Golden Eagle Insurance has launched Blanket 360 Insurance product line to transform the way lenders protect their portfolios.
Blanket 360, the latest product in the company’s portfolio protection line for lenders, covers collateral immediately after loan closing, eliminating the need for tracking and making lender operations more efficient.
Golden Eagle Insurance president Bill Jones said: “Blanket Insurance protections are a very simple and cost-effective way to eliminate virtually all internal insurance tracking after a loan is closed.”
The Blanket 360 product covers all real estate, commercial equipment, and consumer collateral loans. The only remaining loans left to track would be those in a flood zone or those with extremely large balances that would not be fully covered by a blanket product. Statistics show that the average community lender has about 97-98% of their loan collateral properly covered at any one time.
Thus, they spend enormous amounts of time and effort tracking insurance when in reality, only 2-3% of their customers are uninsured at any one time. Golden Eagle’s blanket protections eliminate the negative interactions that can happen when a lender contacts borrowers about insurance issues.
Blanket Insurance mitigates uninsured risk and allows loan servicing departments to spend time on more important lending functions. Lenders also appreciate the benefits of blanket protections when they are no longer written up for insurance exceptions by auditors and examiners.
Jones said: “Examiners know that blanket coverage is superior to tracking and force-placing since the entire portfolio is covered without the need for action and chance for human error.”
The Blanket 360 line immediately makes lenders more efficient, allowing them to grow without adding staff and protect their collateral and portfolios at a higher level than can be done when tracking and force-placing insurance protection.
The Blanket 360 product line includes Blanket Mortgage protection which covers all residential and commercial real estate, Blanket Equipment protection which covers all commercial autos/trucks and equipment, and Blanket Single Interest Insurance (VSI) protects the remaining consumer loan collateral.
Golden Eagle Insurance is a national leader in developing these programs.
Golden Eagle Insurance regional business development vice president Tod Hastings said: “Community lenders appreciate the long-standing experience that we have with these products as well as our underwriting recommendations on how to properly and efficiently insure their portfolios.”
Source: Company Press Release