Multiparty Payment Digitization
Mortgage and automobile lenders of all sizes now have a proper multiparty digital payment system for insurance claims disbursements. This system is available for lenders like mortgage banks, mortgage companies, automobile lenders, auto finance companies, auto-lienholders, loan servicers, and more, all of which will have insurable interest rights in a claim scenario.
Digitize your loss draft department and begin to receive or disburse insurance claims proceeds to your borrower, who is also the policyholder(s), and their vendors. The solution works in combination with a lender’s internal claims disbursement process or preferences.
Lenders can also re-disburse the payment from the insurer to the policyholder(s) and their vendor. As a result, lenders can seamlessly make digital claim payments to the policyholders, contractors, or body shops during their monitored claim disbursement phase and eliminate the usual paper-check pain points. This process ensures that your insurable interest rights as the lender on record are protected during the claim payment phase.
As part of the property and casualty insurance claims process, insurance carriers issue building damage payments with multi-payee checks payable to the policyholder and lender on file, among others. However, the lender/mortgagee is usually the last to endorse and then cash the check. Why? This is due to the mortgage clause in insurance policies granting lenders priority rights during an insurance claim payment. Our solutions incorporate these payment rights digitally.
- Loss Draft Department holistic multiparty payment digitization
- Digitally receive insurance claim funds
- Disburse claim funds digitally
- Better and more efficiently monitored disbursement process
- Eliminate payment friction with policyholder or borrower
- Enhanced customer satisfaction
Automobile lenders are in the business of loaning funds to borrowers to purchase cars. Still, they all understand that auto accidents occur, and their insurable interest as a lender must be preserved. MRoute multiparty solutions for automobile lenders incorporate the lienholder clause and lender priority rights into the system, putting you in the driver’s seat during automobile claims disbursements and the monitored claims process.
- Control the claims disbursement
- Holistic digitized multiparty payments
- Monitored claim disbursements
- Eliminate your current paper check process and costs
- Avoid payment aggravations with your borrower
