In the unlikely event you suffer a loss related to any inaccuracy in our appraisals, we'll pay for it!
We have now added a new product…Collateral Damage Appraisal Warranty. This covers up to a $100,000 loss in addition to a Claim Expense Sub Limit: $50,000 on all buybacks. We can tailor the policy to meet your lending standards.
The insurance contract recognizes Collateral Management as the named insured allowing all output of appraisal product (as mutually agreed upon with the carrier) to be insured free from defect subject to program parameters. Collateral Management ‘s policy will covers losses from claims filed as a result of an inaccurate property value that results in direct loss to the named Financial Institution or the Transferee through loan default or foreclosure.
The Collateral Damage Appraisal Warranty will protect the Financial Institution against an actual financial loss if the warranted collateral value is ultimately determined to be in excess of the variance of the collateral value determined as of the date of the original appraised value. When a loan defaults or foreclosure occurs and a valuation inaccuracy is discovered, the insurer steps in and pays the claim subject to the terms and conditions of the Insurance Policy.
- Eligible Loans: Firsts, Seconds, HELOCs
- Coverage Period: 5 Year Policy Period
- Minimum Borrower FICO Score of 620
- Maximum Loan Amount: $750,000
- Coverage Amount: $100,000 to $250,000
- Variance: 10%(can be modified)
- Coverage Transferable
- Maximum LTV/CLTV: Not to exceed 100%
- Residential Properties up to 4 family
Actual Financial Loss may include but is not limited to:
- The mortgagor’s unpaid principal balance;
- Accrued and unpaid interest up to 365 days;
- Outstanding escrow advances, if any;
- Attorneys’ fees and costs incurred during foreclosure;Less:
- The amount subsequently collected as a result of final resale of thesecured property; and
- All insurance or self-insured recoveries received by either themortgagor or the mortgagee which serve to reduce the mortgagor’sunpaid debt; and
- Any other amounts subsequently collected from the mortgagor andapplied toward the repayment of the eligible loan.
Call our toll-free number, 1-970-214-7401, or send us an e-mail at email@example.com. We would love the opportunity to discuss our products with you. All policies can be altered to meet your lending requirements.