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.

Learn how much insurance you need to cover your home and loan, and which types of insurance are required or optional for your property. Find out how to pay for insurance through your escrow account and what to do if you live in a high-risk area.

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.

Visit www.mycoverageinfo.com/mrcooper and follow the simple instructions to upload your Declarations Page. Be sure to include your loan number and most up-to-date contact information. Feel free to contact us if you have any questions about insurance changes.

Learn how much insurance you need to cover your home and loan, and which types of insurance are required or optional for your property. Find out how to pay for insurance through your escrow account and what to do if you live in a high-risk area.

While there are a lot on the market, insurance companies must carry at least a B+ rating from A.M. Best to provide coverage on Mr. Cooper accounts. Please contact us if you have questions about whether your preferred insurance providers qualify.

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 in...

The minimum required balance is the lowest positive balance allowed in your escrow account at any given time—this positive balance is also known as a cushion requirement. This helps us minimize the impact to your monthly mortgage payment when property tax and insurance rates incr...

Depending on the type of insurance, you will need enough to cover the lower of either the replacement cost of the property or the remaining principal balance on your loan.

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. Learn how to file an insurance claim, apply for mortgage assistance, and register for disaster assistance after a disas...