Submit Change to Mortgagee Clause: Difference between revisions

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|color = blue
|color = blue
|title =
|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. Incorrect mortgagee information is a common cause of claim payment delay.
|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
}}
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{{clear}}
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{{collapsible-section
{{collapsible-section
|number = 1
|number = 1
|title = 1. Access the Policy Record
|title = 1. Access Policy Record
|content =  
|content =
Access the Policy Record
{{Box task
* To start the process, select "Check Out for Edit" in the upper right corner
|image  = Img-proc-change-mtg.png
* The button should show "Check In" while making the changes
|size    = 400px
{{img-proc-free
|alt    = An image showing the "Policy Changes" widget along the right side of the page.
|file= Img-proc-checkout.png
|caption = Use the "Policy Changes" widget along the right side of the page.
|width = 200px
|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
{{collapsible-section
|number = 2
|number = 2
|title = 2. Navigate to the Mortgagees Section
|title = 2. Add / Edit / Delete
|content =
To quickly navigate to the Mortgagees section, go to the Policy Actions block
* Choose Policy Changes
* From the next menu, choose the Mortgagees option
Otherwise, scroll down to the Mortgagees section manually
}}
{{collapsible-section
|number = 3
|title = 3. Enter the Requested Changes
|content =  
|content =  
Enter the requested changes using the options below.
Enter the requested changes using the options below.
{{collapsible-details
{{collapsible-details
|number = 31
|number = 21
|title = Add New Mortgagee
|title = Add
|content =
|content =
To add a mortgagee, follow these steps:
'''To add a mortgagee, follow these steps:'''
* Adding a new mortgagee or loan number
{{img-proc-nofrm
* Updating contact details for an existing mortgagee
|file = File:Img-proc-change-mtg-add.png
* Removing a mortgagee from the policy
|width = 200px
Check to see if the mortgagee wants the policy to be billed to them (i.e. escrowed).
}}
# 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
{{collapsible-details
|number = 32
|number = 22
|title = Update Mortgagee Details
|title = Edit
|content =
|content =
To update a mortgagee, follow these steps:
'''To update a mortgagee, follow these steps:'''
* Adding a new mortgagee or loan number
{{img-proc-nofrm
* Updating contact details for an existing mortgagee
|file = File:Img-proc-change-mtg-update.png
* Removing a mortgagee from the policy
|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
{{collapsible-details
|number = 33
|number = 23
|title = Remove Mortgagee
|title = Delete
|content =
|content =
To remove a mortgagee, follow these steps:
'''To remove a mortgagee, follow these steps:'''
* Adding a new mortgagee or loan number
{{img-proc-nofrm
* Updating contact details for an existing mortgagee
|file = File:Img-proc-change-mtg-delete.png
* Removing a mortgagee from the policy
|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 -->
<!-- END OF COLLAPSIBLE SECTION -->
}}
}}
{{collapsible-section
{{collapsible-section
|number = 4
|number = 3
|title = 4. Review and Submit
|title = 3. Choose Effective Date
|content =  
|content =  
Review the changes for accuracy and completeness before finalizing.<br>
{{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.  
Scroll to the top of the page to enter the effective date.  
* Backdating is not allowed.
* Backdating is not allowed.
* Enter today's date or a later effective date.
* 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.
Once the effective date is entered, click the Issue button.
 
* The "Abort" button will exit without saving any details.
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.  
{{Img-proc-free
* If the lender or insured needs an immediate copy, then one can be downloaded and emailed.
|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 -->
}}
}}


== Additional Details ==
* '''NFIP Guidelines Reference''': Guidance on mortgagee clause changes, including documentation and timeline requirements.
* '''Equinox Quick Guide''': Instructions for submitting mortgagee clause changes in the platform.
* '''FAQs for Agents''': Common questions about mortgagee clause changes (e.g., "What happens if the mortgagee details are incorrect on the policy?").
{{needsedit}}
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{{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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