Mortgage Company FAQ’s
Why is my mortgage company on my insurance check?
The insurance company will issue a payment to everyone who has a financial interest in the property. If your mortgage is in escrow, the lending company will also be listed on the insurance claim check from the insurance company.
Why is this a problem for me?
The bank will not cash/deposit the check without a signature from everyone involved. This means the check will need to be endorsed by the lending company.
This process can be quite an undertaking for you and can cause some lengthy delays due to the stringent nature of mortgage companies when involving an insurance claim. The process may delay your repairs starting in a timely manner or delay you from paying your invoice once repairs are complete.
What should I do to get the mortgage company endorsement?
Gather your claim check and have your claim number readily available
Call your mortgage company for how to handle endorsement. Be sure to ask if there is a local branch endorsement option.
If there is a local branch endorsement option, take the check into the local bank branch and have the branch manager endorse it. Call the branch first to see if there are additional documents you should bring.
If there is no local branch, you will have to send your check to a Central processing center for endorsement. Your mortgage company will provide you with the address for central processing. Be sure to ask if you need to endorse the check before sending it in.
When sending the check to the central processing center, you should send by FedEx so you are able to monitor delivery.
After sending in the check, maintain regular contact with the mortgage company. First to follow up that they received the check, then weekly calls to ensure they are processing the check and returning it to you.
Keep a written log of dates you call in, contact numbers of every person you talk to, and what was discussed.
What should I do if the wrong mortgage company is listed on my check?
Look at the payee section, confirm this is in fact your mortgage company. If it is not correct, call your insurance carrier and request that the mortgage company info be updated and a new check issued. You will need your claim number when calling the insurance company.
What should I do if my mortgage is paid in full?
Most mortgage companies will NOT endorse a claim check if they are listed as a payee when the mortgage has been paid in full. A lot of times the insurance company just didn’t find out that a mortgage was paid in full. Call your insurance carrier and have them issue a new check without the mortgage company on it. You will need your claim number when calling the insurance company.
When should I expect my funds back?
A typical payment from the mortgage company is 1/3 up front, 1/3 upon verifying 50% completion, and 1/3 upon verifying 100% completion. Some mortgage companies will deposit your check into your personal account within 3 days of receiving the check. All mortgage companies have a different set of rules. This is why it is critical to call the mortgage company weekly for updates. Often the mortgage company will be waiting for updates or documentation from you, and you would not be aware of that without making those phone calls.
Why does my mortgage company want to inspect my home?
Many times, the mortgage company will require a final inspection, to make sure the home is being restored before they send out full payment.
Why did my mortgage company send all these forms and what should I do with them?
If you have received forms from your mortgage company and you need help filling them out, please reach out to our billing team for assistance. Billing@eliteclaimsolutions.com