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Insurance and Natural Disaster
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.
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.
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.
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.
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).
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.