Balboa Introduces Risk-Based Pricing For Lender-Placed Insurance Services.(Brief Article)

Calabasas, CA -- The Balboa Insurance Group, a subsidiary of Countrywide

Financial Corp. here, has developed a new risk-based pricing program for lender-placed property hazard insurance.

Typically, such insurance is provided on a "one size fits all price" based on the state where the property is located, explained Craig Carson, president of Balboa Insurance Group. It is unique in this market, he said.

Servicers turn to lender-placed insurance when they are notified that the homeowner's hazard insurance policy has lapsed. The homeowner is notified of the need to obtain such coverage, but if they fail to do so by the time required, the lender obtains the coverage and bills the homeowner for it.

During the past five years, Balboa has been in development with Countrywide on this product. Recently it has taken it to three or four ...