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How to start tracking insurance for a loan

Automatic Insurance Tracking Setup

Eligible insurance policies will be automatically tracked once the following conditions are met:

  • Enable Insurance Tracking on the Loan:

    • Ensure insurance tracking is enabled on the main Borrower page.
    • The loan must have a principal balance greater than $0 and be categorized as "Active."
    • For line of credit loans, the credit limit must be greater than $0 to enable insurance tracking.

  • Add an Insurance Policy to the Loan:

    1. Assigned to a property.
    2. Insurance type selected as Wind, Hazard, Fire, or Flood.
    3. The policy expiration date must be in the future.
    4. The “Active” box is checked for the policy.
    5. Company name, policy number, coverage amount, and agent’s name are provided.
    6. The property must be one of the following types:
      • SFR
      • Commercial
      • Office Condo
      • Residential Condo
      • Residential Income 1-4
      • Residential Income 5+
      • Mobile Home
      • Mix Use
      • Residential
    7. Flood zone selected for the property. This is only required for tracking flood policies and can be left empty for Hazard and Wind. 

How to determine if insurance tracking is active?

Once insurance tracking is activated the edit insurance screen will have all fields showing as read only and “Insurance tracking Active” badge will be displayed at the bottom of the screen.  

Insurance Tracking Messages Tab 1-2

Will Notifications Be Sent When a Force-Placed Insurance Policy Is Added to a Loan?

A reminder will be added to the loan whenever a force-placed policy is received. You will receive an alert when the reminder is due, which can be viewed by clicking the Reminders link in the menu.