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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.
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.
Notify us as soon as you get your check, and we will provide you the information to get started.
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.
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.
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.
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.
Insurance claim funds are intended to repair your home to its original condition and cannot be applied to your past-due balance.
Any remaining money can be refunded to you as long as:
Note: Your mortgage must be current for you to get a refund.
You have two options:
Borrowers can send a notification with their contact information via
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.