| Increase your knowledge of the principles, processes, and regulations of insurance servicing. Gain an understanding of the roles and responsibilities of servicers, borrowers, lenders, and insurance companies in the servicing process.
Course Outline:
Lesson 1 - Insurance Servicing Foundations
- Defining Insurance
- History of Insurance
- Underwriting and Establishing Rates
- Insurance Scoring
- Why Lenders Require Insurance
- Why Lenders Escrow for Insurance
- Servicing and the Mortgage Banking Process
Lesson 2 - Property Insurance Requirements
- Requirements for Property Insurance
- Deed of Trust or Mortgage
- Deed of Trust or Mortgage
- Escrow Provisions
- Condominiums and PUDs
Lesson 3 - Insurance Department Overview
- Key to Success
- How Insurance Servicing Works
- Duties and Functions of Insurance Departments
Lesson 4 - Processing Claims
- Duties of Borrowers and Insurance Companies
- Insurance Adjusters
- Mortgagee Rights
- Settling Claims
- Processing Loss Drafts
Lesson 5 - Policies and Coverage
- Homeowners Policies
- Cost of Homeowners Policies
- Blanket and Condominium Policies
- Windstorm, Hail, Earthquake, Fire and Extended Coverage
- Flood Insurance
- Flood Insurance Coverage and Cancellations
- Perpetual and Mine Subsidence Insurance
Lesson 6 - Insurance Documents
- Binders and Applications
- Declaration Pages and Endorsements
- Premium, Cancellation, and Reinstatement Notices
Course Credit:
Completion of this course earns five points toward MBA's Certified Mortgage Banker (CMB), or Certified Mortgage Technologist (CMT) designations. This course also earns five points towards MBA's Mortgage Servicer, Loan Administration (CMS Level I) Achievement Certificate. |