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Mortgage Guard
(Administered by Proctor Financial, Inc)
The Mortgage Guard program is a lender-placed a/k/a force-placed hazard insurance product and tracking system for entities servicing mortgages. The policy is a reporting form that protects lenders in the event the borrower fails to maintain hazard insurance on mortgaged property. It also protects the lender's interest in foreclosed or Real Estate Owned (REO) properties. Coverage is all risk, subject to exclusions within the policy form. Coverage is non-admitted and is available in all 50 states and US territories.
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Features and Benefits
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- Eligible classes include residential, commercial and mobile homes, mortgaged homes as well as REO
- All risk coverage, subject to policy exclusions
- Risk Management and Compliance tool
- Customizable coverage and services
- Multiple reporting methods e.g. file transfer, proprietary software, internet, etc.
- Dedicated Customer Service Representatives
- Unique claim settlement practices
- Customized letter writing to borrowers on behalf of the lender
- Insurance Outsourcing Services offered to lender/servicer clients including insurance tracking; mail handling, processing and data input; Electronic Data Interface (EDI); new loan set up and loss draft management
Coverages
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About our Program Administrator
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Proctor Financial, Inc. has deep roots in the real estate lending industry, beginning as an outgrowth of two mortgage banking firms, Homer Warren & Company, (est. 1884) and Proctor & Company, (est. 1934). Proctor Homer Warren, Inc., (est. 1960), was the overall corporate umbrella that evolved into Proctor Financial Inc., one of the first firms to offer lender-placed hazard insurance, now a wholly owned subsidiary of Brown & Brown, Inc. Proctor's operating philosophy is exemplified in its portfolio of products and services. Programs are customized to fill the unique business needs of each client. Value is conveyed through tailored insurance offerings, advanced technology, customized servicing solutions and superior customer service.