Ensuring Continued Coverage of Collateral Vehicles for Auto Lenders
DIMONT, a Dallas-based provider of insurance claims adjusting and collateral loss mitigation services to the residential mortgage and auto lending industries, announced it is offering auto lenders an enhancement to its insurance monitoring service, enabling alerts to lenders when insurance changes happen on performing loans.
DIMONT’s base level Insurance Monitoring Service keeps track of insurance renewal, cancellation, payment and policy change data to enable insurance recoveries in the event of repossession. The enhancement to this service, which DIMONT has been testing with select clients, provides data alerts to lenders when these types of insurance changes occur throughout the lifecycle of the loan. This information enables them to automate the insurance verification process on newly funded loans, improve servicing strategies and scoring models, and identify high risk insurance events on active loans. Lenders may then reach out to borrowers about issues such as unprotected collateral.
“DIMONT’s Enhanced Insurance Monitoring Service helps lenders be proactive with their customers when the data indicates that the collateral may not be appropriately insured,” said Denis Brosnan, president and CEO of DIMONT.