A Regulator-Vetted and Time-Tested Alternative to Lender-Placed Insurance (LPI)
HomeownerSelect®, is WNC Insurance Service's innovative program that successfully helps financial institutions depopulate their lender-placed insurance (LPI) portfolios while offering consumers greater insurable protection, including contents, medical and liability coverage – all at a more competitive price.
HomeownerSelect is consumer-centric, voluntary coverage that allows borrowers on LPI to opt in to this more beneficial program. Being voluntary coverage, HomeownerSelect borrowers save money and may elect to also fully protect their equity in the home when a LPI policy may not adequately do so. The program is geared to minimize the hardships and limitations of LPI, and has been vetted by the major regulators and government housing investors.
Our solution offers value to everyone involved:
Lenders & Servicers
- Reduces corporate advances for mandated insurance.
- Creates favorable regulator receptivity and litigation protection.
- Enhances lender's brand reputation by providing favorable alternatives to LPI.
- Administered compliantly with minimal servicer impact or support.
- Re-engages borrowers to be accountable for their insurance.
- Minimizes hardships from loss of uninsured personal property.
- Lowers monthly mortgage payment amount.
- Increases options for future insurability in the standard market.
- Lowers reimbursement of servicer escrow advances.
- Promotes increases to insuranceto-value coverage to better protect the collateral.
- Reduces delinquency rates and costs of loss mitigation.
- Master Policy resides with the servicer – customer is a named insured.
- Flexible coverage limits including full replacement coverage ($50,000 to$2 million limits).
- Personal property coverage at 10%of property limit, up to $25,000.
- Personal liability at $50,000.
- Medical payments at $5,000.
The servicer’s LPI file of borrowers allowing solicitation on their accounts is run through the following eligibility requirements to secure a solicitation file of prequalified LPI homeowners:
- Loans up to 60 days delinquent.
- Loans in process of modification.
- Owner or tenant-occupied property.
- Single-family residence (1-4 family units) with an insured value of $50,000 or greater.
- Properties with no claims filed in the last 36 months.
- Loans with a minimum of 12 months before maturity.
Learn more about HomeownerSelect by visiting https://www.wncinsuranceservices.com/products-and-services/homeownerselect.