What are PeerStreet’s force-placed insurance policies and procedures?

For loans serviced by FCI Lender Services:

• PeerStreet, Inc. (“PeerStreet”) contracts with the Overby-Seawall Company (“OSC”) Lender-Placed and Collateral Tracking Program to monitor the property insurance for PeerStreet’s loan collateral.
• PeerStreet is responsible for providing the proof of property insurance for the loan collateral to OSC.
• OSC screens the proof of property insurance. Insurance information for each loan must contain:
  • Correct Property Address
  • Insurance Coverage Amount
  • Coverage Effective and Expiration Dates
  • Agency Address and Phone Number
  • Insurance Carrier Address
  • Policy Number

Note: Quotes are not acceptable and binders must have the information listed above.

• If the borrower fails to provide the insurance information as requested, or the borrower policy is canceled or expires, the borrower will receive two notices from OSC requesting the evidence of insurance.
• If, after two notices, the borrower fails to provide an adequate evidence of insurance to PeerStreet, OSC will charge PeerStreet for the annual premium.
• When OSC receives insurance information after the billing, PeerStreet will be charged any premium due for the time period the property was not covered, which will be billed to the borrower.
• When the borrower demands a payoff, PeerStreet will add any force-placed insurance premium paid by PeerStreet or prior lenders of record to the payoff amount.