Proctor Financial, Inc. distinguishes itself from others in the lender-placed insurance marketplace with its exceptional focus on customer needs. The company fosters close client relations by creating tailored solutions for hazard tracking and lender-placed insurance solutions.
Proctor has developed a proprietary client portal, Intelligent Insurance Manager, to simplify the vendor management process. This portal goes beyond just tracking residential and commercial loans, allowing clients to access recorded borrower phone calls and management trend reports.
Paul Glantz, president of Proctor, says the company’s longevity and expertise translates to competence, reliability and consistency for its clients.
“Forty five years of experience translates to hundreds of years of collective knowledge and expertise. Many of Proctor’s leaders have a long tenure at our company and within the industry,” Glantz said.
“Having formed strong partnerships with six different insurance carriers provides us flexibility to tailor solutions for clients irrespective of market changes,” Glantz said. “For example, if a carrier suddenly decides to no longer provide coverage for an insurance line, we have back-up options to assure that they remain covered.”
Proctor recognizes the importance of managing the potential risk that can exist when servicers entrust third-party vendors with their institutions’ confidential data, so the company utilizes a well-defined approach for auditing processes, programs and procedures when facilitating vendor risk management.
The company takes precautions to safeguard all sensitive client and borrower data byincluding a back-up data center and third-party tested disaster recovery plan. Clients are alerted to any changes that affect their program and their dedicated relationship manager will work through any major and impacting changes.
Compliance is woven into the fabric of Proctor’s organizational culture, becoming everyone’s responsibility. Glantz explained that compliance is critical because it assures that companies act responsibly and in accordance with all regulatory guidelines. Proctor understands that comprehending the requirements its clients operate under is a vital component in being able to provide insurance solutions that deliver conformity in an agile manner.
“We worry about compliance so our clients don’t have to,” Glantz said. “We prioritize our focus on compliance assurance for our clients because we believe that customer experience factors and compliance go hand in hand.”
Proctor leadership includes an in-house compliance and an IT governance security team that monitors state and federal legislation, regulations and any litigation affecting the insurance and banking industry.
The company is also ISO 9001:2008 and SOC 2 type 2 certified. Additionally, Proctor’s award-winning borrower care center received BenchmarkPortal’s “Call Center of Excellence” certification from 2011 to 2015, a prestigious designation determined by rigorous standards.
The company marries its proactive stance on compliance with cutting-edge technology, so it can develop solutions quickly as regulations change. For example, in response to the CFPB requirement to track borrower complaints, the company swiftly adapted and designed a Consumer Complaint System for clients.
“Performing in the lender-placed insurance industry requires conformity with many circumstantial and detailed regulations. Being subject matter experts allows Proctor to demonstrate evidential proof that clients will be kept in compliance with CFPB/OCC, Fannie Mae, Freddie Mac and state regulators,” Glantz said.
Proctor’s attention to compliance, vendor management, and data security positions the company for sustained growth as it continues to build relationships with clients and partners.
Paul Glantz, President
Paul Glantz has led Proctor as its president since Jan. 1, 2007. Under his leadership, the business has continued its strong growth trajectory while enhancing the customer experience for its clients. Prior to assuming his current position, Glantz served as chief financial officer for 16 years. He possesses an extensive understanding of the mortgage business, having acquired substantial experience through positions in finance, insurance and real estate.
Glantz holds a Bachelor’s of Science Degree in Business Administration with High Distinction from Wayne State University and a Master’s Degree in Taxation from Walsh College. He has received recognition for his achievements, including the Distinguished Alumnus Award from Wayne State University and Walsh College. He serves as a member of the Wayne State University Foundation Board and Treasurer of the Detroit Chapter of Variety International.