Submit Change to Mortgagee Clause: Difference between revisions

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{{info-nfip-sfip}}
{{info-nfip-sfip}}{{eq-proc-agent}}
= Submit Change to Mortgagee Clause =
{{box-summary
This page outlines the steps an agent will follow in the Equinox system to update or change the mortgagee clause on an NFIP policy.
|color = blue
|title =
|text = This procedure explains how agents can request '''changes to the [[mortgagee clause]]''' on an NFIP policy. A change in mortgagee will create a new Declarations Page.<br>'''''Incorrect mortgagee information is a common cause of claim payment delay.'''''
}}
{{Img-proc-nofrm
|file = File:Img-vector-change-mortgagee.png
}}
{{clear}}
== Procedural Steps ==
{{collapsible-section
|number = 1
|title = 1. Access Policy Record
|content =
{{Box task
|image  = Img-proc-change-mtg.png
|size    = 400px
|alt    = An image showing the "Policy Changes" widget along the right side of the page.
|caption = Use the "Policy Changes" widget along the right side of the page.
|text    = <big>'''Open the [[Policy Record]] to start'''</big>
To quickly navigate to the Mortgagees section:
* Find the '''Policy Actions''' block on the right
* Choose '''Policy Changes'''
* From the next menu, click the '''Mortgagees''' option
Otherwise, scroll down to the Mortgagees section manually.
}}
<!-- END OF COLLAPSIBLE SECTION -->
}}
{{collapsible-section
|number = 2
|title = 2. Add / Edit / Delete
|content =
Enter the requested changes using the options below.
{{collapsible-details
|number = 21
|title = Add
|content =
'''To add a mortgagee, follow these steps:'''
{{img-proc-nofrm
|file = File:Img-proc-change-mtg-add.png
|width = 200px
}}
# Click the "Add Mortgagee" button
# Enter the mortgagee information
#* All starred content (seen below) must be entered for the "Add" button to activate
#* Mortgagee Type will sort the mortgagee clause into the proper position
{{img-proc-nofrm
|file = File:Img-proc-change-mtg-details.png
|width = 500px
}}
'''Once all details are entered, click the "Save" button (move to Step 3 below).'''
}}
{{collapsible-details
|number = 22
|title = Edit
|content =
'''To update a mortgagee, follow these steps:'''
{{img-proc-nofrm
|file = File:Img-proc-change-mtg-update.png
|width = 400px
}}
# Click the Pencil icon
# Adjust the appropriate mortgagee information
#* All starred content (seen below) must be entered for the "Save" button to activate
#* Mortgagee Type will sort the mortgagee clause into the proper position, such as when moving a first mortgagee into the second mortgagee position
{{img-proc-nofrm
|file = File:Img-proc-change-mtg-details.png
|width = 500px
}}
'''Once all details are entered, click the "Save" button (move to Step 3 below).'''
}}
{{collapsible-details
|number = 23
|title = Delete
|content =
'''To remove a mortgagee, follow these steps:'''
{{img-proc-nofrm
|file = File:Img-proc-change-mtg-delete.png
|width = 300px
}}
* Click the Trash Can icon
* If needed, the deletion can be reverted (see below)
{{img-proc-nofrm
|file = File:Img-proc-change-mtg-revert.png
|width = 600px
}}
'''Once all details are entered, click the "Save" button (move to Step 3 below).'''
}}
<!-- END OF COLLAPSIBLE SECTION -->
}}
{{collapsible-section
|number = 3
|title = 3. Choose Effective Date
|content =
{{Box task
|image  = Img-proc-effective-date-dropdown.png
|size    = 120px
|alt    = An image of a date being selected
|caption = Choose the correct effective date for the mortgagee clause change
|text    =
Scroll to the top of the page to enter the effective date.
* Backdating is not allowed.
* Enter today's date or a later effective date.
* Choose "None" for the [[Waiting Periods|Waiting Period]].
'''''The Policy Change cannot be completed without choosing an effective date.'''''
}}
<!-- END OF COLLAPSIBLE SECTION -->
}}
{{collapsible-section
|number = 4
|title = 4. Review and Submit
|content = Review the changes for accuracy and completeness before finalizing.<br>
Once the effective date is entered, click the Issue button.
* The "Abort" button will exit without saving any details.
{{Img-proc-free
|style  = padding-top: 1em
|file    = Img-proc-effective-date-buttons.png
|caption = Click the Issue button to finish the policy change.
}}
{{clear}}
The system will process the change immediately. A Declarations page with the updated information will be available in the Documents section of the Policy Record. <br>
'''If the lender or insured needs an immediate copy, then one can be downloaded and emailed.'''
<!-- END OF COLLAPSIBLE SECTION -->
}}


== Overview ==
{{line-nfip-endorse}}
* A mortgagee clause identifies the lender or lienholder with a financial interest in the insured property.
* Changes to the mortgagee clause may occur due to refinancing, mortgage transfers, or corrections to existing information.
* The updated clause must be reflected accurately in the policy documents to ensure compliance with NFIP requirements.
 
== Steps to Submit Change to Mortgagee Clause ==
# Log in to the Equinox system and locate the policy requiring the mortgagee clause update.
## Use the search bar to find the policy by number, address, or policyholder name.
## Confirm that the policy is active and eligible for updates.
# Select the '''Mortgagee''' tab or menu option for the policy.
# Click the '''Submit Change to Mortgagee Clause''' button to start the process.
## If the button is not visible, verify that the policy meets eligibility requirements for changes.
# Enter the updated mortgagee details:
## '''Mortgagee Name''': Full name of the financial institution.
## '''Loan Number''': Enter the updated loan number associated with the policy.
## '''Mailing Address''': Confirm the complete mailing address of the mortgagee.
# Attach any required documentation:
## '''Request for Change''': Signed request from the policyholder or lender authorizing the update.
## '''Proof of Mortgage Transfer''': Documents from the financial institution confirming the change, if applicable.
# Review the entered information and uploaded documents for accuracy.
# Submit the mortgagee clause change:
## A confirmation message will appear with a reference number for tracking the update.
## Notify the policyholder and the mortgagee of the change.
 
== Common Issues ==
* Missing or incomplete documentation.
** Ensure that the request for change and proof of mortgage transfer are valid and fully executed.
* Errors in the updated mortgagee details.
** Double-check the name, loan number, and address for accuracy before submission.
* Policy ineligible for updates.
** Confirm the policy status and resolve any eligibility issues before proceeding.
 
== Additional Resources ==
* [[Documentation Requirements for Mortgagee Clause Changes]]
* [[How to Resolve Errors in Mortgagee Updates]]
* [[Effective Dates for Mortgagee Clause Changes]]
 
 
 
{{draft}}{{line-nfip-endorse}}

Latest revision as of 11:08, 4 March 2025

Policy Guide
Standard Flood Insurance Policy
Applications

Equinox Procedure
Waiting Periods : Occupancy Foundations : Discounts

New Business

Elevation Certificates
Primary Residence
BRCV : Venting : Condos

Renewals

Equinox Procedure
Billing Changes

Changes

Equinox Procedures
Mortgagee : Insured
Transfer of Ownership
Coverage Limits

Cancellations

Equinox Procedure
Request Forms : Signatures
Reasons : Documents

This Equinox Procedure is for Agents. Find a complete list here.

This procedure explains how agents can request changes to the mortgagee clause on an NFIP policy. A change in mortgagee will create a new Declarations Page.
Incorrect mortgagee information is a common cause of claim payment delay.

Procedural Steps

1. Access Policy Record

An image showing the "Policy Changes" widget along the right side of the page.
Use the "Policy Changes" widget along the right side of the page.
Open the Policy Record to start

To quickly navigate to the Mortgagees section:

  • Find the Policy Actions block on the right
  • Choose Policy Changes
  • From the next menu, click the Mortgagees option
Otherwise, scroll down to the Mortgagees section manually.

2. Add / Edit / Delete

Enter the requested changes using the options below.
Add
To add a mortgagee, follow these steps:
  1. Click the "Add Mortgagee" button
  2. Enter the mortgagee information
    • All starred content (seen below) must be entered for the "Add" button to activate
    • Mortgagee Type will sort the mortgagee clause into the proper position
Once all details are entered, click the "Save" button (move to Step 3 below).
Edit
To update a mortgagee, follow these steps:
  1. Click the Pencil icon
  2. Adjust the appropriate mortgagee information
    • All starred content (seen below) must be entered for the "Save" button to activate
    • Mortgagee Type will sort the mortgagee clause into the proper position, such as when moving a first mortgagee into the second mortgagee position
Once all details are entered, click the "Save" button (move to Step 3 below).
Delete
To remove a mortgagee, follow these steps:
  • Click the Trash Can icon
  • If needed, the deletion can be reverted (see below)
Once all details are entered, click the "Save" button (move to Step 3 below).

3. Choose Effective Date

An image of a date being selected
Choose the correct effective date for the mortgagee clause change
Scroll to the top of the page to enter the effective date.
  • Backdating is not allowed.
  • Enter today's date or a later effective date.
  • Choose "None" for the Waiting Period.
The Policy Change cannot be completed without choosing an effective date.

4. Review and Submit

Review the changes for accuracy and completeness before finalizing.

Once the effective date is entered, click the Issue button.

  • The "Abort" button will exit without saving any details.
Click the Issue button to finish the policy change.

The system will process the change immediately. A Declarations page with the updated information will be available in the Documents section of the Policy Record.

If the lender or insured needs an immediate copy, then one can be downloaded and emailed.

This page contains details about NFIP Policy Changes.
Find more NFIP information in the How To Endorse section of the Flood Insurance Manual.

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