We are still seeing unprecedented interest rates and refinances happening. In this process, loans are changing hands constantly. However, most people don’t realize that they should be an active participant in this process.
When should I notify my insurance company?
If you receive documentation that your loan is sold, please call us right away. It’s important that we keep your insurance documents up to date as these changes happen. Not only is this a vital part of making sure your mortgage doesn’t put their own very expensive insurance policy on you; it also insures invoices are sent properly for escrow payments.
Does my mortgage do this for me?
What info does my insurance company need?
The most important information we need is the full mortgagee clause and your new loan number. The mortgagee clause is a very specific address that must be exactly correct for the escrow payment to be made on your behalf. It is not the same address where you mail your payments or the corporate office address. You will know you have the mortgagee clause address if the second line has the acronym ISAOA (It’s successors and/or assigns).
If you have any questions regarding this process or if your loan was recently sold, please reach out to me. I am happy to help every step of the way.