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.

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

In most cases, if you pay at least 20% down on your home, you’re not required to carry mortgage insurance. If you are required to carry mortgage insurance, removal of the insurance may occur when the equity in your home reaches a certain percentage.

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...

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 ins... ... Visit www. mycoverageinfo. com / mrcooper and follow the simple instructions to upload your Declarations Page. Be sure to include your loan number and most...

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.

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.

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