Homeowners & Mortgage Insurance

Property, Condo HO-6 and Flood Insurance

We recommend you review your present coverage with your insurance agent to ensure that you are adequately protected in the event of damage to your property. If you choose to replace your policy, please notify us 30 days prior to the expiration date of your existing policy.

If the McCue Mortgage Company is required to maintain an escrow account for your insurance, we are responsible for the payment of annual premiums. In order to ensure timely payment of the insurance premium, we must have renewal information in our office 30 days prior to the expiration date of the existing policy.

Homeowners Insurance Bills

Please forward the following information to contact us should you receive it:

• Homeowners insurance bill
• Updated declaration page/policy page
• After the 1st year of making mortgage payments, you may receive a homeowner’s insurance bill. If you receive a homeowner’s insurance bill and wonder if you should pay it or not, please contact servicing.

Changing Your Homeowners Insurance Company

Please contact us of any changes in your homeowner’s insurance company immediately. Any changes that occur without 30-day notice may result in overnight mail expenses (ex. FedEx fees) being charged to your account to ensure there is no gap in your insurance coverage.

Insurance Renewals

If McCue Mortgage is required to maintain an escrow account for your homeowners and mortgage insurance, we are responsible for the payment of annual premiums. In order to schedule payments in a timely manner, we must have renewal information in our office 30 days prior to the expiration date of the existing policy.

If you choose to replace your existing policy, please notify us 30 days prior to the current policy expiration date. Any changes that occur without 30-day notice may result in overnight mail expenses (ex. FedEx fees) being charged to your account to ensure there is no gap in your insurance coverage.

Insurance Claims on your Homeowner’s Policy

Insurance claim checks require special attention. Learn more about the process for homeowner property insurance claims. Please contact our office for procedures if you have a claim.

Cancelling Mortgage Insurance

FHA Mortgage Insurance Cancellation

If you have a 1-4 family house and your mortgage has FHA mortgage insurance, there are several different scenarios that may apply, so please read all the details below and contact our office for more information.

• If your loan was originated on or before January 1, 2006, and your property is a condominium, FHA insurance can only be terminated if the mortgage is paid in full before the maturity date.
• If your loan has a case number assignment date on or after June 3, 2013, FHA insurance can only be terminated if the mortgage is paid in full before the maturity date.
• If your loan was originated before January 1, 2001, FHA insurance can only be terminated if the mortgage is paid in full before the maturity date.
• If your loan was originated on or after January 1, 2001 and has a case number assignment date prior to June 3, 2013, you may be able to request cancellation of MIP. Please send a written request to servicing@www.mccuemortgage.com or to our correspondence address. These requests must be submitted in writing.

Private Mortgage Insurance Cancellation

Here’s some basic information about Private Mortgage Insurance Cancellation (non-FHA insurance). If you are current on your loan payments, mortgage insurance will automatically terminate according to the following terms:

• the date that the principal balance on your loan is first scheduled to reach 78% of the original value of the property on a 1-unit principal residence or 2nd home.
• the date that the principal balance on your loan is first scheduled to reach 50% of the original value of the property on investment properties or 2-4 family homes.

The termination does not take into account any principal prepayments you have made on your loan.

Your account must be current and in good standing to cancel your mortgage insurance.

If you have a mortgage on a 1-unit principal residence or 2nd home and private mortgage insurance or PMI (i.e. non-FHA loan), you have the right to request that PMI be canceled on the date the principal balance of your loan reaches 80% of the original value of the property. If you have an investment property or 2-4 family home, you have the right to request that PMI be canceled on the date the principal balance of your loan reaches 70% of the original value of the property.

You must meet all of the following criteria:

• You must submit a request for cancellation in writing
• You must not have been 30 days late on your mortgage more than 1 time in the last 12 months
• You must not have been 60 days late on your mortgage more than 1 time in the last 24 months
• We must confirm that your property value has not declined based on a new appraisal. The total estimated cost may be up to $750 at your expense and must be ordered by McCue Mortgage. We cannot accept appraisals that you have purchased directly from an appraiser due to federal requirements.

Optional Mortgage Insurance – Life & Disability

If you are currently covered by Mortgage Life or Disability Insurance, please contact our Servicing Department for more information.