Glossary
Every term you need to know about mortgagee clauses, insurance verification, and mortgage servicing.
Every term you need to know about mortgagee clauses, insurance verification, and mortgage servicing.
Legal language included in a mortgagee clause that ensures all parties with a financial interest in the property are covered — even if not named individually. Typically paired with ISAOA.
A temporary proof of insurance coverage issued before the full policy is delivered. Often required at closing to prove the property is insured. Includes the mortgagee clause.
Another term for lender-placed insurance (LPI). Coverage purchased by the lender when the borrower's insurance lapses or doesn't meet requirements.
The first page of an insurance policy summarizing key details: policyholder name, property address, coverage amounts, premium, effective dates, and the mortgagee clause. The document most commonly requested by lenders.
The ability to submit proof of insurance to a lender electronically through their verification portal (e.g., MyCoverageInfo.com) rather than by fax or mail.
Documentation proving that a property has adequate insurance coverage. Typically a copy of the dec page showing the mortgagee clause. Required by lenders at closing and renewal.
Insurance specifically covering flood damage, required for properties in FEMA-designated flood zones. Some lenders have separate mortgagee clause addresses for flood vs. hazard insurance.
Insurance purchased by a lender on behalf of a borrower when the borrower's coverage lapses or is insufficient. Also called lender-placed insurance (LPI) or creditor-placed insurance (CPI). Typically far more expensive than standard coverage.
A state-level government entity that provides affordable housing programs, down payment assistance, and mortgage products. Each HFA has its own mortgagee clause requirements.
Legal language in a mortgagee clause ensuring that if the mortgage is sold or transferred, the new holder automatically inherits insurance protection without requiring a policy change.
A check issued by an insurance company to pay for property damage. When there's a mortgage, loss drafts are typically made payable to both the homeowner and the lender. The lender may have a different mailing address for loss drafts vs. the mortgagee clause.
Similar to a mortgagee clause but typically used for personal property (vehicles, equipment) rather than real estate. Designates who receives insurance claim payments.
Coverage purchased by the mortgage servicer when a borrower fails to maintain adequate homeowner's insurance. Also called force-placed insurance. Our database tracks which LPI provider each lender uses.
A system that tracks mortgage ownership and servicing rights. MERS should not be named as the mortgagee on insurance policies — the actual servicer should be listed instead.
The entity that holds the mortgage on a property. Named in the mortgagee clause of the insurance policy to protect their financial interest.
The section of an insurance policy that names the lender, includes their mailing address, and specifies their rights (including ISAOA/ATIMA language). Ensures the lender is notified of policy changes and receives claim payments.
A registry that assigns unique IDs to mortgage companies and individual loan originators. Used to verify lender identity. Our database includes NMLS IDs where available.
The lender-specific path segment on a verification platform URL. For example, in mycoverageinfo.com/chase, the slug is "chase." Some slugs are alphanumeric codes like wf708 (Wells Fargo variant) or cen300 (Cenlar). Using the correct slug ensures you land on the right lender's page rather than a generic portal.
A lender-specific identifier required by some verification platforms. On ExpressInsuranceInfo.com, this is a numerical code appended to the URL (e.g., 3145043). On MyCoverageInfo.com, some lenders use a PIN like CEN300. The code may match the slug or may be different.
A unique number assigned to a specific insurance verification request, typically found on the lender's notice letter or email. Used by platforms like MyInsuranceInfo.com and ImCovered.com. The reference ID is usually printed in the upper-right corner of the notice. Distinct from a loan number — each verification request generates its own reference ID.
The company that collects mortgage payments, manages escrow accounts, and handles insurance verification on behalf of the loan owner. The servicer's clause (not the loan owner's) should appear on the insurance policy.
A company that handles servicing operations on behalf of another servicer. Common examples include Cenlar, Dovenmuehle, and LoanCare. When a loan is subserviced, the clause typically reads "Lender Name c/o Subservicer Name."
An 8-12 digit number used by ImCovered.com to identify a specific loan for insurance verification. The UID is printed on the lender's notice letter and must be entered on the portal to access the borrower's insurance status. Different from a loan number or reference ID — the UID is specific to the ImCovered platform.
An online system where insurance agents or carriers can submit proof of insurance to a lender electronically. Major platforms include MyCoverageInfo.com (owned by Assurant — used by Chase, PNC, Wells Fargo, PennyMac, Flagstar, and most large servicers), ihaveinsurance.com (operated by Proctor Financial/PFIC — used by U.S. Bank and others), ImCovered.com (uses UID-based login), ExpressInsuranceInfo.com (operated by Covius — uses numerical codes), and MyInsuranceInfo.com (operated by Allied Solutions — common with credit unions). Each lender has a specific URL path (slug) on their platform.