Norwell, MA (PRWEB) November 30, 2012
Miniter Group today responded to request from lenders across the country to provide an informative white paper that details the new RESPA guidance for force-placed insurance which go into effect on January 21, 2013.
The white paper describes new force-placed insurance regulation which will be added to Regulation X (RESPA). This regulation was re-written by the Consumer Financial Protection Bureau (CFPB) in response to the requirements set forth in Section 1463 of the Dodd-Frank Act.
According to Jim Gilpin, EVP of Business Development at Miniter Group:
"This fall, we provided a monthly series of compliance webinars for lenders to learn more of the new guidance surrounding force-placed insurance. During these webinars, we found that many lenders were confused about the new force-place insurance requirements. This white paper describes the issues around escrow processing, closed end loans, CFPB designed form letters, and proof of insurance requirements. Included in the white paper is a check list to make sure a lender’s force-placed insurance program is compliant with the new guidelines that go into effect in January.”
Miniter has led the industry by disseminating information regarding force-placed insurance compliance. Since 2007, Miniter Group’s Borrower-Centric Insurance Tracking Solution is the industry's fastest growing insurance tracking solution and is currently being used by over 125 lenders. Miniter Group’s November 2012 insurance tracking software release makes the system 100% compliant with the new RESPA regulations for force-placed insurance.
To download a copy of this white paper Click Here
Miniter Group is a leading provider of collateral risk transfer solutions to the lending industry. Miniter Group provides insurance solutions to over 550 lenders in 45 states. In addition to our in-house software development, which created our Borrower-Centric Insurance Tracking Solution, other collateral risk transfer 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 MINITER.com