SAN ANTONIO —SWBC has formed a partnership with Covered Insurance Solutions to integrate digital insurance technology into its mortgage servicing platform, a move the companies said is intended to simplify insurance tracking, improve regulatory compliance and enhance the borrower experience.
According to SWBC, the San Antonio-based financial services company will incorporate Covered’s insurance platform into its mortgage insurance tracking and escrow services. The integrated system is designed to automate insurance monitoring, borrower communications, compliance documentation and policy resolution throughout the life of a mortgage loan.
The companies said the platform is intended to help mortgage servicers reduce operational costs, minimize audit challenges and improve visibility into insurance coverage while providing borrowers with easier access to insurance options that could lower their premiums.
Part of Broader Industry Shift
“Mortgage servicers are facing growing challenges related to regulatory requirements, insurance documentation and borrower expectations,” Jill Ruggles, senior vice president of product management for mortgage servicing at SWBC, said in a statement. She said the partnership reflects a broader industry shift toward automated technologies designed to improve efficiency and long-term servicing performance.
Covered, which specializes in digital insurance technology for the mortgage industry, said the partnership will allow servicers to address insurance issues proactively rather than react after problems arise.
SWBC said the partnership expands its mortgage servicing technology offerings as lenders and servicers face increasing regulatory requirements and rising consumer expectations for digital self-service capabilities.
