Market & Pricing Trends
Check out all the latest data insights from Advocate
- 2 Topics
- 0 Replies
SummaryExpanding on the analysis of insurance approval timelines in Part 1, Part 2 unveils the crucial role of insurance brokers. Advocate’s comprehensive analysis of review times across our 20,000+ reviews reveal striking variations in approval timelines among different broker categories. What does this mean for lenders? Identifying the insurance broker for your borrower early and seeking Advocate's (or your existing consultant's) opinion on the broker's responsiveness and professionalism are the fastest way to determine if there will be issues within insurance.Advocate’s Data-Driven InsightsDiving into Advocate’s extensive dataset, we identify substantial disparities in approval timelines among various insurance broker categories (see Methodology section). A low significance level, represented by a p-value, suggests these variances are not merely random chance, indicating the impact of broker categories on insurance compliance approval timelines.This underscores the importance of str
Summary This two-part analysis delves into the insurance compliance process for mortgage lenders. Part 1 explores the correlation between insurance compliance turnaround time and five determinants commonly linked to extended approval timelines. In Part 2, our focus shifts to investigating the impact of insurance brokers in shaping these timelines. Insights from Advocate’s Reviews At Advocate, our cutting-edge technology and expert insurance review team consistently outperform industry standards in expediting insurance compliance processes – a crucial step in facilitating loan closings. Despite these advancements, variations persist in compliance and resolution turnaround times across different deals. The insights presented in this analysis are derived from our insurance reviews conducted over the past 12 months. The dataset encompasses all approved loans across various loan programs and lenders. The key metric under evaluation is the turnaround time on insurance compliance, represe
Enter your username or e-mail address. We'll send you an e-mail with instructions to reset your password.