GENERAL CLAIMS PROCESS
I received a check from my insurance company. What do I do now? Review and complete the Insurance Claim Package. This package details the requirements for completing your claim.
What if the check has the prior servicer as the payee? Carver will cash the check after confirming that the ISAOA/ATIMA verbiage is printed on the insurance claim check. Please work with your insurance carrier to update the mortgagee clause to ensure all future insurance claim checks list Carver as the payee.
Mortgagee Clause:
Carver Federal Savings Bank
Its Successors and/or Assign (ISAOA)
As their Interest May Appear (ATIMA)
P.O. Box 150
Northville, NY 12134
Can Carver tell the insurance carrier to remove their name from the check? No, Carver must ensure the home is repaired using the insurance claim proceeds.
What happens if I don’t sign the check? If your claim is deemed to be a monitored claim, (i.e., funds are greater than 40k or the loan was delinquent at time of loss), the check will be returned for full endorsements by all parties listed on the check.
What happens if my loan is transferred to a new servicer during the insurance claim process? We will work with your new servicer to provide information related to your insurance claim.
I started the insurance claim process with another servicer. What happens if my loan is transferred to Carver during this process? We will work with your previous servicer to obtain information related to your insurance claim. Carver will review your claim file and pick up where your prior servicer left off.
USING INSURANCE CLAIM FUNDS
Can I use the insurance claim funds to pay off my loan? Yes. A written request to pay off the loan using the insurance claim proceeds is required. A verbal request is not accepted. Please submit the payoff request to loanoperations@carverbank.com.
Can I use the insurance claim funds to pay the past due balance/payments on my loan?Insurance claim funds are to be used for the repair of the home, not past due balances.
What if I don’t’ want to repair the property? Insurance claim funds will not be disbursed unless the property is going to be repaired.
CLAIM SUBMISSION & PROCESSING
How can I submit my Insurance Claim Package?
Required documentation should be sent to:
Email: loanoperations@carverbank.com
Fax Toll Free: 212.426-6155
Mailing Address: Carver Federal Savings Bank Attention: Loan Operations – Insurance Claim
1825 Park Ave – 7th FL
New York, NY 10035-1932
Can I electronically sign the documents? Yes, Carver accepts e-signatures.
How do I obtain another draw to continue repairs of my property? If you have a monitored claim, a complete Insurance Claim Package and sufficient inspection results are required to release additional funds.
PAYMENTS & REIMBURSEMENTS
Why did I receive only part of the insurance claim funds? Carver monitors progress of the repairs and disburses additional funds as repairs are completed.
What if my contractor requires more money for the repairs? If your contractor requires additional funds to begin or continue repairs, please have them provide a written explanation and/or draw schedule. Carver will review the request and determine if it’s acceptable.
Can I be reimbursed for the amount I’ve already paid for the repairs? Yes. Carver will reimburse you from claim funds for paid in full receipts from your contractors and/or materials. Releasing all funds requires sufficient inspection results.
What if I receive a check that must be endorsed by both Carver and another lien holder?
All checks need to be endorsed by the homeowner prior to sending to a lienholder.
Lienholder signatures for all liens subordinate to the first mortgage (e.g., second mortgage, third mortgage, etc.) must be obtained prior to sending the check to the first lienholder (first mortgage).
- When Carver is in the second lien position (second mortgage), Carver must endorse the insurance claim check prior to the first lienholder (servicer of the first mortgage).
- When Carver is in the first lien position (first mortgage), all subordinate lienholders must endorse the insurance claim check prior to it being sent to Carver.
- When Carver Federal Savings Bank holds two liens (first and second mortgages), the insurance claim check can be sent to Carver with only the homeowner(s)’ endorsement.
REPAIRS & INSPECTIONS
Can I repair the property myself? Carver does not approve self-repair for monitored claims. A full Insurance Claim Package containing the contractor information is required.
How do I request an inspection? Once the repairs are completed, or at each scheduled phase of completion, request a free property inspection by contacting us at 1-844-201-1171 or loanoperations@carverbank.com.
Is there a charge for an insurance claim inspection? No.
Once I submit all the required documentation, how long will it take to receive the funds?Every situation is different, and numerous factors influence disbursement timeframes. For claim checks less than $40,000, the entire disbursement process may be completed in 5-7 business days. For claim checks greater than $40,000, the initial installment is typically disbursed within 7-14 business days and subsequent installments are released 5-7 business days after the inspection results are received.
