Looking for some guidance on servicers and and forced placed insurance

[Stas Finelt]

hey everyone,

i am looking for a little bit of guidance on servicers. who would you guys recommend?

also forced placed insurance, who do you guys recommend? 

thank you for any help in advance.

[Bob Malecki]

Hi Stas, 

We have been using FCI as our servicer and earlier this year they have implemented a blanket FP insurance policy for all clients with their insurer, OSC. Basically as soon as our loan is boarded with FCI, the property is insured under the blanket policy. OSC then sends the borrower a request for proof of insurance and if satisfied, the policy is revoked. If not satisfied the policy remains in force and we are billed for the coverage from OSC. Once the borrower provides proof of insurance, then OSC will refund us the cost of the policy paid, pro rata to the date of new insurance by the borrower. Its a nice touch and saves us having to add FP insurance to our procedures. 

Bob