I believe this is a Section 8 issue but would love to have someone elses opinion.
* A bank has an affiliate insurance agency.
* The affiliate insurance agency has arranged for an unaffiliated insurance agency to provide force-placed hazard insurance to the bank for R/E loans with lapsed policies.
*The bank will provide the info on lapsed policies directly to the unaffiliated insurance agency that will purchase policies and bill the bank.
* The affiliate insurance agency will collect an override commission from the unaffiliated insurance agency for each policy force-placed.
Section 8?
Last edited by Last Mango; 06/28/07 09:07 PM.
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