CV-Exchange | Loss Payee and Mortgagee Notifications
The CV-Exchange® loss payee and mortgagee notifications service will streamline your process for notifying loss payees of policy changes affecting their collateral.
Loss payee and mortgagee notifications can be complex and expensive. Incomplete loss payee information or out-of-date mailing addresses result in significant amounts of returned mail. Using your staff to process returned mail is expensive and time-consuming — especially since information changes constantly throughout the life cycle of an insurance policy.
Now you can choose a comprehensive electronic-processing solution.
Cleaning information — behind the scenes
CV-Exchange uses a sophisticated and unique process to correct data automatically. The service performs several error-detection and correction operations to:
- cleanse the incoming policy/transaction data for mistakes in lender name and address
- update the old address with the new forwarding address as certified by the U.S. Postal Service
- insert the address of a tracking agent certified as the receiver of specific loss payee and mortgagee notifications, if necessary
CV-Exchange uses multiple databases and sophisticated match technology to perform its error-detection and correction operations. The service then sends “cleansed” addresses through electronic data interchange (EDI) or through the U.S. Postal Service to the appropriate lender or tracking agent.
Returning information — without paper
You’ll transfer data securely and electronically to CV-Exchange and get immediate, measurable results. To document notices, the service archives a “proof of mailing” for notifications sent through electronic delivery or through a U.S. Postal Service receipt.