Revision as of 11:03, 6 December 2024

Submit Change to Mortgagee Clause

This page outlines the steps an agent will follow in the Equinox system to update or change the mortgagee clause on an NFIP policy.

Overview

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.
1. Use the search bar to find the policy by number, address, or policyholder name.
2. 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.
1. If the button is not visible, verify that the policy meets eligibility requirements for changes.
Enter the updated mortgagee details:
1. Mortgagee Name: Full name of the financial institution.
2. Loan Number: Enter the updated loan number associated with the policy.
3. Mailing Address: Confirm the complete mailing address of the mortgagee.
Attach any required documentation:
1. Request for Change: Signed request from the policyholder or lender authorizing the update.
2. 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:
1. A confirmation message will appear with a reference number for tracking the update.
2. 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

This page is a rough draft and will need more work before it's finalized.

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

@@ Line 1: / Line 1: @@
 {{info-nfip-sfip}}
+= Submit Change to Mortgagee Clause =
+This page outlines the steps an agent will follow in the Equinox system to update or change the mortgagee clause on an NFIP policy.
+== Overview ==
+* 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}}