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REQUIRED READING: Adjust Accordingly To The Risk Profiles Of Collateral And Portfolios
Lender-placed hazard insurance protects an investor's or servicer's interest in mortgaged properties when the borrower has not maintained the mortgage agreement's required hazard insurance.
The policy premium is charged to the borrower's loan balance. Therefore, it is in both the servicer's and insurer's interest to notify the servicer each time a borrower's policy is out-of-force for various reasons, such as failure to pay the premium, or the borrower's cancellation or nonrenewal.
The Fed Gets "Visual
If you've wanted to see precisely how widespread the subprime debacle has become, I came across an online tool today that can give you a pretty good idea. And it really is precise: you can see the picture on a national level, or drill down to data for states, counties, and even ZIP codes.