Mortgage Impairment

Mortgage Impairment is a customizable blanket policy written to cover the financial institution when a borrower’s home owner’s insurance lapses or is canceled. This policy is underwritten by several “Excellent Best Rated” companies. This coverage gives the financial institution security that all collateral is insured in the existing portfolio with no required tracking.

Real Estate Tax Tracking

Robert Steele Agency has partnered with the top national tax tracking companies to help lenders track taxes and manage escrow accounts. Our online system allows lenders to view or obtain tax information to manage non-escrow and escrowed loans. The lender is able to pass the expense of adding new loans to the borrower, while transferring the liability of tracking the real estate taxes to the tax service provider.

Lending Products and Solutions

Mortgage Lending Products & Solutions

Forced Order Hazard

Our Forced Order Hazard program is a dual interest protection, protecting the financial institution and the borrower. This coverage allows lenders to easily force place insurance on properties if the borrower’s coverage has lapsed or been canceled. The financial institution, through a simple online reporting process, can secure insurance immediately on almost any property in its portfolio.

An outsourced full tracking service is available with this program as well. Our agency will assist the financial institution with an evaluation of their current portfolio and situation to find the best solution to satisfy lending and processing needs.

Forced Place Flood

Our Forced Place Flood program allows lenders to protect themselves when they become aware flood insurance is required, but has lapsed or been canceled. The Robert Steele Agency helps protect borrowers and financial institutions by allowing the flood insurance to be easily obtained online.

Experience. Strategy. Results.

Second/Equity Lending Products & Solutions

Auto Lending Products & Solutions

Home Equity Lien Protector (HELP)

Midwestern Equity Title Insurance Company (METIC) is an Indiana domiciled title insurance company that was formed in December 2000 for the purpose of writing a special limited title policy on equity loans named Home Equity Lien Protector (HELP).
HELP is a limited title insurance policy that insures lenders against losses caused by unknown and undisclosed liens, easements, judgments, or encumbrances to the title of the mortgage property. This coverage eliminates the requirement of ordering a title search for open and closed end equity loans. HELP provides significant savings with time and money while, most importantly, providing coverage.

Flood Determinations

The Robert Steele Agency has partnered with ServiceLink (previously known as LPS Flood), the leading flood zone determination provider in the nation.

ServiceLink provides custom data and delivery solutions, specialized training and support, Life of Loan tracking, audit, free CertMaps, and additional portfolio services. ServiceLink is the first flood provider to acquire a nationwide set of digital FEMA maps. By installing these digital maps in all automated and exception processes, ServieLink, has achieved the highest levels of automation in the industry along with the ability to effectively keep up with the ever changing FEMA maps.

Evaluation/Appraisal Alternatives

There are several alternative options to full appraisals and drive by appraisals for lenders to consider on equity and second position loans. The Automated Valuation Model (AVM), Property Condition Report (PCR), Residential Evaluation, and Commercial Evaluation have allowed lenders to be more competitive, while being compliant, with the enhanced services of alternative evaluations of properties.

Lenders Single Interest Blanket Coverage (LSI)

Lenders Single Interest (LSI) is a customizable blanket policy written to cover the financial institution against uninsured auto, watercraft, motorcycle, ATV, and other type of vehicle loans. This policy is underwritten by several “Excellent Best Rated” companies. This coverage gives the financial institution security that all collateral is insured including the existing portfolio without all of the paperwork and time spent on tracking insurance.

Forced Place Collateral Protection Insurance (CPI)

Collateral Protection Insurance (CPI) is a dual interest collateral protection program for banks or credit unions. The insurance protects lenders against loss on automobiles or other personal property pledged as collateral, where the borrower has failed to secure or maintain adequate insurance coverage.

Guaranteed Asset Protection (GAP)

Most insurance policies cover the actual cash value of the borrower’s vehicle. This value declines rapidly during the first few years of ownership. GAP is a coverage that is sold to borrowers by the financial institution to cover the “gap” of coverage the borrower has between their insurance settlement and the loan balance.

In addition to providing this product to the financial institution, we also offer training courses to maximize your financial institution’s sales penetration percentage.

Credit Insurance

The Robert Steele Agency is the largest Independent Credit Insurance Agency in Indiana. This coverage is sold by the financial institution to the borrower on auto loans to reduce, take over, or pay off loan payments if the borrower is no longer able to make payments on the loan.

In addition to providing this product to the financial institution, we also offer training courses to maximize your financial institution’s sales penetration percentage.

Each individual whose duties will include selling, soliciting, or negotiating limited lines credit insurance must complete an approved program of instruction to obtain a credit insurance license. Please see licensing tab for more information.