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FAQ
General
Carrier
What is LenderDock?
LenderDock is a software solution for insurance providers and financial institutions, providing lenders with access to the insurance policy information and services they need.
Who uses LenderDock?
LenderDock works with insurance providers and financial institutions. We connect directly to insurance providers’ systems to make policy information and servicing capabilities available to financial institutions through the LenderDock platform.
How does LenderDock work?
LenderDock connects directly to participating insurance providers’ systems. Financial institutions can use the LenderDock platform to search for policies and access the information and services made available by each insurance provider.
Is the policy information in LenderDock available in real time?
Yes. LenderDock connects directly to participating insurance providers’ systems to retrieve policy information in real time.
What are the benefits of integrating with LenderDock?
By integrating with LenderDock, insurance providers can eliminate manual lienholder-related servicing and allow financial institutions to access the policy information and services they need without contacting the carrier directly.
What lender-related servicing requests can be completed through LenderDock?
- LenderDock can support the following servicing requests:
- verification of policy details and coverage
- access to required insurance documentation
- requests to update current lienholder information
- reconciliation and payment of escrow-billed policies
- digital delivery of lienholder notifications and bills.
How does LenderDock reduce lienholder-related servicing?
LenderDock gives financial institutions direct access to the policy information, notifications, bills, and other servicing capabilities made available by the carrier. This allows many routine lienholder requests to be completed without requiring assistance from the carrier’s servicing team.
How can LenderDock help reduce call center volume?
By making coverage and policy information available to financial institutions in real time, LenderDock can eliminate the need for carriers to provide that information over the phone, reducing inbound servicing requests from lienholders.
How are mortgagee and lienholder clause correction requests handled?
Financial institutions can request edits to the current mortgagee or lienholder information through LenderDock. Those requests are then delivered to the insurance provider for processing.