Lender-placed insurance exceptions: each exception is waived, cleared with a document, or followed up
Customer production
- Stage
- Back office
- Moves
- classify, chase and verify, decide
- Customers
- Community Bank of Mississippi
Controls enforced
- Each lender sees only their own exceptions. A waiver needs a named second person, chosen by the lender, to approve or reject it. An attachment needs the loan number, which files it correctly in the insurance tracking system. Follow-up deadlines are tracked.
Evidence produced
- A 90-day audit log of every action, its date, the waiver approver, and each attachment with its date
- a weekly log of all dispositions. The insurance tracking system is the long-term system of record.
Claims
Community Bank of Mississippi runs three processes on Callvu: loan processing, lender-placed insurance exceptions and HR reviews.
At Community Bank of Mississippi, every lender-placed insurance waiver needs a named second approver, and every action is kept in a 90-day audit log with its date, approver and attachments.