Important Information about Filing Damage Claims from Severe Weather

Monday, May 20 at 04:00 PM
Category: Arvest News

Arvest Mortgage Company (AMC) hopes you and your family have evaded the recent stormy weather without any personal loss or damage to your home. Our thoughts are with anyone who has suffered a loss. We have many customers and associates who have been caught in the path of these recent storms.

If you have incurred damage to your home and will be receiving an insurance claim check, Arvest Mortgage Company is here to help. AMC is working with your local Arvest Bank to ensure the best possible service.

We want to make sure you are informed regarding our hazard claim procedures. Please review the information below. The information below does not apply to homes that are a total loss. For information regarding a home that appears to be a total loss, please contact us directly at (800) 232-5524.

Many times AMC is able to endorse insurance claim checks from your insurance company at your local Arvest Bank. If you have a claim check to be endorsed, then call your local Arvest Bank ahead of time to ensure an authorized insurance claim signor will be available upon arrival. In order for Arvest to endorse the check immediately, you will need to provide a copy of the adjustor’s claim, you will need to sign the hazard claim affidavit (provided to you at the bank) and the following criteria must be met:

  • Insurance claim check is $10,000 or less.
  • Mortgage loan is current and has a good payment history. (A good payment history exists if there are no payments 30 or more days late in the last 12 months.)
  • Current loan-to-value (LTV) is less than 95 percent.

In the event the claim check does not meet the guidelines above and AMC is unable to immediately endorse your insurance claim check, it will be forwarded to the mortgage company. This can be done by your local Arvest Bank, or you may mail the check, with your endorsement, to Arvest Mortgage Company, ATTN: Hazard Claims, P.O. Box 399, Lowell, AR 72745.

Please review the guidelines below for processing insurance claims and for disbursing insurance funds.

  • Once AMC receives the insurance claim check, the funds will be placed in an interest-bearing loss draft account. AMC will disburse check(s) made payable to both the borrower and applicable contractor once the following items are received:
    • Hazard claim affidavit signed by borrower(s)
    • Copy of insurance adjustor’s claim
    • IRS W-9 form signed by contractor
    • Contractor’s bill for work completed and/or any other documentation with proof of repairs.
    • A completed contractor’s affidavit may be required if a general contractor was hired to make repairs.

Please note, a licensed and insured contractor must be used to make all repairs to the property. In addition, the property must be restored to at least its original value. In the event restoration costs exceed hazard claim funds, borrower is responsible for paying the difference.

  • All items above must be received by AMC before a disbursement can be made from the loss draft account. A check will be placed in the mail to you, the borrower, three to five business days after the receipt of all documentation. (Initial upfront disbursements may be provided in certain instances. Contact us at (800) 232-5524 for details.)
  • The following conditions also need to be met if the total claim exceeds 20 percent of the original property appraised value or is $50,000 or more:
    • Up to four completed property inspections may be required and ordered by AMC. (Inspections performed by Arvest Mortgage Company are for internal use only and are not designed or intended to satisfy the borrower as to the quality of the repairs.)
    • Please allow at least five business days for an inspection to be ordered and completed.

Please do not hesitate to call AMC with any questions you may have regarding our insurance claim procedures or any other questions regarding your mortgage loan. You may call (800) 232-5524 and an Arvest Mortgage Company representative will assist you.

Tags: Community Support, Home Loans, Mortgage
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