Mortgage Check Process

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Here at Mammoth, we want to make our customer experience as smooth as possible. Our customers are often given checks from their insurance companies with a mortgage company or bank listed as a payee on the check. The insurance adjuster will usually disclose when this happens but tells the homeowner to contact the mortgage company to get it endorsed. The mortgage company is listed as a payee because they have a vested interest in the property. They want to make sure that the property is fixed back to the pre-storm condition in the unlikely event that they will have to take over the property in foreclosure.

Each mortgage company has a different process for mortgage check endorsement depending on the size of the claim. When the customer calls the mortgage company, one of a few things can happen. Sometimes, they will make the process sound easy, “send in the check, and we will endorse it and send it back.” Or, “send it in, submit some paperwork, then they will send the check back.” Sometimes, it seems a little more difficult because the “mortgage endorsement packet” they send from the Loss Draft Department has a laundry list of items the homeowner is required to provide. For example, Copy of Insurance Estimate, Copy of Contractor Estimate, Copy of Contract, W9 from the Contractor, Lien Waiver, and more. Sometimes, these documents require a notary. In some cases, the mortgage company may even require a third-party inspection to confirm the work is complete before they will release final funds.

Most of the time, the homeowner is charged with dealing with this process, the reality is that there are so many things that can happen, and it can be very confusing and time-consuming, but we have a solution to make it easy. See if you or someone you know has had to deal with any of these issues when it comes to the mortgage check.

Here’s a list:
1) The mortgage company makes it sound like an easy process, the homeowner sends in the check waiting for it to return in the mail, then when the homeowner goes to follow up, they require a laundry list of items to get the check endorsed.

2) The mortgage company provides a detailed list of exactly what they need. The homeowner provides all of the items requested and waits patiently for the check. Nothing happens for weeks, then the homeowner follows up and they have not released the money for one of several reasons.

• The contract doesn’t match the insurance paperwork
• The documents aren’t notarized
• The contractor’s estimate does not match the insurance estimate
• The lien waiver does not match the invoice
• The check amount does not match the insurance paperwork
• The revised insurance paperwork after supplement is different than the original and therefore doesn’t show that it matches the contract

3) The mortgage company sends only partial payment for the work and not all of the money. This happens because they require a third-party inspection company to confirm the work was complete before they will release it all. They send the money in parts, usually thirds, or they will pay half upfront. Meanwhile, the homeowner is waiting to get their roof completed until they get all of the money, which will not come until the roof is complete and they’ve scheduled a third-party inspector through the mortgage company.

These are just a few things that can happen in dealing with this process. Mammoth has a simple solution. One of our great partners “IINK”, that’s “ink” with two “i’s”, helps us with this process. Their sole role is to help our customers get their mortgage checks processed quickly, efficiently and easily by coordinating the shipping of the checks, retrieving and submitting all required documentation. They will also be calling to follow up and make sure the process keeps moving forward, and confirm the release of the payments. IINK will contact our customers to get an authorization filled out and make sure that any required documentation is submitted correctly from our customers and Mammoth to the mortgage company so that the check is processed quickly. Mammoth’s policy is to finish our work before we collect payment. However, we cannot deposit a mortgage check until it is endorsed, this is not payment when we collect a mortgage check, this is starting the process to get the check endorsed so that it can be used for payment. The endorsement process can take sometimes weeks in order to get it endorsed and ready for deposit.

We ask our customers who have entrusted us with the repair of one of their most valuable assets to trust us to help them with this process so that when our work is complete, the check will be ready for deposit. Since we are asking for a check (not payment) before beginning work, we know that this requires a lot of trust on our customer’s part. If a customer would prefer to wait until the work is complete before passing along the mortgage check, we ask that our customers contact the bank to get the process started as quickly as possible, and once the roof is complete, let us take over the process so that we can expedite the check. Mammoth does not charge our customers for this service, this is a cost Mammoth pays. If a customer would prefer to handle the mortgage process, we just ask that you are prepared give us a check that we can deposit upon completion of the roof for the ACV (actual cash value of the roof, plus the deductible).