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.

You can review your current insurance coverage information at the site we just mentioned: www.mycoverageinfo.com/mrcooper. Note: The following Mortgagee Clause must appear on your insurance policy. If it’s not there, contact your insurer and let them know.

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.

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 ins...

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.

Learn how to file an insurance claim, apply for mortgage assistance, and register for disaster assistance after a disas... For insurance questions, you can reach our Insurance department at 866 ⁠- 825 ⁠- 9267 or our Loss Draft department at 866⁠-825⁠-9302.

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.

Learn how to file an insurance claim, apply for mortgage assistance, and register for disaster assistance after a disas... For insurance questions, you can reach our Insurance department at 866 ⁠- 825 ⁠- 9267 or our Loss Draft department at 866⁠-825⁠-9302.

If you put down less than 20% on a conventional loan, you may need to carry private mortgage insurance, also known as PMI. What is mortgage insurance ( PMI / MIP) and how to request removal.

We found more than 100 results for your search. It can be called Private Mortgage Insurance (PMI) or Mortgage Insurance Premium (MIP). What is mortgage insurance? If you’re required to carry PMI, we’ll cancel it automatically on the date your loan-to-value (LTV) ratio is schedu...