I RECENTLY CHANGED INSURANCE PROVIDERS; HOW DO I UPDATE THAT INFORMATION?
Please ensure your insurance agent/carrier has the correct mortgagee clause and loan number (10-digit servicing loan number) listed on your policy.
In line with the mortgagee clause for all loans serviced by Movement, it is essential that we receive a copy of your new Declaration Pages as well.
These can be:
Faxed to 833-856-3571
Uploaded to www.IHaveInsurance.com/Movement
Or mailed to the following address:
PO Box 29411
Phoenix, AZ 85038-9411
If your loan is escrowed for insurance, you can request that we remit funds on your new policy from your escrow account by contacting our team directly.
However, because this disbursement is unexpected, it may cause an escrow shortage in the future. To avoid this, you are welcome to pay for the new policy out of pocket or, if paid from escrow, consider depositing the refund from your initial carrier back into your escrow account.
MY INSURANCE AGENT/CARRIER IS ASKING FOR MOVEMENT'S “MORTGAGEE CLAUSE,” WHAT IS THIS?
This is the address to which all insurance documentation needs to be mailed by your agent/carrier. These documents can include a Declaration Page, Renewal Invoice, Cancellation Notice, etc. If your loan is serviced by Movement Mortgage, the mortgagee clause to provide to your agent or carrier is:
PO Box 29411
Phoenix, AZ 85038-9411
I RECEIVED A TAX BILL IN THE MAIL. DO I NEED TO SEND THIS TO YOU?
The quickest way to confirm if we have already received your tax bill is to view your loan's scheduled escrow activity in your portal.
However, you are also welcome to contact our customer service department at 855-979-1084 or email email@example.com.
WHAT IS AN ESCROW ACCOUNT?
An escrow account is used by homeowners and mortgage servicers to ensure timely and adequate payments can be made on your insurance and real estate taxes.
Because property tax and home insurance rates can change over time, so can your monthly escrow payment.
An analysis of the escrow account is performed annually to ensure you are paying the correct amount monthly.
WHAT IS AN ESCROW ANALYSIS?
An escrow analysis is a review of your escrow account to ensure enough funds are collected each month to cover any upcoming installments of your insurance premium(s) and/or property taxes.
AM I ABLE TO REMOVE MY ESCROW ACCOUNT AND PAY TAXES AND/OR INSURANCE ON MY OWN?
If your loan is below 80% LTV (loan-to-value) of the original value at closing, there may be options to have your escrow account removed.
Only Conventional and certain Government (VA/USDA) loans are eligible.
Please give us a call at 855-979-1084 or email firstname.lastname@example.org to see if your loan is eligible.
AM I ABLE TO ESTABLISH AN ESCROW ACCOUNT AFTER CLOSING?
Yes! We are happy to help you with this and to manage the disbursement of your taxes and insurance going forward.
Please reach out to Customer Service directly (855-979-1084 or email@example.com) to begin this process.
HOW IS MY ESCROW PAYMENT CALCULATED?
Your annual tax amount, hazard insurance premium, and mortgage insurance (if applicable) are divided by 12 months. That sum determines the amount that needs to be deposited into the escrow account each month.
This amount is then combined with the monthly principal and interest portion of your payment to equal your required monthly mortgage payment.
WHAT ARE MY OPTIONS TO PAY THE ESCROW SHORTAGE?
To make things as easy as possible for you, any determined escrow shortages are automatically spread over 12 months and included in your next 12 mortgage payments.
However, some homeowners prefer to make a lump sum payment for the shortage to help minimize the impact on their monthly payments.
If you prefer this route, a lump sum payment for the total shortage can be made by phone with a customer service representative at 855-979-1084 or online at www.Movement.com/PayMyMortgage:
1. Log into your account at www.movement.com/paymymortgage.
2. Click on the ‘Payment' box at the top left.
3. Enter your exact shortage amount in the ‘Additional Escrow’ section and complete your payment
IF I PAY MY ESCROW SHORTAGE IN FULL, WILL IT KEEP THE PAYMENT THE SAME?
Paying the shortage in full does not necessarily lower the payment back to the original amount. If your annual tax or insurance premium(s) has increased, the base escrow payment must also increase to ensure the account is properly funded over the next 12 months.
HOW CAN I AVOID AN ESCROW SHORTAGE?
While it can be difficult to plan for annual increases to tax rates or insurance premiums, the easiest controllable is to avoid unplanned disbursements from the escrow account.
Unplanned disbursements usually occur when there is a midterm carrier change to the homeowner’s insurance and the premium is paid from the escrow account without an offsetting deposit being made.
Unplanned disbursements can also occur when requests are made by the homeowner to pay supplemental tax bills.
As a rule of thumb, supplemental tax bills should always be paid directly by the homeowner to minimize any potential escrow shortages.
I HAVE QUESTIONS REGARDING MY INSURANCE. WHO CAN I CONTACT?
For general questions regarding the servicing of your insurance escrowed loan, please give us a call at 855-979-1084 or email firstname.lastname@example.org.
I RECEIVED A CANCELLATION NOTICE FROM MY INSURANCE COMPANY, WHAT IS THE NEXT STEP I NEED TO TAKE?
If you have received a cancellation notice from your insurance company, please call us immediately at 855-979-1084 for assistance.
HOW DO I SUBMIT MY NEW INSURANCE INFORMATION TO ENSURE MOVEMENT UPDATES OUR RECORDS?
You have 3 options:
1. Upload the requested/required policy documentation on our website: www.ihaveinsurance.com/Movement
2. Mail your documents to:
PO Box 29411
Phoenix AZ 85038-9411
Fax your documents (including your 10-digit servicing loan number) to 833-856-3571
I RECEIVED A CHECK FROM MY INSURANCE COMPANY AND MOVEMENT IS LISTED ON THE CHECK AS WELL. HOW CAN I GET MOVEMENT'S ENDORSEMENT ON THIS CHECK?
The check and the adjuster's report will need to be sent in for processing and endorsement.
However, there are other conditions that may apply, so please give us a call at 833-888-6807 prior to sending any documents.
After speaking with our team, we highly recommend the check be sent with tracking to the below address:
Attn: Loss Draft Services
827 West Grove Ave.
Mesa, AZ 85210