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Banks Expediting Insurance Claim Checks

Normally, insurance claim checks must be endorsed by the mortgage bank or servicer for the property before the homeowner can cash them.

The Department of Financial Services (DFS) has received numerous complaints from homeowners that mortgage servicers and banks have been imposing unusually stringent requirements before they will sign insurance claim checks. This has resulted in unacceptable delays in releasing money to New Yorkers in need.

The following major banks and mortgage servicers have agreed to take action to expedite insurance payments to New York homeowners:

  • Bank of America
  • Citi Mortgage
  • Continental Home Loans, Inc.
  • JPMorgan Chase N.A.
  • Wells Fargo Home Mortgage
  • Apple Savings Bank
  • Dime Savings Bank of Williamsburg
  • Emigrant Savings Bank
  • Homeward Residential
  • M&T Bank
  • Nationstar
  • New York Community Bank
  • Ocwen Loan Servicing

Banks and servicers are required to follow different rules imposed by Fannie Mae, Freddie Mac and investors who own mortgage backed securities. In general, as a result of discussions with the Cuomo administration, institutions are offering the following types of relief:

Details may vary from institution to institution and are subject to investor and regulatory requirements. Borrowers should contact their individual banks or mortgage servicers for specifics.

Updated 09/16/2014

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