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.

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.

Manage all insurance & tax details for your mortgage. If you put down less than 20% on a conventional loan, you may need to carry private mortgage insurance, also known as PMI.

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...

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 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 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.

Your statement will inform you whether your monthly payment is going up or going down in the year ahead, based on this year’s tax and insurance payments. You may also end up with a shortage (too little) or a surplus (too much) in your account, based on next year’s projected payment...