February 2016 - The Industry's Best Kept Secret

TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link:

Contents of this Issue


Page 37 of 67

36 | TH E M R EP O RT COMPANY DESCRIPTION Loan Protector Insurance Services is a provider of lender-placed and REO insurance and full outsourced insurance tracking services to banks and mortgage companies across North America. The company's suite of software products, which seamlessly interface with all major mortgage servicing systems, streamline the tracking of borrower-provided insurance and the placement of lender-placed insurance while keeping its clients compliant in an ever-changing regulatory environment. COMPANY HISTORY Since 1978, Loan Protector has been an industry leader in providing lender-placed insurance and insurance tracking services to the residential and commercial mortgage servicing industries. In October 2008, Loan Protector was acquired by Willis Group Holdings PLC (NYSE: WSH) and became a key addition to the Willis financial institution practice. In January 2016, Willis merged with Towers Watson forming Willis Towers Watson (NASDAQ: WLTW), a $9 billion, 40,000-employee organization with offices in 120 countries around the globe. REGULATORY COMPLIANCE While there are many important components of the services provided by Loan Protector, none are more critical than the regulatory oversight and risk-management support it provides clients. Third- party vendor oversight has become a top priority for banks and mortgage companies, and Loan Protector simplifies vendor oversight by providing each client with access to its Compliance Management System (CMS). Loan Protector's CMS provides the framework for regulatory monitoring and is fully incorporated into its Vendor Governance Playbook, which includes copies of its SOC II, Business Continuity Plan, Disaster Recovery Plan, program business rules, and departmental procedures, along with other required regulatory materials. Loan Protector's CMS is overseen by a team of compliance and risk-management professionals whose No. 1 goal is protecting clients from financial, reputational, and regulatory risk associated with lender-placed insurance and insurance tracking. BUSINESS LINES, SERVICES, AND PRODUCTS • Lender-placed and REO insurance • Collateral-protection insurance • Blanket condo and second mortgage insurance • Mortgage-impairment insurance • Residential and commercial insurance tracking services • Escrow processing with check printing • Full service call center • Loss draft processing • Quality control and audit • Compliance and risk-management support KEY FEATURES/BENEFITS Owning and having developed its suite of insurance placement and tracking software in-house allows Loan Protector to customize solutions for each client. Its ability to fully leverage technology, including EDI relationships with over 900 homeowner insurance carriers, sets Loan Protector apart from its peers. In addition to full outsourced insurance tracking, partial outsourcing programs are available for clients that want to maintain control of any portion of the insurance tracking process. COMPETITIVE ADVANTAGE • Loan Protector places risk management and compliance first. • Loan Protector's technology allows them to cre- ate true custom programs for their clients. • Leveraging technology allows Loan Protector to gain efficiencies, not bodies. • Loan Protector is an analytical and data-driven organization that uses critical data points to make key decisions and provide important feed - back to its clients. • EDI relationships with over 900 homeowner insurance carriers make Loan Protector a leader in this area. • Loan Protector is a key division of a $9 billion global insurance brokerage firm that is commit - ted to growing in the mortgage servicing and lender-placed insurance marketplace. ADDED VALUE TO CLIENTS Loan Protector is a key component of the Financial Institutions Practice at Willis Towers Watson. Providing its clients with access to thousands of financial institution insurance professionals around the world, Loan Protector helps to create a global risk-management partnership that no other lender- placed insurance or insurance-tracking provider can duplicate. KEYS TO SUCCESS • Continue to put risk management and compli- ance first. • Continue to attract and hire experienced mortgage-servicing professionals. • Understand that borrower satisfaction is critical to success. • Leverage technology and data to improve prod - ucts and services. • Prioritize client satisfaction and retention. KEY PERSONNEL Dennis Swit CEO Serf Hernandez COO Ken Evans Chief Risk Officer Mike Dimas SVP Sales Joy Leonelli VP Quality Control & Audit STAFF Employees: 200+ CONTACT INFORMATION 6000 Cochran Road Cleveland, OH 44139 Phone: 877.369.5121 Email: Web: Special Advertorial Section INSURANCE COMPANY GUIDE

Articles in this issue

Archives of this issue

view archives of TheMReport - February 2016 - The Industry's Best Kept Secret