Additional Important Information:

Insurance Coverage: All loans are required to have adequate hazard insurance coverage in force at all times, as outlined in your loan documents. Acceptable insurance coverage must compensate for loss on a replacement cost basis; the minimum coverage amount is the higher of the unpaid principal balance or 80% of the property’s insurable value. Consult with your insurance agency to determine the adequacy of your coverage.

Proof of required insurance coverage for non-escrow accounts must be submitted ANNUALLY. If your property is a condominium, we must receive a Certificate of Insurance on the Master Policy. You may need to obtain this from your Homeowner Association. If proof of coverage is not provided, a policy will be issued at your expense. If your property is damaged by fire or by any other cause, you must notify us immediately, and we will instruct you accordingly.

If you plan to change your insurance company, please notify us no less than 45 days prior to the expiration date of the current policy for instructions. If we are not notified 45 days prior, you will be responsible to obtain a refund on the old policy (if necessary), and to make the payment to the new carrier.