ROCKLAND, Mass., Jan. 8, 2020 /PRNewswire/ -- To discuss the history and propose changes to the force-placed insurance industry's business model, Miniter Group today announced the release of the new blog series "Challenging the Force-Placed Insurance Business Model."
The launch of this blog series will first discuss the history of force-placed insurance going back to the 1980s. The blog follows the emergence of lenders partnering with insurance trackers to create fee-income force-placed insurance products. These practices resulted in class-action lawsuits and regulatory scrutiny mandated by Dodd-Frank. RESPA modification by the CFPB provided specific regulation for the force-placed insurance industry.
Ten years after the implementation of the Dodd-Frank reform, the industry has improved, but now is the time to change the business model to benefit borrowers.
According to Jim Gilpin, COO of Miniter Group:
"Our blog will cover the history of force-placed insurance, and more importantly, it will be our forum to propose a new business model that will better serve the insurance tracker, the lenders, and ultimately the borrowers that we serve."
The third blog in this series was released today. The blog will continue through the first half of 2020 with weekly releases as Miniter Group makes a case for a new force-placed insurance business model.
You can visit the blog "Challenging the Force-Placed Insurance Business Model" at https://www.miniter.com/about-us/blog/.
Miniter Group is gaining market share as a provider of collateral risk transfer solutions to the lending industry, currently servicing over 700 banks and credit unions in all 50 states. Miniter Group's products include Force-Placed Insurance, Lender-Placed Flood Insurance, Mortgage Impairment Insurance, REO Hazard and Liability, VSI Insurance, CPI Insurance, and Borrower-CentricSM Insurance Tracking.
Miniter Group's Borrower-CentricSM software development team continues to revolutionize insurance tracking for small to mid-sized lenders by delivering on great ideas recommended by our customers.
We invite you to call us at 1-800-MINITER or visit us on the web at www.miniter.com.
SOURCE Miniter Group