Find answers to common questions about mortgagee clause, a term that refers to the lender's interest in your property. Learn how to update your mortgagee clause if your loan was transferred to Mr. Cooper and what to do with optional insurance products.

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.

Note: The following Mortgagee Clause must appear on your insurance policy. If it’s not there, contact your insurer and let them know.

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 insura...

If you’re escrowed, your escrow balance will automatically transfer to us, and we’ll begin making tax and insurance payments for you. Note: You’ll need to notify your insurance company about the transfer and update the Mortgagee Clause on your policy— here’s how.

Find answers to common questions about mortgagee clause, a term that refers to the lender's interest in your property. Learn how to update your mortgagee clause if your loan was transferred to Mr. Cooper and what to do with optional insurance products.

You’ll need to notify your insurance company that your loan was transferred to us and that they’ll receive payments from us now. Give them your new loan number and have them update the mortgagee clause on your account to:

Learn how to update your mortgagee clause if your loan was transferred to Mr. Cooper and what to do with optional insurance products. Find answers to common questions about mortgageeclause, a term that refers to the lender's interest in your property...

We’ll send you a projection of future escrow disbursements—which includes your new monthly payment amount—and an agreement that you must sign and return by the date listed in the cover letter. You must physically sign the agreement (no digital signatures) but you can send it back via...

What is an escrow account? An escrow account is where funds are held to pay property tax and insurance bills on your behalf. If your loan is escrowed, a part of your mortgage payment goes into your escrow account every month. Why did my monthly payment change?