We focus solely on one service: Claims Recovery for Lenders
In 1992, we approached lenders with the concept of investigating their loan portfolio to search for any and all insured damage(s) to their REO properties. The intent is to help lenders offset their loss severity on defaulted loans.
Twenty years ago, we informed lenders, as well as insurers, that mortgagees had different rights over and beyond the named insured through the “Standard Mortgage Clause” and “Lenders Loss Payable Endorsement”. The concept of maximizing the “recovery” side of a loan portfolio proved to be highly valuable. As lenders embraced an initiative that helped reduce loss severity , it eventually became an industry standard. Tens of millions of claim proceeds have since been recovered.
PRP has deep acumen into understanding the nature of foreclosures in the non-prime industry and developed a model that is driven more from a background in mortgage banking. Capitalizing on the “Law of Large Numbers”, PRP utilizes a huge nationwide network of relationships among brokers and asset managers to consistently monitor the physical property at all times, as well as exercising a fluid flow of communication between all parties involved to probe much deeper in investigating every defaulting asset.
If you should require immediate assistance, have questions or need additional information at this time, please contact:
Mr. Gregory Badger
Vice President
Marketing & Business Development
Greg.Badger@PRPclaims.com
619-230-1551x122
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