Norwell, MA (PRWEB) September 28, 2012
This week Miniter Group launched a new LinkedIn Group to discuss recent regulatory issues regarding force-placed insurance. The group is titled "Banking & Force-Placed Insurance" will encourage a discussion between lenders, trackers and insurance professionals.
Recently, the force-placed insurance industry has been under scrutiny from both regulators and class action litigators. This was result of a fundamental change by some banks from a risk transfer solution to a fee income product . Although most of the press coverage has been around litigation of these fee income arrangements, force-placed insurance remains a viable and ethical solution for over 98% of banks.
According to Jim Gilpin, EVP at Miniter Group and active group participant:
"After spending time on other LinkedIn banking groups, and observing the daily confusion that exists in the banking industry regarding force-placed insurance, we felt it was time to enable a conversation between lenders, trackers and insurance companies to address concerns in our industry."
If you are interested in learning more and joining the Banking & Force Placed Insurance Group please visit the group here
Miniter Group is a leading provider of collateral risk transfer solutions to the lending industry. Miniter Group provides blanket and lender placed insurance solutions to over 550 lenders in 45 states. Their in-house software development created their Borrower-Centric Insurance Tracking System in 2006. Miniter’s solutions include Vendor Single Interest Insurance, Lender Placed Insurance, Collateral Protection Insurance and Mortgage Impairment Insurance.
Miniter Group can be reached at 1-800-MINITER or http://www.miniter.com