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10 Frequently Asked Questions
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1. Why did I receive a letter stating that I do not have insurance?
We sent you a letter because we do not have a copy of your current insurance policy, or it has been canceled, expired, or is deficient.
2. How can I provide you with my insurance information?
You or your agent can provide us your insurance information in one of the following ways:
• Upload your insurance declarations page.
• Mail a copy of your insurance to the address indicated in your letter.
• Email your insurance document to the email address indicated in your letter.
• Fax your insurance document to the fax number indicated in your letter.
• Call our Insurance Service Center at the number listed in your letter. Please have your insurance information available when you call.
3. Why do I need insurance?
Your loan agreement requires you to maintain valid and acceptable property insurance for the life of your
loan. When you provide your insurance agent or company with your lender's name and address as "lienholder",
"loss payee", or "mortgagee", we will generally receive a copy of your insurance from them. Be aware, however, that this
does not always happen.
If you have an auto loan, please ask your agent or preferred insurance company
for an auto policy that includes Collision and Comprehensive coverage. Provide your insurance agent or
company with your auto lender’s name and address as your “lienholder” or “loss payee”.
4. What will happen if I do not purchase insurance?
If you do not purchase your own insurance as required in your loan agreement, your lender has the right to
purchase insurance coverage on your behalf and charge it to your loan.
This is called lender-placed
insurance which will generally be more expensive than coverage you can purchase yourself. Also,
lender-placed insurance does not provide liability protection that may be required by state law.
For
these reasons, we strongly urge you to purchase your own insurance.
5. If my lender has purchased insurance on my behalf, how can I cancel it?
You can cancel lender-placed insurance by providing proof of acceptable coverage in one of the ways provided
in #2 above.
6. If I cancel my lender-placed policy, will I receive a refund?
Yes, the unused portion of the premium paid for lender-placed insurance will be refunded to your loan
account.
If there is no lapse in coverage from the expiration/cancellation date of your previous policy
to the effective date of your new insurance, your lender-placed coverage will be canceled in full, and your
loan will not be charged.
7. How would I know that you have received my insurance documents?
We will send you or your agent an email confirming that we have received your insurance information.
8. Am I able to submit multiple insurance documents?
Yes, you can upload or submit multiple insurance documents for the same loan.
9. How do I scan my insurance document(s) that I want to upload?
The quickest and easiest way to scan your insurance document(s) is by using your smartphone, taking a photo
of the document, saving the file to your computer, and choosing it when you click the “Find File” button
on the Insurance Verification form.
10. How soon is my loan record updated with the insurance information that I upload or submit?
On average, it takes 5 business days to update your insurance information.
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