The Mortgage Insurance Process

When You Need Restoration Services, RA Hyman is With You Every Step of the Way

The Mortgage Insurance Process

We understand that not all of our clients are familiar with the mortgage insurance process. RA Hyman Restoration, Inc. works closely with you, your insurance adjuster, mortgage company, and claims representative to ensure the entire project runs smoothly. From start to finish, we thoroughly explain the answers to all of your questions and concerns. Trust RA Hyman to get the job done right the first time.

Endorsement of Claim

If your claim is minor, your mortgage company may endorse the insurance check to you to pay for repairs. This also depends on the type of loan you have, and your delinquency status. In these instances, this is the final step of the process.

Monitored/Managed Claims

For more severe damage, your mortgage company monitors repairs, releasing funds in increments to you and the contractor. This helps ensure that repairs are completed and protects you against fraudulent contractors.

After the initial inspection by an insurance adjuster, the borrower secures a contractor bid. The first check is issued. Repairs begin with periodic inspections. Checks are issued as the restoration process continues. Finally, a waiver of lien from the contractor is provided, along with a certificate of completion. The final check is issued.

Remaining Funds and Your Mortgage (if Applicable)

Your mortgage company cannot take funds from your insurance payment to pay off fees or past due amounts without your permission. You can instruct your mortgage company to issue you a check for any remaining balance.

The Mortgage Insurance Process

When You Need Restoration Services, RA Hyman is With You Every Step of the Way