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Mortgage Impairment

Competition among financial institutions for home equity loans and lines of credit is intense with marketing budgets increasing every year. Lenders are trying to increase market share, lower their cost of acquisition and decrease time per transaction. One area that is expensive and increases the turn-around time is the title search process. Technological advances have increased the availability of title search information allowing banks to directly access and control the information required. Additionally, since many home equity borrowers also have a first mortgage, lenders are investigating the option of performing title searches internally. In doing so, lenders will be able to significantly decrease the cost of the search process and improve time service to customers. The last issue to be addressed is how lenders can protect themselves in case an error is made by their internal operations.

    Newfound Risk Solutions, Inc. working with an "A+" Superior A.M. Best rated insurance carrier, is able to offer an innovative title search insurance product for home equity loans. Specifically, the product covers errors and omissions for a lender's employees when performing title searches. It also covers errors and omissions for information relied upon by the lender associated with the title search. The product was created to allow lenders the ability to process title searches internally while transferring the risk of errors. With the risk adequately transferred, lenders can take full advantage of the speed and low cost of these internal title searches.

Product Benefits:
  • Insured by a nationally recognized, A+ rated insurance carrier
  • Designed for home equity loans and lines of credit
  • No deductible is applicable
  • Time service on titles searches can be reduced significantly
  • Increases the lender's control over the loan process
  • Reasonably priced to allow significant savings over traditional searches while removing risk
  • All claim related activities, including foreclosure and legal costs, are handled by the carrier
  • Minimal risk underwriting requiring only: loan application, credit bureau report, deed of trust, and borrower's affidavit
Call Newfound today to learn how our Mortgage Impairment program can help you.

*This product is not available in all states.
**The information provided is not an offer of insurance and does not warrant coverage. All coverage is subject to underwriting review and approval. Please refer to the policy contract language for questions on coverage terms and conditions. Individual policies may vary from the information provided.
Newfound Risk Solutions, Inc., Knoxville, Tennessee.
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