ROCKLAND, Mass., March 5, 2020 /PRNewswire/ -- Miniter Group today announces record growth for insurance tracking as the loan servicing industry continues to embrace Miniter's Borrower-CentricSM force-placed insurance tracking.
Borrower-CentricSM insurance tracking was introduced by Miniter in 2006 and continues to gain market share as lenders embrace this new business model. The business model does not require force-placement of insurance to generate revenue for the insurance tracking operation, which leads to improved customer experience for borrowers.
According to Gary Mahoney, CFO of Miniter Group:
"We had a record year in 2019, highlighted by a 39% growth in the loan tracking operation. Miniter expanded sales reach geographically in 2019, adding lenders in Alaska and Hawaii. Miniter now services clients in 41 states as we continue to move outside of our traditional base in the northeast. In 2019 we attracted both midsize and large lenders, which allowed us to build portfolio size in large increments. Miniter continues to build on its reputation as a leading insurance tracker in the industry. Our Borrower-CentricSM approach gives lenders confidence that outsourcing their tracking service to Miniter results in an improved experience for their borrowers.
For lenders considering outsourcing their insurance tracking, the Miniter Borrower-CentricSM approach to outsource insurance tracking has completely changed the traditional value proposition associated with outsourcing insurance tracking.
Miniter Group is a leading provider of collateral risk transfer solutions to the lending industry, providing blanket and lender-placed insurance solutions to over 550 lenders in 41 states. Miniter's in-house software development team worked with lenders to create the Borrower-CentricSM Insurance Tracking System in 2006. Miniter's solutions include Vendor Single Interest Insurance, Lender Placed Insurance, Collateral Protection Insurance, and Mortgage Impairment Insurance.
We invite you to call us at 1-800-MINITER or visit us on the web at www.miniter.com.
SOURCE Miniter Group