When Lender-Placing Insurance Is Necessary, AFR Comes Through With Competitive Pricing
AFR's lender placed program is customized to fit your portfolio, no matter how big or small, with a full range of options that will provide you and your borrowers with the best service possible. Whether you need to lender place a few policies or many, you will benefit from AFR’s competitive rates.
AFR is first and foremost an insurance tracking administrator. Our programs are designed to reduce the need for lender-placed insurance.
However, life happens and if a lender determines that lender-placing insurance is necessary, AFR will find the best solution and keep you in compliance.
Benefits of AFR’s Lender-Placed Insurance Program
- Competitive rates for portfolios of any size
- Access to both private flood markets and the NFIP
- Primary and excess coverage for commercial and residential properties—beyond NFIP limits
- Exclusive use of EliteTrac, AFR’s proprietary insurance tracking system
- Option for AFR to send customized borrower notifications
- Industry-leading compliance expertise
Lender-Placed Hazard Insurance
AFR’s Lender-Placed Hazard Insurance Program provides mortgage lenders and servicers with a reliable solution to secure coverage when collateral becomes uninsured. The program offers protection for a wide range of property types, with flexible coverage options including:
- All-Risk Property Damage (residential and commercial)
- Real Estate Owned (REO)
- Mobile Homes
- Optional Contents Coverage
- Optional Liability Coverage
- Condominium Unit Owners
- Blanket Second Mortgage
- Blanket First Mortgage
- Mortgage Impairment and Errors & Omissions (E&O)
Lender-Placed Flood Insurance
AFR’s Lender-Placed Flood Insurance Program offers mortgage lenders and servicers a solution to obtain flood coverage for properties in their loan portfolio located in federally designated Special Flood Hazard Areas (SFHAs). This coverage is used when borrowers have failed to maintain required flood insurance and have not responded to prior notices.
Lender-Placed Wind Insurance
AFR’s Lender-Placed Wind Insurance Program enables mortgage lenders and servicers to secure stand-alone wind coverage when a borrower’s hazard or homeowners policy excludes wind as a covered peril—and the borrower has not responded to prior notices that wind coverage is required.
Lender-Placed Auto Insurance (Collateral Protection Insurance)
AFR’s Lender-Placed Collateral Protection Insurance (CPI) program helps safeguard your loan collateral by providing insurance coverage when borrowers are unable to obtain or maintain their own. Whether a policy has been canceled, lapsed, or expired, our program ensures protection against uninsured losses.
AFR’s CPI program also delivers comprehensive administrative and support services, including:
- Complete insurance data capture and management
- Automated borrower notifications
- Exposure reporting and coverage placement
- Inbound and outbound borrower communication
- Inception-to-date tracking and service
The program is designed to help you achieve two key goals: encouraging borrowers to maintain their own insurance and minimizing the number of lender-placed policies required.
REO Insurance
AFR’s REO Insurance Program provides property and liability protection for real estate and contents acquired through loan default. The program offers flexible options—allowing you to choose the coverages, limits, and deductibles that meet your needs. Monthly premium billing is available.
Automatic Coverage Endorsement
This optional endorsement protects the lender from losses due to uninsured or under insured loan collateral. This coverage is available for lenders who are using AFR’s tracking and lender placed program. Simply put, if you track and lender place with AFR, your collateral is always protected from uninsured losses.