Some of the services we offer

Vendor Single Interest

There is an alternative to lender placed hazard insurance!

Vendors Single Interest (VSI) or as it is often called Lenders Single Interest (LSI) insurance is blanket protection for a lenders interest in most types of loan collateral including vehicles, equipment, and other personal property. The product has numerous coverage options including:

• All Risk Physical Damage
• Instrument Non-Filing Errors and Omissions (E & O)
• Skip and Confiscation
• Repossessed Collateral Coverage
• Mechanics Lien and Repossession Expense Reimbursement
• Actual Cash Value (ACV) Waiver

Premium is rated and collected on a per new loan basis or as a factor of monthly outstandings. In most states, the per loan fee may be disclosed and collected from the debtor at loan origination. A number of deductible and limit options are available. Click here and complete the form, or contact LRM here for a free competitive rate quotation.

We have provided a comprehensive on-line tool for VSI that is easy to use while still being flexible and powerful to provide great customer services.  Click here to learn more about our on-line VSI tool.

Guaranteed Auto Protection

WHAT IS GAP?
Guaranteed Auto Protection is a Loan/Lease Balance Deficiency (GAP) Waiver designed to eliminate your unpaid net loan/lease balance in the event your borrower’s vehicle is stolen or damaged beyond repair (totaled). The GAP Waiver relieves your borrower of the responsibility for the full loan/lease deficiency balance that is not covered by the proceeds from their primary insurance policy or any applicable third party insurance policy.

WHAT DOES THE GAP WAIVER COVER?
The GAP Waiver covers the difference between the actual cash value of the car (primary insurance company settlement, plus the actual deductible up to $1,000) and the outstanding loan/lease balance at the time of a loss, less certain deductions. It does not cover the following: (1) any refundable additions to the loan/lease amount such as service warranty contracts and credit insurance, (2) delinquent payments greater than 60 days past due, (3) late charges or other fees added after loan/lease inception, (4) any portion of the loan/lease that exceeds 150% of MSRP (new cars) or 150% of average retail book value (used cars).

FOR EXAMPLE:
Loan Balance after one year = $ 15,000
Primary Coverage Settlement = $ 10,000

GAP WAIVER = $ 5,000*
*GAP Waiver will not cover primary insurance deductible that exceeds $1,000.
Note: The primary carrier deductible is only covered if an unpaid net loan/lease balance exists.

Mortgage Hazard Insurance

Lenders Risk Services Hazard Insurance Program offers insurance protection on real property, both residential and commercial, for uninsured loans. All-risk coverage is provided for residential properties and named-perils coverage insures commercial exposures. Flood coverage, both voluntary NFIP and forced-placed, can be easily effected assuring compliance. Contact LRM to streamline servicing and eliminate this exposure.

Key Features Include:

• Immediate binding authority up to $2,000,000
• Dual and single interest coverage without coinsurance requirements
• Simplified service administration and reporting option
• Full-service client based administration option via the SUI web-site
• Annual and monthly premium billing option
• Competitive Rates
• Pro-rata refunds
• Optional turn-key outsourcing on hazard and flood monitoring
• Remote data entry interface option for brokers

We have provided an on-line tool for Hazard that is easy to use while still being flexible and powerful to provide great customer services.  Click here to learn more about our on-line Hazard tool.