One of the most common problems inherent to the mortgage servicing business is that of handling fire insurance for vacant and foreclosed properties. Most programs available are very expensive and can create servicing burdens. Additionally, loans made on properties which are located in federally designated flood zone areas provide further difficulty to the bank’s loan servicing department because of the federal flood tracking regulations for these types of loans now imposed on the lender.

FSIA, Inc. offers your bank a solution to the forced place insurance problem. Participation in our Forced Placed Property/Liability/Flood program affords your bank the maximum protection with a minimum amount of work.

This program was designed by Mortgage Servicers to address the problems facing servicers in today's market. The strength of this Forced Placed Property/Liability/Flood program lies in its simplicity and ease of administration.

Some of the outstanding features of this program include: instant binding authority for occupied and vacant properties both commercial and residential; no minimum premium or deposits; competitive rates; flexible billing including monthly rather than every four weeks; flood zone determinations; life of loan tracking of hazard; portfolio analysis (if necessary); flood insurance quoting and placement programs; flood insurance tracking; and administrative ease.

Whereas the Mortgage Impairment Insurance essentially protects the bank for unknown lapses in insurance coverage, the Forced Placed Property/Liability/Flood program protects the bank for known lapses in coverage.