Lender-Placed Insurance

What Does Lender Placed Insurance Cover?

Utah mortgage lenders face significant financial risks when writing home loans. If homeowners’ insurance is not maintained by the home’s purchaser, lenders may be on the hook for hundreds of thousands of dollars if the home becomes uninhabitable or destroyed. Utah lender-placed insurance serves as a risk management strategy, protecting the lender’s financial interests. It is important […]

March 3, 2021
Lender-Placed Insurance

Federal Laws Over Lender-Placed Insurance

As part of a real estate purchasing transaction, mortgage lenders typically require borrowers to obtain property insurance coverage. If the borrower is unable to obtain or maintain adequate coverage, a solution known as force-placed or lender-placed insurance takes over. Obtained by the lender, this insurance protects the lender’s financial interests. Utah lender-placed insurance is used by financial […]

November 11, 2020
Lender-Placed Insurance

How Can You Remove Lender-Placed Insurance?

When a person secures a loan for a home purchase, financial institutions require that those borrowers maintain adequate mortgage insurance on the property. If a homeowner should fail to maintain that insurance for any number of reasons, the lender is typically able to protect its own financial interests with so-called lender-placed insurance. In the state […]

October 7, 2020
Lender-Placed Insurance

What is Lender-Placed Insurance?

When someone finances the purchase of a home, mortgage lenders require borrowers to obtain and maintain appropriate property insurance coverage. Unfortunately, borrowers sometimes fail to maintain this critical coverage, potentially putting the financial institution’s interests at risk. Most mortgage contracts in Utah and across the country allow lenders to protect their financial interests – the […]

August 29, 2020

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