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The Check Endorsement Process With a Lender
Receiving a claim check made out to both the homeowner and the mortgage servicer is only the first step in a process that can feel unfamiliar even to people who have owned a home for years. Because the check carries two payee names, both parties generally need to...Browse the full Resources Index
Lender Inspections and Draw Schedules During Repairs
Once a loss draft department has opened a file on an insurance-funded repair, many servicers do not simply hand over the full amount and wait for the work to be done. Instead they tie disbursement to a draw schedule, releasing funds in stages as the repair progresses...Browse the full Resources Index
Lien Waivers and Releases in the Repair Process
Before a lender releases the final portion of insurance proceeds on a repair, and often before a title company will consider a project closed out, someone typically asks the contractor for a lien waiver. This is a document in which the contractor, and often the...Browse the full Resources Index
How Lenders Handle Actual Cash Value and Depreciation Payments
Most homeowner policies that include replacement cost coverage pay claims in two parts rather than one lump sum. The first payment reflects actual cash value, meaning the replacement cost of the damaged item minus depreciation for its age and condition, and the second...Browse the full Resources Index
