Roofing Client Mortgage Check Procedures
Be sure you have a clear understanding of your insurance company, mortgage company, and your roofing company’s process and procedures.
Roofing Client Mortgage Check Procedures
If you need help getting the insurance claims check endorsed, the following are current procedures that hold true for most mortgage companies:
- The homeowner will need to call the mortgage company’s loss draft department and file the claim
- Your contractor will need a commitment from you to help until the end of the roofing project and endorsement process.
- Get the routing or tracking number for the check (This is what the mortgage company uses to keep track of the check during the claims process)
- Turn the check over to your roofing contractor if you would like them to help get the endorsement.
- Make sure the check is endorsed by you, the homeowner (Ask your mortgage company if it must be endorsed by the homeowner, some do and some do not depend on the amount of the check)
- Your roofing contractor should notate your check on your contract for future reference.
Your Contractor Can Help
Your contractor will need the last 4 numbers of your social security number! The mortgage company may require your local roofer to have this to communicate on your behalf.
- Make sure the effective date on the third-party authorization is set 90 days out, your roofer needs time in case of problems that might creep up.
- Make sure you give an email address so your contractor can deal with the workflow from the SSA client portal.
- Have your roofing contractor explain the client portal.
- Give additional mortgage company details: overnight address, phone#, fax#, loan#, and any specific packet material, if they require their own documents to be signed.
- There will be a final inspection required after the roof is installed, go ahead and call for this the day your roof is being installed (it takes 3 days minimum to get an inspector out to your home)
- Go to your client portal and fill out all the documents that you can.
- Make sure you understand that at any point the mortgage company can cut James Russell Roofing off and stop working with them and you will need to complete the process if that happens. They do not even have to give a reason; they sometimes just do it.
- If you sent the first check off yourself, you will need to do the same thing for their RD (Recoverable Depreciation) check.
- Even if you sent the first check off yourself, the mortgage company still requires documents from James Russell Roofing, and you will need to follow the same procedures so your contractor can call and get updates.
- Documents the mortgage company will require are but are not limited to a W-9, lien waiver release, roofing contractors contract, insurance scope of loss and final inspection on the completed roofing project for the recoverable depreciation check to be released.
Insurance Roof Claim & Mortgage Check Endorsement
There are many insurance roofing claims every day. Most homeowners are not aware of the insurance claims check policy with the majority of the insurance companies in the United States.
If you have roof damage and file a claim with your insurance carrier, and have a mortgage, there is a 90+ percent chance you will have to deal with these procedures. Most insurance companies will put your name on the claims check, but they will also add the name of your mortgage company. This will leave you having to deal with this.
There are a few mortgage companies that are very helpful, but most just don’t care, Afterall it’s not their money. There are a few things you can do to prevent your insurance carrier from adding the mortgage company to the claims check. If you have a top roofing contractor that you trust, ask your insurance adjuster to add the roofing company’s name to the check as an additional endorsee. In many cases, the insurance company can do this one step and prevent you from having to deal with all the other headaches. You can get the roofing company to go ahead and endorse the check, deposit it and write the roofing company the deposit they require. You can make your last payment for your roofing claim once the full roof installation is complete.
If the insurance company will not do this and you do not want to deal with the headache most top roofers will be happy to deal with it. You will at this point need to sign a third-party agreement with your roofing company and in some cases go ahead and endorse the claims check. In most cases, this will depend on the amount of the check. In many cases, if the check is over $10,000.00 the mortgage company will want you to endorse the check so they can escrow it. Be careful here and make sure you fully understand the procedures of your mortgage company. At the end of the roofing job this could hold up your last check from the mortgage company and when the job is complete, you, as the homeowner are responsible for the final roof payment, not your mortgage company.
Be sure you have a clear understanding of your insurance company, mortgage company, and your roofing company. The last thing you want to happen is to get your new roof installed and then your mortgage company holding your money and not being able to pay for it. In the Memphis Tennessee area call James Russell Roofing and have a true roofing pro help you with this and many other potentially frustrating situations when getting a new roof.