Proctor Financial, Inc.

Borrower Notification

Unique, comprehensive correspondence programs.

We provide timely notification to borrowers, carriers, agents and lenders when information or coverage is deemed “unacceptable” per the lender’s guidelines.

This lender-placed cycle begins if we do not receive sufficient documentation or an appropriate response within the timeframe instructed by the lender.

Typically, a warning letter followed by a bind letter is sufficient for the lender-placed hazard letter cycle.  The cycle used for lender-placed flood follows the government recommendation of two warning letters followed by a bind letter.

All letters sent on your behalf are printed on your logo letterhead stationery. You provide the first draft of the language for each letter. We then provide suggestions regarding both the content and the format of the letters.

The lender-placed hazard letter cycle:

1. The initial warning letter is sent when the property is reported to us as uninsured.  

2. Thirty calendar days after the warning letter is sent, a bind letter is sent.

The lender-placed flood letter cycle:

1. The first notification letter is sent when the property is reported to us as uninsured.

2. A second notification letter is mailed thirty calendar days later.  

3. If no updated insurance is received then a bind letter is mailed thirty days after the second notification letter is sent.

We always require that a renewal letter is included in your letter selection.  This letter is sent each year that your lender-placed coverage is renewing.  It’s been our experience that this letter provides you with a continuous history of correspondence to your borrower informing them of the lender-placed coverage, explaining the reduced coverage provided by a lender-placed program and how to cancel the coverage with their own policy.

It’s all part of our complete program to help you successfully manage your business.