I received a loss draft claims check, now how do I cash it?
Generally, if the total amount of your insurance claim falls below $10,000.00 and your loan is current and in good standing, the unendorsed loss draft can be sent to us to be endorsed (along with the necessary documents outlined below in the Loss Draft Checklist) We will immediately endorse the draft and return it to you so that you can begin repairing your home. If the total amount of your insurance claim exceeds $10,000.00 or your loan is currently in default, the loss draft must be deposited with us and processed as a Monitored Insurance Claim.
What is the difference between a Monitored and Non-Monitored Claim?
On Non-Monitored claims we endorse and return the loss draft to you without further conditions. A Monitored claim requires that the loss draft be deposited with EMM Loans LLC and the completion of the repairs to your home will be verified with inspections. Final disbursement of the claim funds will be made only after all repairs are complete. Our insurance Loss Draft Team is an experienced group whose most important objective is to release all insurance loss drafts as soon as possible so that the damages to your property can been completed with minimal inconvenience to you and your family.
My Claim will be monitored how will my funds be disbursed?
TO RECEIVE YOUR FIRST DISBURSEMENT: EMM Loans LLC must receive all of the above items, except the Notarized Lien Waiver or Notarized Letter of Satisfaction, before processing continues. When the items have been received, a check equal to one-third of the claim check(s) received by our office will be issued to you and your contractors, if applicable. Our Loss Draft`s department will walk you through needed documentation.
TO RECEIVE YOUR SECOND DISBURSEMENT: When your repairs are 50 percent complete, please contact our Loss Draft Claim Center at 800-243-4482 where we will guide you in next steps. An inspection is required and will be ordered at our expense. When the results of this inspection show that
50 percent of the repairs have been completed, a second check for one-third of the total check(s) received will be released. NOTE: Please expect to be contacted one to two weeks after the inspection is ordered.
TO RECEIVE YOUR REMAINING CLAIM FUNDS: When your repairs are complete, please contact Loss Draft Claim Center at 800-243-4482 to order a 100 percent inspection. Our Loss Drafts department will advise if any additional documentation must be submitted, for example, a Notarized Lien Waiver or Notarized Letter of Satisfaction form. When the results of the inspection show 100 percent completion and all required documents have been obtained, the balance of the claim funds will be disbursed to you.
Why do you distribute monitored claim funds in 1/3 increments?
Providing the funds in increments protects you from contractors who would complete part of the work and still get full payment without completing the entire job they were hired to do.
Why do you have to inspect the property on claims you are monitoring?
To ensure all repairs have been completed and the property has been restored to its original or higher value.
I sent my insurance loss draft which was over the established guidelines, and forgotto sign it. What happens now?
We will return the check to you for your signature. We cannot begin the claims process until we received the endorsed check and ALL required paperwork.
Can I use part of the loss draft funds to bring my delinquent loan payments current?
No, all loss draft funds are to be used for property restoration only. However, if there are residual claim funds after all repairs have been completed and verified EMM Loans LLC can work with you to apply the remaining funds to your delinquent payments.
Can I use my claim money to pay off my loan?
Yes, if the amount of the claim exceeds the outstanding principal balance on your loan, send the endorsed loss draft with a letter authorizing us to use the funds to pay off the loan. If the amount of the check is less than the total amount owed on the loan, and you want to pay off the loan off, you must send certified funds for the difference along with the endorsed loss draft and a letter authorizing EMM Loans LLC to pay off the loan. If your loan balance is less than the claim amount, the insurance loss draft can be used to pay your loan in full. Send the endorsed loss draft with a letter authorizing us to use the funds to pay off the loan. Any funds exceeding the amount required to pay off your loan will be refunded. However, if you do not wish to pay off your loan, the insurance claim funds will be processed according to the monitored insurance claim procedures.
My loss draft is for damage on the barn, shed, garage, etc., and I do not want to repair it. This structure was not part of the mortgage. Can I keep the money and not repair the damaged building?
Your loan documents state that you will “keep the improvements now existing or hereafter erected on the property, insured against loss.” Any exceptions to this must be handled on a case by case basis. You will need to discuss the details of the structure involved in the insurance claim and the reasons the structure cannot be replaced and the EMM Loans LLC Insurance Loss Draft team member assigned to your claim.
*Please include your mortgage loan number on all correspondence you submit
Loss Claim Checks Phone Number: 800-243-4482
Claim documents regular mailing address:
EMM Loans LLC Loss Draft Dept
P.O. Box 6501
Springfield, OH 45501-6501
Claim documents overnight mailing address:
EMM Loans LLC Loss Draft Dept
One Assurant Way
Springfield, OH 45505