SOURCE: OSC, a Breckenridge Insurance Group company

OSC, a Breckenridge Insurance Group company

February 24, 2015 13:52 ET

OSC's Home Choice Complete to Address Lender-Placed Insurance Compliance and Consumer Needs

KENNESAW, GA--(Marketwired - February 24, 2015) - OSC, a leading lender-placed insurance, tracking and compliance services provider, is launching a proprietary homeowners insurance product as part of its ongoing commitment to consumer advocacy and its clients at the Mortgage Bankers Association National Mortgage Servicing Conference and Expo in Dallas, Texas today at booth #718. OSC's Home Choice Complete will enable homeowners and mortgage lenders and servicers to find competitive coverage with a simple application process and fast turnaround. It is ideal for when insurance is needed quickly at closing for new loans or refinancing, when credit or time constraints exist or if a homeowner is facing delinquent insurance notifications.

For financial institutions, compliance with state and federal lending regulations is a complex and ongoing process. When a property does not have mandated insurance coverage, the lender or mortgage servicer must act to inform the homeowner to secure the coverage in a set timeframe and manner to remain properly insured at all times. Without evidence of insurance, the lender then must place insurance on the property and payment made to the institution -- called 'lender-placed' insurance -- versus a private insurance provider the consumer chooses.

"We have clients that want to give consumers a better choice when insurance coverage is urgent or options are limited," stated Kirk Stephens, chief compliance officer of OSC. "Especially if heading down a path of lender-placed coverage required by federal and state lender regulators, OSC's Home Choice Complete potentially saves costs while enhancing coverage -- it can be a great alternative for some," he added. OSC currently provides insurance tracking and places lender-placed coverage for numerous lenders and mortgage servicers using its proprietary technology in accordance with these strict regulations.

OSC Home Choice Complete is an A.M. Best "A"-rated insurance product for single-family detached, owner-occupied dwellings valued at up to $250,000. Unlike most lender-placed options, it includes $50,000 in liability and contents coverage for up to 30% of the insured amount. With a simple online application and secure payment by credit card or electronic check, the policy can typically be available within one business day. The product website, currently in final testing, can be seen at the MBA conference or via scheduled webinars. The full website will be available by the end of March to existing and new financial services clients, REO and property investors, real estate agents and directly to interested consumers. For more information on OSC's Home Choice Complete, please contact James Robertson, EVP of business development, at 469.320.4050 or james@oscis.com.

About OSC

OSC, a Breckenridge Insurance Group Company, is a financial risk management and compliance technology service provider based in Kennesaw, Ga. For more than thirty years, OSC has set the benchmark for delivering risk management and technology solutions to financial institutions of all sizes, serving more than 1,000 clients nationwide. OSC was among the first of its industry peers to successfully complete the SSAE16 SOC1 audit. The company's reputation as a compliance expert and technology innovator is exemplified in OSC's proprietary IrisX (Informed Risk eXchange) suite of cloud-based software solutions. The proprietary system is designed to meet the complex compliance and multi-collateral tracking demands of the 21st century consumer and commercial lender.

About Breckenridge Insurance Group:

Breckenridge Insurance Group, headquartered in Atlanta, Ga., is a nationally known specialty wholesale insurance broker, program manager, MGA and insurance services provider. The company serves independent insurance agents and brokers and financial institutions with 14 offices nationwide. Companies include Blue River Underwriters, Breckenridge Insurance Services and OSC. The team provides access to diverse commercial insurance products, programs and contract binding authorities for varied industries, businesses and professionals through its national and international carrier partnerships. Areas of specialty include: property and casualty, products liability, professional liability, workers' compensation and lender-placed insurance, tracking and compliance. For more information, please visit www.breckis.com or call 678.322.3535. CA Insurance License #0G13592.

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