1.
When mortgage payments are made on time they are...
2.
When mortgage payments are past due they are…
3.
A W9 is needed for all banks when the loan is in…
4.
Claim payment document from insurance company, needed before first draw
5.
Claim estimate from insurance company, needed before first draw
6.
Document signed by borrower, needed before first draw (except for Freedom loans)
7.
Tax document needed to make check payable to third party
8.
Document needed for USDA claims specifically
9.
repairs Repairs completed without the use of a contractor
10.
Repair requiring a licensed contractor
11.
Account on loan where claim funds are held during processing
12.
Release of funds from banked claim funds
13.
What is needed to release additional funds after the initial draw
14.
Document filled out by contractor only, needed before final draw
15.
How we determine loan status for non-BOA & non-USDA loans
16.
How we determine loan status for BOA & USDA loans
18.
Loss Draft issued by the insurance company as payment for the damages
19.
The process where a check is signed and sent back to the borrower.
20.
The process where the check is deposited and funds are disbursed throughout the repairs.
21.
The entity that represents the homeowner in a court case.
22.
The court documentation explaining why a specific check amount was issued if no adjuster's report is available.
23.
The actual cost to replace a structure at its pre-loss condition.
24.
The total issued by the insurance company after the deductible & depreciation have been removed from the Replacement Cost Value
25.
The amount the insured is responsible for in case of a loss
26.
The value of a property that is lost over time due to factors such as age and wear and tear.
27.
The value of the damaged or destroyed item(s) at the time of the loss.
28.
This is a letter stating the homeowner would like to do the repairs themselves.
29.
A list of materials needed to complete the repairs
30.
Documents that show what has been paid for by the borrower out-of-pocket.
31.
Insurance provided on the mortgage company's behalf
32.
State Farm is an example of ________ insurance
33.
The maximum amount the insurance company will issue for a claim
34.
Where will Lender Placed Insurance Department send the claim check and adjuster's report?
35.
When the borrower's original adjuster's report does not include all the damages, the insurance company may issue _________.
36.
If the original adjuster's report did not include all of the damages the insurance company paid out for, it needs to be ________.
37.
Once all repairs are completed, the insurance company will release ________ depreciation.
38.
We ask that the check be __________ before it is sent to Loss Drafts, in case we need to deposit it for any reason.
39.
Whose name is the Lender Placed Insurance claim check made out to?
40.
If a borrower has Lender Placed insurance, who is typically their insurance company?
41.
A supplemental document to the adjuster's report providing additional information about the payments.
42.
Court document stating a person will have authorization to represent or act on another's behalf while alive.
43.
A requirement on every call, no matter the caller.
44.
A caller is not fully verified until they have provided ________ verification points.
45.
An insurance agent will have to verify the _________ in addition to the claim or policy #.
46.
What is needed for Loss Drafts to be able to speak with anyone other than a named borrower on the loan?
