For several loan types, it is important that the loan collateral is insured. AutoPal offers several ways to view and track expired insurance and it is easy to update once new insurance information is obtained.
Notification of Expiration
Typically when an insurance policy is taken out on loan collateral, the lien holder will be listed on the policy. If your company is not listed as the lien holder on an insurance policy, you can call the underwriter and have your company added. If your company is listed as the lien holder on an insurance policy, you will usually receive notification by mail when the policy is updated or cancelled. When you receive insurance notification from a borrower's insurance company, it is import to input the information into AutoPal. To do this, go the Insurance tab inside of the borrower's loan account and click the Update Insurance button. If the insurance information was entered previously, you will typically only need to update the effective dates (the dates on which the policy starts and ends) found in the Start Date and End Date fields. When entering the rest of the information, AutoPal provides a few shortcuts. If the insured is either the borrower or the coborrower, you can automatically add his or her name to the Named Insured field by clicking the appropriate text at the top right of the field. Once the Start Date has been entered, you can click the +1M, +3M, +6M, or +1Y links to automatically populate the End Date field with a date that is either one month, three months, six months, or one year from the Start Date.
If you do not receive insurance notices from the borrower's insurance company, you can set up a notification inside of AutoPal that will send you an email when the borrower's insurance expires. To do this, go to Settings - Company Management - Emails. Click on the New Notification button in the bottom section of the emails screen. Choose Insurance Exp Date from the Email Trigger drop down. Enter the appropriate number in the Trigger Value field. For example, if you would like to receive the email on the last day the policy is valid, enter a 0 as the Trigger Value, a 1 for the day the policy is no longer valid, etc. Make sure that your borrowers are set up to receive these emails by changing the Email Enrollment drop down value in the Loan Manager - User Information - Email/Access area of AutoPal to "Yes". You will also want to make sure that you as a Servicing User are set up to receive these notifications. To enable the notification for your user, go to Users - Servicing and click the Email button to the right of your user listing. Then click the Enable button to the right of the insurance expiration email notification that you created.
You can view a report of accounts with upcoming and past insurance expiration dates in Reports - Servicing Reports - Insurance. To generate the report, enter the date by which borrowers in the report will have expired insurance. You can then search for accounts with expired insurance by clicking the Search button, or you can search for accounts with expired or no insurance information by click the Expired/No Insurance button. This report can be sorted by any of its headers. Click on the header text and the report will be sorted in either ascending or descending order. To sort it the other way, click the header text again. You can also filter the report by Servicing User, Loan Type, Loan Status, Source Company, Days Past Due, Primary Portfolio, Secondary Portfolio, or Aging bracket by making the appropriate selection from the corresponding drop down menu.
Obtaining Insurance Information
There are several ways to obtain insurance information for a borrower's account. If insurance information was entered previously for the account, the easiest way is to call the insurance company listed and ask for the most up-to-date information. You can also use the Email tool inside of AutoPal to send a message to your borrower requesting insurance information. It is typically best to set up a Form Email inside your account so that this can be done in seconds instead of minutes. If you want to send an email to all of the borrowers with past due insurance, you can send it from the Insurance Servicing Report by generating the report and then clicking the Email icon in the top right of the report page. You can also send an automated phone call to the borrower from this report using the AutoPal tcn integration. You can choose to send out an official notification through the mail using the Custom Forms tool in AutoPal. You can also call the borrower directly.