With lending institutions facing the risk of higher than normal foreclosure percentages, there is a growing need for an REO insurance program that can stand on its own. OSC has created REOCover to provide financial institutions with peace of mind knowing that foreclosed assets will be protected by best-in-class products with highly competitive insurance rates.
Traditionally, financial institutions insure foreclosed/REO assets through a lender-placed policy for the mortgagee with REO coverage added as an endorsement. REOCover and REOCover PLUS provides the lender a stand-alone REO master policy outside of the lender-placed environment and potential premium savings should you implement additional property preservation and REO management services.
Please visit our website here for more details or reach out to your business development or client services representative.