Loan Protector Augments Service with Tracking Control.

Like many vendors, Loan Protector Insurance Services here will be showcasing new offerings during the Mortgage Bankers Association annual convention in San Diego. LP (www.loanprotector.com) has developed a new service called Electronic Insurance Interchange, a clearinghouse to share homeowner's insurance information with lenders.

At present, some 85 insurance carriers, including all the major firms, are aggregated on the service, created for lenders that prefer not to outsource their insurance tracking. "Our EII system will save servicers invaluable time by reducing their expenses and the amount of paper documents they receive," said Loan Protector president Ron Wiser. "Large servicers have been using this type of data interchange for years, but through advanced technology, Loan Protector can now offer this type of service to any size portfolio."

With EII, Loan Protector processes a master file or extract of the lender's portfolio and tracks all borrowers without current insurance, generating a series of custom warning letters to the borrower. During the cycle of letters, Loan Protector offers automatic coverage that protects lenders from any hazard insurance losses. If a borrower does not respond to the series of letters, the system automatically orders lender-placed coverage on the collateral property.

Lenders get real-time access to data and the ability to eliminate paper documents very document Loan Protector receives is imaged. Through the EII system, insurance records are saved instantly in the lender's servicing system.

Loan Protector's Easy Track, built on a client-server database aggregating X12 EDI interfaces with a lineup of insurance carriers, operates as an ASP with an interface written in Java. ...