaged by a covered hazard.
Maturity Date
This date refers to the final payment date of a loan.
Mention the LPI Policy Types
Dwelling
Flood
Wind
Flood Gap
H06
REO
Real State Owned
What are KPIs?
Key Performance Indicators
Escrow
Account used to pay taxes and insurance premiums that are due
Unpaid Principal Balance
The original loan balance reduced by principal payments that are received to date.
Explain Flood Gap
Insurance coverage placed when the preferred coverage is insufficient
What does Smartflow do?
Autoprocessing 70/80%
What happens if we don´t meet KPIs?
Affect SLAs, therefore, penalties