2015 POWER PLAYER: Loan Protector Insurance Services

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Loan Protector fast

Loan Protector logo

6000 Cochran Road
Cleveland, OH 44139

www.loanprotector.com

TheCOMPANY
 
Increased regulatory pressures on the mortgage servicing industry have made it more important than ever to partner with an organization that places compliance first. Loan Protector’s technology streamlines the insurance tracking and lender placed insurance process, ensures compliance with regulatory requirements and can be tailored to the unique insurance tracking requirements of each individual client.

Loan Protector’s dedicated compliance team continuously monitors regulatory changes that impact its clients’ business and works with its operating team to adjust programs to comply with these changes. The company’s QA team monitors the services that it provides and delivers Key Performance Indicators to each of its clients to ensure that its programs are responding as intended.

“We recognized the need to maintain a high level of compliance expertise in order to maintain our position as a leader in the lender placed insurance and insurance tracking industry,” Dennis Swit, managing partner and president of Loan Protector, said. “Our compliance team is dedicated to monitoring regulatory changes that impact our industry and educating our clients about the impact that each change has on the services that we provide.”

Loan Protector offers a range of outsourced insurance tracking programs, from simply automating the lender’s borrower notification process to providing full outsourced insurance tracking. Each tracking client is provided access to insurance data, images of borrower insurance documents and notification letters, along with an array of online reports via the company’s secure web interface.

While Loan Protector is best known as an insurance tracking and lender placed insurance provider, “we also want to be known as a leader in education and training. We believe that we have a responsibility to prepare our clients for regulatory changes and requirements we all must follow,” said Ken Evans, vice president of compliance and risk management.

“Having the ability to continually improve and make changes to our technology provides us with the unique ability to custom-design our service offerings to the exact needs of each and every client, and that is not something a lot of our competitors are willing to do,” COO Serf Hernandez said.

In 2011, Loan Protector entered the master trust insurance administration business after enhancing an existing software platform to handle the complexities of master trust insurance coverage placement and premium allocation across assets held in trust. This new product development, named Trust Protector, is expected to contribute significantly to Loan Protector’s growth in coming years.

With increased regulatory pressures and newly required vendor oversight, Loan Protector is poised to increase its share of the lender placed insurance and insurance tracking marketplace due to its custom technologies and compliance-focused approach.

TheEXECUTIVES

Dennis Swit managing partner and president — joined Loan Protector Insurance Services in 1998 as a national account executive promoting Loan Protector’s lender placed and insurance tracking programs to large national and regional financial institutions across the United States. Over the past 15 years, Swit has provided leadership in new business development, lender placed and insurance tracking program design, and client retention. Swit was promoted in 2010 and is now responsible for the overall business and growth strategy of Loan Protector Insurance Services. Swit earned a bachelor of arts degree in business and communications from Muskingum University in New Concord, Ohio.

Serf Hernandez chief operating officer —  joined Loan Protector with 25 years of senior management background in the mortgage loan servicing industry with vast experience in operations management, financial acumen and client account services. He began his career at Chemical Mortgage Co. in 1989 and has held senior level positions with several of the large servicers in the industry. Hernandez earned his bachelor of science degree in finance from Ohio State University and holds a Six Sigma green belt.

Ken Evans — vice president of compliance and risk management — joined Loan Protector after 30 plus years in senior-level banking and consulting positions within the financial services industry. With an understanding of the banking industry and environment, he is focused on the full range and scope of the Dodd-Frank Act, Biggert-Waters Act of 2012, Homeowner Flood Insurance Affordability Act of 2014, and other regulations. As the chief risk manager for Loan Protector, he is conversant in the requirements of SSAE16, SOC2 and AT101, allowing Loan Protector to exceed the new CFPB vendor management standards. As a licensed property and casualty insurance agent in Ohio, Evans has applied his background in financial services to the insurance industry.

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