Mortgagee Bill Policies🏦

• Follow Agency Standards

• Policy Binding/Renewal: On any new or renewal policy (confirm mortgagee clause and use insurance authorization doc).

• We must use all tools at our disposal whether it's cherry my coverage info express insurance info, etc.

• We must communicate to the insured if we are facing an issue.

• We must communicate to the carrier when payment is to be sent. 

• Follow up with 1 phone call email and text + 1 more extra follow up set a deadline 

• Not documenting who you spoke to at the bank and when you spoke to them.

• Not verifying the payment address with the bank or the correct amount.

• Not communicating with the insured when there is an issue.

• Not communicating with the carrier when there is an issue 

• Not using the management system

• Omitting notes with adequate documentation or following the checklist.

• If posted, note this and close out the task

• If not, refer to the What Ifs section for next steps

• If double payment, send the Refund-Escrow email

This is the section where we outline all of the wonky things that can happen, so we have a Plan B ready to go. ✅

Here are some options for the what-if situations that may arise. We want to empower you with a plan rather than having to scramble. 💪

🤔 What if the contact information is wrong?

• Use Postal Mail and send the Bad Contact letter. 

🤔 What if the client does not respond? How many times should I follow up?

• No more than 2 follow-ups

  1. 1. 1. • Apply Unresponsive label to send automated email and text message if no response after the 2nd attempt

🤔 What if the carrier is unresponsive? 

• Let the supervisor and assigned account manager know

🤔 What if the mortgage company is unresponsive or uncooperative? 

• Notify the insured and advise them to contact their mortgage company asap and request assistance with resolving the issue

• If it's new business, check if there is contact info for a loan officer in the notes

  • If so, contact them directly to obtain info needed

  • Check with producer if unable to locate the contact info

🤔 What if the mortgage company's payment is delayed, and there is a cancellation?

• Ask the client to contact the mortgage company to overnight the payment

  • Please make sure to provide them with the pending cancelation notice

    • Banks are typically able to overnight if the notice is provided

• Check if the client can make the full payment to keep the policy active

  • If they can't pay in full, check if there are pay plan options available. If so, check if the insured can pay the first installment to keep the policy active

  • Insured will be refunded by the carrier once the mortgage co's payment posts

🤔What if the bank is sending a bulk payment to the carrier?

• Get the payment information and notify the carrier

  • Ask if there is a grace period or if the postmark date can be honored

🤔What if this is an agency bill policy?

• We need to confirm if minimum earned premium (MEP) and fees apply

• Can the policy be unbound/flat-canceled?

• Check if the policy can be switched to insured-billed

  • If so, what payment options are available, and by when is payment needed?

🤔 What if the mortgagee clause information is incorrect?

• Contact the client and inform them that the mortgage clause information is invalid. We need them to contact the mortgage co to request an overnight payment ASAP

• Provide the invoice and the carrier's overnight address (check Directory in EZLynx or verify with the carrier)

• Use the Mortgage Verification label if the insured is unresponsive and the renewal date is 2 weeks away

🤔 What if the bank/mortgage company is reaching out to us to verify coverage?

• Make sure you have the correct declaration page/policy term when verifying coverage with the bank. Also, make sure that they have the correct declaration page/policy term. Verify the mortgagee clause and if it's escrowed (mortgagee-billed)

  • Home: They will ask to verify coverage on the declarations page, and if the policy includes replacement cost and wind/hail coverage (refer to the policy for verification)

  • Flood: They will ask to verify coverage on the declarations page

🤔 What if the mortgage verification task is generated after the renewal/new business policy is issued?

• Report the issue to the Operations team in the IT chat

• Check carrier site and confirm if the policy has been paid

  • If not paid, contact the insured immediately and ask them to contact the mortgage co

• Manual Renewal: Account manager should manually create the Mortgage Verification task and reassign to CSR

  • Task does not generate automatically

• Refund-Escrow email

• Additional Policy/New Customer>Mortgagee