Insurance Claims

Insurance Claims

Insurance Claims

Insurance Claims

Frequently Asked Questions

What if I can't make my mortgage payment due to property damage to my home or place of work?

If a widespread disaster or other event has damaged your home or caused you a financial hardship, we may be able to help. Contact our Residential Loan Servicing Department to receive additional information for your specific situation.

Why is my insurance claim check also made payable to my bank?

As the mortgage servicer, the lender is listed on your homeowners insurance policy and on insurance claim checks, because we have a security interest in the property and need to make sure the property is restored to its original or better condition or value.

How do I endorse the insurance check and start the repair process?

Notify us as soon as you get your check, and we will provide you the information to get started.

Why do you release funds for larger claim checks in increments?

For property repairs that we monitor, we release the funds in partial payments to make sure the property is restored to its original condition. We want to make sure that the repairs are being done correctly and according to schedule. Releasing the funds in separate payments also helps prevent contractor fraud.

Why does the bank have to inspect the property for the insurance funds to be released?

For substantial property damage claims, we want to make sure your home is fully repaired, so we order and pay for inspections throughout the process.

What happens if I don't sign the insurance claim check?

If you have accidentally forgotten to endorse your check, we will return it to you to be signed. Be sure to write your mortgage loan number on the check. We can’t begin the home recovery process until we receive the endorsed check and all necessary paperwork.

What should I do if my contractor needs more funds to start or continue property repairs?

Call your account representative to request an exception. We may ask the contractor to submit a written request to us. We’ll review the request and determine whether additional funds may be released.

Can I use the insurance funds from a property damage claim to pay my past-due balance?

Insurance claim funds are intended to repair your home to its original condition and cannot be applied to your past-due balance.

What if I don't use all the insurance money for the repairs?

Any remaining money can be refunded to you as long as:

  • All repairs listed on the adjuster’s worksheet are complete
  • A 100% inspection has been received by Wintrust Mortgage
  • Contractors and workers have been paid

Note: Your mortgage must be current for you to get a refund.

What if my claim amount is greater than the principal balance on my loan?

You have two options:

  1. If you wish to repair your home and your loan is current, we will immediately release the amount that exceeds your unpaid principal balance, in addition to your first draw amount.
  2. If you want to use the funds to pay off your balance (including any unpaid fees and interest), please obtain a payoff quote by calling 866-718-7899 to see if the claim funds will cover the total outstanding amount. If so, submit a letter of request and we will use your insurance claim funds to pay off your loan balance.

I switched insurance companies. What steps should I take to notify Wintrust of this fact?

Borrowers can send a notification with their contact information via

phone: 866-718-7899
mail: 9801 W. Higgins Road, Ste. 600, Rosemont, IL 60018

A member of our Escrow Team will contact the borrower for answers to a few questions regarding payment of the new policy and cancellation of the prior policy, then take next steps to complete the process.