The CFPB has gotten serious about regulating the force-placed insurance industry.
Norwell, MA (PRWEB) January 09, 2013
Miniter Group, a leading provider of collateral risk transfer solutions for lenders, today announced it has doubled its insurance tracking accounts in 2012. Miniter attributes this recent success to changes to force-placed insurance requirements dictated by the CFPB (Consumer Financial Protection Bureau).
Acording to Jim Gilpin, EVP of Business Development at Miniter:
"The CFPB released its RESPA mortgage servicing proposal in early August 2012. The 250 page document references force-placed insurance 369 times. The CFPB has gotten serious about regulating the force-placed insurance industry. Starting in the fourth quarter of 2012, many lenders began implementing our Borrower-Centric Solutions in response to new CFPB requirements within the proposal."
For smaller lenders considering outsourcing their insurance tracking, the Miniter Borrower-Centric Approach to outsource insurance tracking has completely changed the traditional value proposition associated with small lender outsource insurance tracking. Our insurance tracking systems were updated in October 2012 to comply with all of the new force-placed insurance requirements defined by the CFPB RESPA Mortgage Servicing Proposal. Lenders will have until January 21st 2014 to comply with the new RESPA regulation.
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.
We invite you to call us at 1-800-MINITER or visit us on the web at http://www.miniter.com.