Q: Who do I contact in order to file an insurance claim, as my property has been damaged ?
A:You must contact your insurance carrier's claims department in order to file the claim. If you require guidance or assistance in filing the hazard insurance claim, you may also contact Ocwen's Insurance Loss Department at (866) 825-9266 Monday - Friday 9:00 am - 7:00 pm

Q: I just received an insurance claim check made payable to both myself and Ocwen. What do I do?
A: If the hazard insurance claim check is under $10,000.00 and your loan is in a current status, Ocwen will simply endorse the check upon receipt and return it to your attention so you can make the necessary repairs to the property.

Contractor's Proposal

Insurance Adjuster's Report

Endorsed Claim Check

Without these documents we will be unable to process the hazard insurance claim check and assist in monitoring the repairs to your property. Ocwen understands that this can be a very difficult time for you, especially after experiencing a loss to the property. As such, we have a toll-free number set up to assist you with this process. Please contact Ocwen's Insurance Loss Department at (866) 825-9266 Monday - Friday 9:00am - 7:00pm.

Q: Am I required to have homeowner's (hazard or property) insurance?
A: Yes.  If you have a home loan, you must have adequate insurance to cover the structure against loss.  Every homeowner's policy has a section to list your mortgage holder as a loss payee.   Ocwen must be listed in the loss payee section.  Per your signed Mortgage and Note terms, you are required to provide evidence of insurance upon request.  If Ocwen does not have proof of coverage, we will notify you that we need this information.  Should you receive an insurance request notification, please contact your agent/carrier immediately and advise them to provide us with evidence of insurance, and to ensure they show Ocwen as loss payee.

Q: Why is it important to have Ocwen listed as the Loss Payee?
A: This is important for several reasons, which ultimately affect you the customer, your agent/carrier, and Ocwen.  In the unfortunate event that your property suffers a loss, the insurance carrier needs this information to ensure the repairs are completed in a timely manner.  Each year your agent/carrier will send out the renewal policy to ensure the servicer of your loan has evidence of insurance.  Finally, for escrowed loans where Ocwen is responsible for paying the annual insurance premium, your agent/carrier must have Ocwen listed as loss payee with the correct address to ensure that we are billed timely and payment is made to avoid policy cancellation.  Please ensure that Ocwen is listed as loss payee on your insurance policy as follows:

Ocwen Financial Corporation
ISAOA
P.O. Box 6723
Springfield, OH  45501-6723

Q: What if I don't have homeowner's insurance or don't provide proof of coverage?
A: Per your signed Mortgage and Note, homeowner's insurance is required. Therefore, if proof of continuous coverage is not provided, a policy may be obtained - at your expense - to cover the structure only. If you have proof of continuous coverage, click here to update your insurance information with our Insurance Department. You may also fax this information to (888) 882-1816. Please be sure to include your loan number.   Please note that you may be able to obtain homeowner's insurance at considerably less cost to you than the lender placed premium that may be assessed to your account.  It is important that you realize that force placed insurance, although paid by you, affords you no coverage for the personal contents or personal liability coverage; it only protects Ocwen in the event of damage to the structure. Ocwen does offer supplemental insurance coverage that may be purchased for an additional cost that will cover a portion of your personal contents. For additional information, please call our Insurance Department at (866) 825-9265. This coverage is only available to accounts that have Ocwen's lender placed insurance already assessed. It is important to note that this insurance provides limited coverage, and typically at a higher cost, than a policy you obtain on your own.

Q: Am I required to have flood insurance?
A: If your property is located in an area designated by FEMA (Federal Emergency Management Agency) as a SFHA (Special Flood Hazard Area), you are required to have flood insurance coverage.  You are also required to provide proof of continuous flood insurance coverage if your property is located in a SFHA.  If Ocwen does not have proof of coverage, we will notify you that we need this information.

Q: What if I don't have flood insurance or don't provide proof of coverage?
A: Per your signed mortgage and note, flood insurance is required if your property is in an area designated as a flood zone. Therefore, if proof of continuous coverage is not provided, a policy will be obtained - at your expense - to cover the structure only. 

Q: What if I have my own insurance policy and a lender placed charge has been assessed to my loan?
A: Lender placed insurance is issued to cover a lapse period only when we have no record of other insurance coverage on file.  Upon receiving evidence of insurance that covers that lapse, the lender placed coverage can be fully or partially canceled based on the evidence provided.  Whether your loan is escrowed or not, all lender placed premium amounts are billed to an escrow/impound account, and any refunds are credited back to the escrow/impound account accordingly.

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