Sometimes a claim needs to be submitted even though there is no specific borrower to do so. Whether a vacant, abandoned, distressed or REO property is involved, OSC offers quick and efficient claim submissions to voluntary insurance carriers to accommodate servicer preferences.
Clients benefit by outsourcing the handling of voluntary policy claim submissions to OSC, as it is both time and labor intensive – especially if continual follow up becomes necessary. Specializing in this niche space requires knowledge of changing insurance regulations, investor guidelines, check handling, reasonable repair estimates, damage inspections, and constant communication with contractors.
Comprehensive support for your loss draft needs:
- Fully employed, professional staff
- Full call center support resources
- Secure information and consistent reporting
- Extensively trained and accountable team
- Filing and facilitation best practices
- Access to real-time reports for lenders and for audit purposes
Voluntary claim submission services include:
- Initial receipt of claim from lender
- Determined status of voluntary policy
- Determined contact for claims of voluntary policy
- Communication/submission of claim to voluntary carrier
- Request for claim number assignment
- Communication of claim number to lender
- Optional (with participation in Loss Draft Servicing):
- Set up of Loss Draft file for monitoring of claim status/Loss Draft check(s)
- All claim submissions would be set up as a non-monitored claim until the final settlement is issued.