Banks frequently buy and sell blocks of loans. The mortgagee may change from the mortgagee on the effective date of a policy to the mortgagee on the date of loss for a claim to the mortgagee when payment on a claim is made. Adjusters need to have the current mortgagee to ensure the right entity is compensated for the loss.
With the Claims payments mortgagee enhancement feature, you can:
- Ensure the current mortgagee information is pulled into a claim.
- Select the current mortgagee as a payee in the Accounting screen.
This feature is enabled by the pull-current-mortgagees advanced setting.
When you set pull-current-mortgagees to True, BriteCore will automatically pull current mortgagee information into a claim when a claim is filed. If there is more than one mortgagee associated with the policy, BriteCore will use the following tags to identify current and past mortgagees:
- Removed since the DOL
- Current as of today <today’s date>
- No change since DOL
When current mortgagee information is pulled into a claim, you can select the current mortgagee as a payee. Navigate to the Transactions section of the Accounting screen and select Add an entry in the Payments table. The current mortgagee will appear in the Payee(s) dropdown list in the Payment dialog box.