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Update to the Mortgagee/Loss Payee Clause – Revised

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Bulletin 21-32: Update to the Mortgagee/Loss Payee Clause – Revised

Homebridge is updating the mortgagee/loss payee clause address as detailed below.

Brokered Transactions

Mortgagee/Loss Payee Clause Address: Hazard/Flood Insurance 

  • The mortgagee clause for homeowner’s insurance (hazard/property, flood, if applicable) is being changed to the following:

ServiceMac, LLC

ISAOA/ATIMA

P.O. Box 29411

Phoenix, AZ 85038-9411

Effective Date

  • Loan approvals and updated loan approvals issued July 1, 2021 and later will reflect the new mortgagee clause of ServiceMac
  • Loans funding on or after July 16, 2021 will require the new mortgagee clause for hazard/flood as detailed above

NOTE:  Homebridge will continue to accept the current mortgagee clause on loans funding on or before July 15, 2021

First Payment Letter and Note

Loans in “Loan Scheduled” status as of July 1, 2021 and after, the first payment letter and Note included in the loan documents, will reflect the following address:

ServiceMac, LLC

P.O. Box 105178

Atlanta, GA 30348-5178

Non-Delegated Correspondent and Emerging Banker Transactions

  • NDC/EB loans that are clear to close (CTC) by Homebridge Underwriting on or after July 1, 2021 the Notice of Servicing Transfer (NST) must reflect the servicing information below:

ServiceMac, LLC

P.O. Box 105178

Atlanta, GA 30348-5178

844-478-2622

NOTE:   The CTC date is reflected on the loan approval in the upper right corner

  • NDC/EB loans that are CTC prior to July 1, 2021 should continue to reflect the current Homebridge Financial Services information
  • EB Transactions where Homebridge Draws Docs ONLY: First payment letter and Note
    • Loans in “Loan Scheduled” status as of July 1, 2021 and after, the first payment letter and Note included in the loan documents, will also reflect the ServiceMac address above

As a reminder, at the time Homebridge purchases the loan, the insurance should reflect the name of the NDC/EB.

A sample NST and instructions for completing the NST document are attached (see PDF) and have been posted on the Working With Us page under the EB/NDC Specific topic on the Homebridge website.

The Quick Reference Guide, the Insurance Quick Reference Guide, and the Insurance Requirements Training presentation have been updated and posted on the Homebridge website at www.HomebridgeWholesale.com under “Reference Guides – General” on the Working with Us page.

If you have any questions, please contact your Account Executive.