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Master Property and Liability
Master Property Force Place & OREO
Matterhorn's Master Property Program provides mortgage lenders and loan servicers with a simple and easy way to protect their interest in property securing their mortgage loans.
The Policy provides:
- Hazard coverage on a force-placed basis for those borrowers who are in violation of their mortgage terms because their own insurance on the mortgaged property has lapsed or cancelled and has not been reinstated or replaced; and
- Hazard coverage for OREO properties on which the lender or servicer has foreclosed and taken title to the property.
The lender or servicer completes a simple reporting form which captures the properties on which they wish to purchase coverage, the time period coverage is needed, and the amount of insurance desired. The reporting form automatically calculates the appropriate premium. The reporting form is submitted to Matterhorn Financial Services, Inc. following the end of each month. Premiums are calculated on a daily pro-rata basis, so the lender or servicer pays for only the length of time they need the coverage during the preceding month. Because premiums are paid on a monthly basis, the lender or servicer does not have to advance a large 6 month or 12 month premium for each scheduled property in advance, and then have to pursue a cancellation refund when the borrower secures coverage or the OREO property is sold.
Matterhorn's Master Liability Program provides mortgage lenders and servicers with a simple and easy way to protect their liability exposures on OREO properties. The same reporting form and premium calculation procedures which apply to Master Property Coverage also apply to Master Liability Coverage.
Master Property and Liability Application
Email completed application to Chuck Maggard at cmaggard@kybanks.com. It can also be faxed or mailed to the address on the application.
For more information, e-mail Chuck Maggard or call him at 502-582-2453.