Updated: Dec 23, 2019
It pays to use an insurance professional who understands how everyone works
We work with a lot of real estate, mortgage, and escrow professionals.
“We help real estate professionals and mortgage professionals close deals faster”
90% of my business is due to referrals from real estate professionals and mortgage professionals, because I was a real state agent years ago and I was a loan officer for several years. I understand the language, the procedures, the timelines, and the nature of the business transactions, so I'm able to quickly provide insurance documentation that helps you close deals as quickly as possible.
Real Estate (CLUE Reports)
As soon as you provide me with a name and address, I'm able to run a CLUE report on the property your client wants to buy. The CLUE report provides loss information associated with the property over the last 5 to 7 years.
Why is that Important?
Every buyer is going to need an insurance policy and every insurance company has different guidelines.
Some insurance agents will issue a quote and/or a "Binder". A quote means nothing until its been fully underwritten by the carrier and cleared to issue. A Binder is essentially temporary coverage until the file makes its way through underwriting. With several companies, underwriting can generally take 30-45 days on average and a policy won't be issued until the underwriting process is complete. Do you really want to wait until you're trying to close a deal, only to find out that there's a problem with the insurance, especially when you're trying to get documents signed on a Friday Night, Weekend, or Holiday?
"We underwrite our quotes before we send them out, so you know you're good to close at any time, and we don't issue Binders, we issue Policies."
Most insurance companies won't issue a policy for a property that has had a claim within a 3 to 5 year period. Fortunately, there are several quality companies that will. The CLUE report helps us identify insurance carriers from the outset, so you'll know from the beginning of your transaction that the policy is solid, and it's one less thing you'll have to be concerned about when you're trying to close your deal.
The language in the mortgage industry is unique. "Hazard Insurance, Loan to Value, DTI, & Full Replacement Cost", to name a few. Mortgage underwriters and loan processors are looking for specific items on the Evidence of Insurance and the fact that I use to be in the industry and fully understand what they're looking for, enables me to provide it from the onset of the transaction. Additionally, when they want a last minute change before docs go out, I know exactly what they need to satisfy their requirements.
In short, I won't let the insurance hold up a loan, because I know what they need and I know how to provide it from the very beginning of the loan transaction.
I also work with loan officers to ensure that the insurance policy meets the underlying DTI requirements, while ensuring that the client obtains a quality insurance product that will protect their asset.
I take pride in quick turnarounds for escrow officers, because when escrow requests an Evidence of Insurance, EOI, I know they're trying to get docs out so you can close your deal. The real kicker here is that there are many times the escrow request will ask for something that wasn't previously disclosed, such as specific vesting, specific language on the EOI, or a Reconstruction Cost Estimator. I've been working with Escrow officers for years so I'm prepared for whatever may pop up. Again, getting your deal closed is a top priority