Why Partner With Us?

Proctor Financial has established relationships with multiple AM Best carriers rated "A-" or better. The result — exceptional program flexibility and stability backed by the proven performance of a leader:

  • A legacy of experience 125 years strong
  • Pioneer of lender-placed insurance
  • Trusted by over 1,600 lenders nationwide
  • Over $23 billion of coverage in force
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Home arrow Products arrow REO Guard® • Real Estate Owned Hazard & Liability Insurance

REO Guard

REO Guard®

Real Estate Owned Hazard & Optional Premises Liability Insurance

Protect your assets with our unique real estate owned hazard insurance. REO Guard provides all-risk coverage on a reporting form basis for residential and commercial foreclosed/REO properties. REO Guard has been bundled, in most cases at no additional charge, with First American property inspection services at the time of acquisition to ensure your REO assets are protected on the date of ownership. The lender simply contacts Proctor Financial's partner, First American, and orders inspection services five days prior to property sale, and First American guarantees an inspection will occur on the sale date.

Written as a master policy naming the lender as the insured, REO Guard provides lenders with instant binding authority. Bundle REO Guard with Bridge60® (flood) and premises liability for a complete REO solution.


Product Details

Coverage

  • Residential all-risk, including wind, on a reporting basis
  • Named perils for single-interest commercial properties

Optional Coverage

  • Flood - Bridge60®
  • Commercial All-Risk
  • Commercial Loss-of-Rent
  • Premises Liability
  • Residential Vacant Theft
  • Automatic Coverage
  • Terrorism

Administration

  • Reporting Options
         •
Online Forms − Easy alternative to faxing or mailing forms. Go to www.pfic.com and access online forms under the Client navigation.  Login using a personal username and password and complete the short online forms. It's that easy!
         •   InForcer® − This proprietary internet-based tracking and lender-placed reporting system allows lenders automated internal control over the administrative processing of lender-placed hazard insurance. InForcer, in conjunction with Mortgage Guard, tracks expiration dates, automates the lender-placed process, provides real-time billing and generates borrower notification letters
        •

File Exchange: Custom Interface with Loan Servicing Systems − Simple, seamless and easy to administer

  • Billing Options

         • Monthly In-Arrears 
         • Quarterly In-Advance 

  • Refunds
         • Full pro-rata refunds when a property is sold and premium has been paid 

Claims Management

  • Residential and commercial property claims are settled at replacement cost versus actual cash value − even if the property is not repaired.
  • Property Insepction Services include exterior and interior (through window where possible), verification of air conditioning unit(s) and four (4) photographs of structure, with all damage noted.
  • Mobile home claims are settled at actual cash value.
  • Dedicated Customer Service Representative and toll-free number for reporting claims.
  • Claims settled on average within 45 days of loss

Depreciation costs are not deducted when adjusting claims on a replacement cost basis.

 

 
 

REO Guard®

REO Guard® Program Summary

REO Guard® Application

To learn more about our REO Guard® insurance solution, call 877.456.7294.

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