CIT 206 – INSURANCE INQUIRY
CIT 206 is opened when an insurance inquiry or complaint is received from the borrower or authorized 3rd party. The borrower will send RCS proof of insurance coverage along with correspondence disputing the lender placed insurance or the homeowner’s insurance premiums on the loan.
The customer is placed in a letter cycle when the current insurance coverage has expired or cancelled. RCS send three letters advising the customer that we need evidence of insurance. If none is provided within 60 days, RCS issues a lender placed insurance policy and reanalyzes the loan. The result usually increases the monthly payment amount, which in turn may cause a dispute.
CIT 206 is opened when an insurance inquiry or complaint is received from the borrower or authorized 3rd party. The borrower will send RCS proof of insurance coverage along with correspondence disputing the lender placed insurance or the homeowner’s insurance premiums on the loan.
The customer is placed in a letter cycle when the current insurance coverage has expired or cancelled. RCS send three letters advising the customer that we need evidence of insurance. If none is provided within 60 days, RCS issues a lender placed insurance policy and reanalyzes the loan. The result usually increases the monthly payment amount, which in turn may cause a dispute.