Using a predetermined mailing or transmission schedule, you (or your service bureau) will send to Tri-Arc’s operation center a magnetic tape containing the insurance files for your mortgage loan portfolio. We will read the information and will bind or force place coverage on all exposed loans. If a borrower provides their own policy, we automatically pick up the replacement coverage, cancel the force placed policy, and issue a refund if necessary. Smaller servicers access the system via fax by transmitting insurance requests when they become aware of a lapsed policy. Cancellation requests are also faxed to Tri-Arc when appropriate.

We provide a free 60-day binder period between the day you notify the borrower and us of the cancellation/expiration of the existing policy. Annual coverage, if required, will be dated back to the lapse date.

All mortgages secured by real property are eligible for coverage provided the property was insured at the time of closing the mortgage agreement. Residential property includes residential units up to a fourplex and condominiums. Commercial property includes all non-residential buildings. Residential properties are covered by an all risk, replacement cost policy that will repair the dwelling up to the master policy limit. Commercial properties are covered for fire, extended coverage, vandalism and malicious mischief.

Special Program Features

The system is designed to automatically provide:

• Coverage Placement
• Coverage Cancellation
• Notices to Mortgagor
• Billing and Renewal
• Balancing of Refunds and Earned Premiums
• Posting of Payments and Refunds to Cash History