Master Property
Matterhorn's Master Property Program provides mortgage lenders and loan servicers
with a simple and easy way to protect their interest in property securing their
mortgage loans. The Policy provides:
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Hazard coverage on a force-placed basis for those borrowers who are in violation
of their mortgage terms because their own insurance on the mortgaged property has
lapsed or cancelled and has not been reinstated or replaced; and
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Hazard coverage for OREO properties on which the lender or servicer has foreclosed
and taken title to the property.
The lender or servicer completes a simple reporting form which captures the properties
on which they wish to purchase coverage, the time period coverage is needed, and
the amount of insurance desired. The reporting form automatically calculates the
appropriate premium. The reporting form is submitted to Matterhorn following the
end of each month. Premiums are calculated on a daily pro-rata basis, so the lender
or servicer pays for only the length of time they need the coverage during the preceding
month. Because premiums are paid on a monthly basis, the lender or servicer does
not have to advance a large 6 month or 12 month premium for each scheduled property
in advance, and then have to pursue a cancellation refund when the borrower secures
coverage or the OREO property is sold.
Master Liability
Matterhorn's Master Liability Program provides mortgage lenders and servicers with
a simple and easy way to protect their liability exposures on OREO properties. The
same reporting form and premium calculation procedures which apply to Master Property
Coverage also apply to Master Liability Coverage.
Matterhorn specializes in insurance programs that are unique to the needs of financial
institutions. Our Customer list includes hundreds of banks, thrifts and credit unions
nationwide. Building your mortgage loan portfolio is a full time job. Protecting
it doesn't have to be. Let Matterhorn take care of that for you.