Closing Complex Loans Faster With a Digitized Client Workflow

Join us for a discussion on changes in market demographics, suppliers and how focusing on customer experience and a few simple steps during the mortgage loan process can close deals 3x faster.

engage.marketing event: All eyes on purchase

To help power your business forward, we’re bringing together the smartest minds in purchase mortgage marketing to share the insights, tactics and strategies that set leaders apart.

Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

Loan quality lessons learned from 2020

HousingWire recently spoke with Trevor Gauthier, CEO of ACES Quality Management, about the effects of 2020 on loan quality and what lenders should expect regarding loan quality and risk management this year.

MortgageSponsored Content

Proctor Financial uses a unique blend of automation and human interaction in its solutions

Provides mortgage servicers a host of solutions for insurance tracking operations

Mortgage servicers are looking for more ways to automate and innovate processes in order to lower costs, increase efficiencies and revamp the life of a loan. Proctor Financial provides mortgage servicers a host of solutions for insurance tracking operations with a unique blend of automation and human intervention to ensure timely and accurate insurance policy tracking.

Proctor’s risk-management programs protect commercial, residential, mobile home, condominium and REO properties. These programs include:

  • Mortgage Guard: Lender-placed hazard and optional premises liability
  • Bridge60: Lender-placed flood
  • REO Guard: Real Estate Owned hazard and optional premises liability
  • Portfolio Guard: Blanket hazard
  • EquiShield: Blanket home equity
  • KwikRisk: Hard-to-place property program
  • Mortgage Impairment: Errors and omissions
  • Excess Flood
  • Investor/ REO Rental Program: Provides property and liability coverage for portfolios of residential rental properties held by financial institutions, property investors, REITs and other real estate capital companies

“These services, coupled with Proctor’s proprietary tracking system, Intelligent Insurance Manager (IIM), relieve clients’ administrative burden for a complaint, streamlined insurance management program,” Mike Cox, CEO of Proctor said.

IIM was created to prevent borrower harm. Servicers utilizing IIM will benefit from a system capable of identifying insurance exposures and intelligently correcting them with compliant lender-placed practices.

With one click, clients can perform independent vendor management tasks to ensure their outsourced insurance tracking program is performing properly. This accessibility is vital when a servicer is audited.

Proctor’s process includes a rules-based tasking workflow for policy procurement, document/mail processing and disbursement processing.

“This gives our teammates optics on those particular conditions, which require special attention and assists our teams in ordering work with intelligent prioritization,” Cox said.

Compliance, technology, IT security and borrower experience remain top concerns for servicers. Proctor is able to maintain clients’ compliance through each of its programs along with its robust infrastructure to ensure system uptime and enable nimble change management.

Proctor will continue to invest in technology in 2019, focusing on advancing the client and borrower experience through new products and services.

“Our Client Technology team is currently building a robust borrower communication portal to manage and track loan information and activities, redesigning Proctor’s lender-placed insourcing administrative program and strengthening the automation process,” Cox said. “In addition, we are introducing an HOA lien tracking service.”

Proctor continues to create and implement enhancements that facilitate lender-placed insurance administration for mortgage lenders while remaining within a regulatory compliant, secure environment focused on borrower satisfaction.

“Tracking insurance can be a costly administrative burden for mortgage servicers,” Cox said. “When servicers elect to outsource their insurance tracking operation to Proctor, they elect a compliant program that delivers a borrower-focused, benefits-driven insurance and risk management solution.”

The Executives 

proctorMike Cox, CEO

Mike Cox joined Proctor in 1985, beginning his career in mail services. He ascended to the role of Senior Vice President of Lender Services in 2006. In this position, Cox managed Proctor’s lender-placed customer service and claims for hazard and flood insurance. Over the years, Mike has provided leadership in underwriting, insurance programs and exposure management and will continue to lead Proctor forward with his 33 years of experience and expertise in the industry.

 

Mohamed Elewa, President and COOproctor

Elewa joined Proctor in 2001, acting in various financial roles including Director of Financial Reporting and CFO. In his prior role as executive vice president, Elewa increased operational efficiencies, improved accuracy and quality in processing, and invested heavily in technology, including the development of Proctor’s suite of proprietary insurance tracking applications. 

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