Collateral Protection Insurance Import

This application offers a Collateral Protection Insurance (CPI) premium processing module for Simple Interest loan accounts with linked collateral. Premium and refund transactions are optionally posted on accounts regardless of payment type. Accounts with a payment type of Fixed Due-Calc Interest on Pmt (FDUE) or Fixed Principal and Interest (FBI) can optionally have premium and refund transaction activity trigger payment recalculations.   

This application offers an import process for following vendors: 

• State National
• CUNA Mutual
• Southwest Business Corporation (SWBC)
• Allied (using the SWBC file format or the Allied Single Monthly Payment format)

NOTE: If more than one premium is applied to the same account (as could happen if multiple properties are attached to a single account) or if the payment changes by any other means, the payment might not return to the payment amount as expected.

Benefits

For Financial Institutions using Collateral Protection Insurance (CPI) for their loan accounts, this application directly imports the premium and refund files provided by various insurance organizations like State National, CUNA Mutual, SWBC, and Allied etc. to process premium and refund transactions on respective accounts.