The Mortgage Service Provider Program (MSP) product provides lenders with a comprehensive program which accelerates the lender’s second mortgage loan process.
Many lenders manually order title searches and perform the process of clearing un-discharged liens themselves. This process is time consuming, expensive and provides no assurance that all missed or undocumented lien positions have been eliminated at the time of the loan. In the event of foreclosure, if any undocumented liens exist, they need to be paid first, reducing the equity value of the lien and loan. After evaluating the high cost of following a manual process and self insured exposures, many lenders turn to the MSP program as a solution that increases productivity.
The MSP Solution:
- Covers 1-4 Family Residential Properties.
- Provides property report information within 24 hours
- Eliminates the manual process of clearing un-discharged liens
- Property reports are provided on a national basis eliminating the need for multiple vendors by region
- Offers extensive E&O coverage up to $500,000 per loan for E&O incidents such as the cost of any missing or undocumented liens not identified by the MSP process at the time of loan closing
- Coverage follows the mortgage agreement and can be assigned to investors
- No Borrower affidavit required
- MSP insurance is only billed to loans that close
If you are interested in learning more about the Mortgage Service Provider Program, please contact us.