“We are thrilled that VidVerify has created this innovative solution which will allow our clients to better manage their exposure to third party litigation," said Tom Delaney, Managing Director at Bankers Insurance Service.
St. Louis, MO (PRWEB) February 08, 2016
VidVerify is pleased to announce its partnership with Bankers Insurance Service (BIS), a well-established insurance provider in the mortgage industry. Recognizing the importance of consumer education and awareness in a tightly regulated environment, Bankers Insurance Service will now offer incentives to its lender clients that implement VidVerify’s video communication tools.
Bankers Insurance Service is a leading provider of fidelity bond and errors and omissions (E&O) coverages tailored to mortgage lenders, offering a full range of insurance products specifically designed to meet the needs of the industry. “Bankers Insurance Service and its clients are a great fit for our video solutions, as more and more lenders grapple with how to meet regulatory requirements and maintain production volume, while also empowering borrowers,” said Timothy Stern, VidVerify President.
Through this strategic partnership, Bankers Insurance Service hopes to enhance its lender clients’ regulatory compliance regimes. “BIS firmly believes that lenders who are committed to conducting business with well-educated consumers are better risks for our program. We are thrilled that VidVerify has created this innovative solution which will allow our clients to better manage their exposure to third party litigation,” said Tom Delaney, Managing Director at Bankers Insurance Service. VidVerify’s leading-edge and customizable videos address every step of the mortgage process from application to post-closing, minimizing the risk for misunderstanding and miscommunication. They provide lenders an opportunity to streamline borrower communications, while offering borrowers a comprehensive, yet concise, picture of their choices and responsibilities in a purchase or refinance transaction. This clear and direct communication is essential as regulators introduce new requirements and liability around mortgage disclosures and the origination process becomes increasingly complex.
The partnership between Bankers Insurance Service and VidVerify will help take both providers’ offerings to the next level. “We look forward to the benefits this collaboration will bring to our clients and are especially excited to be working with one of the most trusted names in insurance,” said Stern, “We have great confidence in the opportunities that can be unlocked when lenders adopt a more strategic approach to borrower communications.”
About Bankers Insurance Service
MBA endorsed since 1952, Bankers Insurance Service is the leading provider of operational risk insurance including Fidelity Bond, Errors and Omissions (E&O), Professional Liability, Mortgage Impairment, Directors & Officers, and Cyber/Privacy Liability Insurance. BIS specializes in insurance for the mortgage industry and is one of the longest tenured coverholders at Lloyd’s of London. For more information about BIS, visit us at http://www.bankersinsuranceservice.com.
VidVerify is a platform that enables lenders to provide the borrower and loan officer with a series of customizable videos that automatically deliver a comprehensive, consistent and compliant message throughout the loan process. In the face of unprecedented regulatory change, oversight and enforcement action, VidVerify allows lenders to get in front of potential regulatory issues by educating borrows about the mortgage process. Most importantly, lenders will be examination- ready with reports that track video activity. Learn more about VidVerify at http://www.vidverify.com.
Contact: Laura Hopkins