Insurance and Natural Disaster FAQs

Yes. It doesn't matter if your loan is escrowed or non-escrowed. You'll need to maintain insurance and provide us with proof of continuous coverage.

The minimum requirement is either the cost to fully replace your home or the unpaid principal balance of your loan if it's greater than 80% of the replacement costs, whichever is less.

You have a few options:

• If your repairs are completed and all contractors have been paid, then you can get the excess funds released to you.
• You can submit a written request for the money to be applied to your mortgage.
• You can put the leftover money toward paying off your home loan. You’ll have to send a letter authorizing the use of the money to go toward paying off your mortgage. If the excess amount isn't enough to completely pay it off, you'll also need to send certified funds to make up the difference, in addition to a payoff statement.

We'll need your approval to update your insurance information and a copy of your updated policy. You can mail the updated policy to:

Mortgage Servicing Center
P.O. Box 202028
Florence, SC 29502

Or fax it to: 1-843-413-7133

Include your loan number on all supporting documentation.

Let us know there’ll be a change in policy as least 45 days before the current policy's renewal date. We'll pay the new policy when it's time to renew.

Yes. We suggest doing this so your account isn't reanalyzed, which could result in an increase of your monthly payment.

Don't send us the original refund check. To forward the funds, deposit the refund from your previous insurance company and send us a separate payment, either by check or online payment.

If you’re paying by mail, follow the instructions on your monthly billing statement or payment coupon book.

A monitored claim is one with extensive losses and a high claim amount which will require monitoring of the repair process, including document submissions and payments to contractors.

A non-monitored claim is one with less extensive damages and a lower claim amount. These types of claims don't need the repair progress and payments to be monitored, but a completion inspection could be required.

Potentially. If FEMA says your property is in a flood zone, then you'll be required to carry flood insurance. The same goes if FEMA revises the listing for your property to a flood zone.

The minimum flood insurance requirement is either the unpaid principal balance of the loan or 100% of the cost to replace the structure, whichever is less.

Also known as MIP, this is insurance used to protect a lender in cases where a borrower defaults on their loan. If your down payment is less than 10%, MIP will be required for the life of the loan and include both an upfront MIP of 1.75% of the loan amount and an annual MIP which ranges from 0.45% to 1.05%. If your down payment is 10% or more, MIP will end after 11 years.

If your insurance is canceled or lapses and we don't receive proof of a replacement policy, lender-placed insurance will be charged to your escrow account – or one will be created – and you'll be responsible for the cost.

Write your mortgage loan number on the claim check and mail it to:

Cenlar, ISAOA, ATIMA
Attn: Loss Drafts
P.O. Box 202033
Florence, SC 29502

For checks mailed overnight, send to:

Cenlar, ISAOA, ATIMA
Attn: Loss Drafts
1323 Celebration Blvd.
Florence, SC 29501

One we receive and endorse your check, we'll either return it to you and you'll manage the repairs (called a non-monitored claim), or we'll deposit the funds into a restricted escrow account and disperse money as the repairs are completed (called a monitored claim).

Private mortgage insurance (PMI) is a part of the loan payment and protects the lender if a borrower defaults on a home loan. If applicable, this charge can be viewed on the first page of your Loan Estimate under projected payments. You may be required to pay PMI if your down payment is less than 20%. That being said, PMI is automatically terminated when your principal balance is scheduled to reach 78% of your home's value or the month following the midpoint of your amortization schedule, whichever occurs first.

Yes. To set up an escrow account to pay insurance, we'll need a copy of:

• Your current insurance bill
• Your insurance policy declaration page
• Proof showing your insurance premium is paid and up to date

Mail your supporting documentation to:

Loan Administration
P.O. Box 77404
Ewing, NJ 08628

Or fax it to: 1-609-538-4005

Include your loan number on all supporting documentation. Unpaid insurance premiums due within 60 days can’t be used to set up your escrow account. Any insurance premiums being submitted for escrow must be paid in full for the current year.

If you have a loan with us and your property was recently impacted by a storm, flood, hurricane, fire, tornado, or other disaster, have your loan number or Social Security number on hand, and give us a call at 1-866-401-4742. We're here to help find what’s best for you, and we can discuss other payment options that may be available to you during this time.

Yes, if you meet the qualifications. If your home is located in a FEMA-declared disaster area and your property or finances have been directly impacted, you could qualify for a 3-month forbearance plan. If you qualify, we'll send you an email and letter outlining the terms.