How lenders will benefit from Proctor Financial’s acquisition of Loan Protector
As a result of Loan Protector’s recent acquisition by Proctor Financial, Proctor Loan Protector is now the largest managing general agency (MGA) in the market, meaning it is neither owned by nor confined to a single insurance carrier. This benefits the company’s clients in multiple ways.
Proctor Loan Protector is able to shop rates among its carrier partners to find the best rates for clients and their borrowers. In the event a carrier decides to leave the business or a client is unhappy with their coverage, the company can shift that insurance to a different carrier without impacting the operational tracking.
The company’s in-house underwriting team has the ability to issue policies directly through its office or carrying partners, and the company can also adjudicate claims directly from its in-house team.
“We’re in the process of taking the best of both organizations and combining them to make the new Proctor Loan Protector,” said Damon Laprade, executive at Proctor Loan Protector.
At the end of 2021, the company estimates it will be tracking close to 7 million loans as a combined entity, with 1,200 teammates working across three operations: Cleveland, Ohio; Troy, Michigan; and Daytona Beach, Florida.
Proctor Loan Protector is focused on the best of the best: the best people, processes, technology and applications. For more information, visit https://proctorlp.com/.
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