Mortgage insurance protects the investor or noteholder if the borrower defaults on the loan. It lowers the investor’s risk when funding a home loan. In most cases, if you pay at least 20% down on your home, you’re not required to carry mortgage insurance.

First, let’s understand what an escrow account is and why it can be helpful. Basically, having an escrow account is all about convenience. It means that you never have to worry about when property tax and insurance bills are due, because we make the payments for you.

Note: The following Mortgagee Clause must appear on your insurance policy. If it’s not there, contact your insurer and let them know.

If your loan was transferred to MrCooper, you need to notify your insurance company and update your mortgagee clause. Learn how to do it and what to do with optional insurance products.

In the days leading up to closing day, your lender will send you a Closing Disclosure, which outlines what you need to pay at closing and summarizes your loan details. You’ll also need to share various mortgage documents required by your lender.

An escrow account is where funds are held to pay property tax and insurance bills on your behalf. If your loan is escrowed, a part of your mortgage payment goes into your escrow account every month.

In the days leading up to closing day, your lender will send you a Closing Disclosure, which outlines what you need to pay at closing and summarizes your loan details. You’ll also need to share various mortgage documents required by your lender.

You are required to have enough insurance to cover the lower of either the replacement cost of the home or the remaining principal balance on your loan. Example: If your unpaid principal balance (UPB) is $80,000 but the replacement cost is $120,000, you need to carry a minimum insura...

Homeowners Insurance Changes for Transferred Accounts. You’ll need to notify your insurance company that your loan was transferred to us and that they’ll receive payments from us now. Give them your new loan number and have them update the mortgagee clause on your account to:

Homeowners Insurance Changes for Transferred Accounts. You’ll need to notify your insurance company that your loan was transferred to us and that they’ll receive payments from us now. Give them your new loan number and have them update the mortgagee clause on your account to: