Mortgage Company Request Vs Company Guidelines

[amandaturton]

I have been developing a relationship with a mortgage company for referrals. It took about 6 months for the referrals to start rolling in. So far, I have written every one that has come my way. I don't want to disrupt this relationship in any way. Here is the issue I am having:

The loan officers and/or underwriters sometimes persistently ask for a dec page and invoice prior to the policy being written. I sned the quote and explain I am at the mercy of the insured's scheduled. I cannot send the documents prior to the policy being issued and signed. We offer e-signature and I do all I can to stress to the insured that time is of the essence. Am I being a stickler of the rules? We are an independent agency, do captives have more leeway? I get the feeling that other insurance agencies they work with don't hold out for a signature. Any thoughts?

 

[insurance1822]

I get all my business from mortgage lenders & realtors. It sounds like this particular lender may not be the best at conveying the urgency to the buyers. But you CAN'T provide a dec page BEFORE the policy is bound (obviously.)

When I issue a policy (which could take 2-3 business days for the actual dec page to be generated...) I'll make a certificate of insurance on an Acord form. Many times the mortgage companies want to see random crap on the "dec page" that doesn't print on a dec page anyway (such as WIND/HAIL Included, 100% replacement cost blah blah blah.) So the certificate of insurance is able to be customized to exactly what they want. I've never had a residential lender reject an Acord certificate of insurance.

The best thing you can do is provide them w/ the quote. Many times they just need to know a homeowner's insurance cost prior to closing so they can submit the package to their closing department of approval. If the buyer doesn't end up using you, they don't really care...they just want their loan package cleared to close. So in that regard just say "Here's the quote I gave them."

I issue every policy over the phone & send the insured documents to sign. I bind coverage COD for closing so no payment is needed. I instantly send over a certificate of insurance even though the insured hasn't signed yet. If you click BIND...and that house burns down 3 hours later IT'S COVERED. It's not like without a signature there's no coverage in the event of a loss. Sure...in a doomsday scenario it could be an issue, but you can't produce at high levels and be that much of an adminstrative stickler IMO.

I wouldn't' be waiting on signatures to send over a dec page. Once you bind it, send a certificate. The Acord form I use is Acord 24 Certificate of Property Insurance