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#2227859 - 12/20/19 04:36 PM Policy Mortgagee
SallyL, CRCM Offline
Junior Member
Joined: Aug 2009
Posts: 25
Indiana, PA
Hi! Need some help.

A commercial loan is trying to refinance a lien at another institution. The flood policy declaration pages, there are three, that they provided for proof of insurance lists the previous bank as the mortgagee. The lender has asked the borrower to request new dec pages from the insurance that would list us as mortgagee, effective the closing date. They will not, they said they will when they have proof of payoff. I can understand that.

On one hand, I think we are ok to accept the policies, they are adequate, and let the loan close. Have the new dec pages sent to us as soon as possible.

The idea that the mortgagee is not us, I have a problem with that. The other institution said that they would assign rights to us if there is a loss, until the policy is changed. I did look at the existing policies the mortgagee does not state the bank and "its successors and assigns."

They want to close today, of course. Any help would be greatly appreciated.

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Flood Compliance
#2227862 - 12/20/19 05:00 PM Re: Policy Mortgagee SallyL, CRCM
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 76,928
Galveston, TX
Go ahead and close - why the insurance agent would not just provide you with a copy of an effective dated change endorsement - well, it is because they are idiots. Just pend for the updated dec pages.
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#2227864 - 12/20/19 05:11 PM Re: Policy Mortgagee SallyL, CRCM
SallyL, CRCM Offline
Junior Member
Joined: Aug 2009
Posts: 25
Indiana, PA
Thanks!

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