Mortgage Life and Disability Insurance
 

FirstClose offers Mortgage Life and Disability Insurance from several leading sources. Through relationships with Southwest Business Corporation (SWBC), JT Miller and Company, and other providers, FirstClose offers insurance services that are second to none.

Community Banks can now make available insurance with ACH billing on loans they originate. They will be able to earn and maintain fee income from the sale of insurance even though they may not service the loans.
Experts in the mortgage-servicing marketplace have predicted that within five years there will be just five major servicers left in the U.S. However, they believe that even though the servicing side of the business will continue to consolidate, it is highly unlikely that the origination side of the business will follow the same form. Many are confident that the origination side of the mortgage business will actually de-consolidate as technology will make it possible for just about anyone to originate a loan.

Decreasing mortgage life and disability provides:

  • Lower rates for higher balances
  • Non-smoker discounts
  • Affordable disability rates

Advantages of ACH Billing:

  • Eliminates the work that is associated with billing, collecting, remitting and reconciling the monthly premiums from escrow.
  • Allows lenders to offer insurance to all customers regardless if the lender plans to sell all or part of their new loan production or servicing.
  • The lender maintains income flow from insurance sales on loans that are subsequently sold, transferred, refinanced or paid-in-full.
  • The lender reduces administrative expenses.
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