Insurance

You can call our Insurance Department at 866-280-2888 Monday through Friday 6:00 a.m. - 7:00 p.m. MST.

As a homeowner it is important to protect your home and property with adequate hazard insurance coverage against any possible risk of fire, flood or wind damages. In addition, your homeowner's policy will provide liability coverage to protect you in the event someone was to be injured on your property for example. This is also to protect the lenders interest in the collateral.

Flood Insurance is simply insurance coverage for flooding. It provides coverage on your property caused by water entering and causing damage to your property. Standard homeowner's insurance policies do not cover property damage caused by a flood and you should contact your insurance agent for assistance.

Flood insurance is mandatory for homeowner's living in areas that are located in Special Flood Hazard Areas (Also known as SFHA). High risk areas are those areas located along the coast, or near a river or lake as well as very low lying ground - at or below sea level.

• Homes located in designated flood areas or flood plains are required by Marix to purchase flood insurance.
• A good source of information is the National Flood Insurance Program (NFIP) managed by FEMA. This is a program that was established by Congress in 1968. The NFIP can help determine whether you really need flood insurance and can provide a list of reputable insurance companies that provide flood insurance if coverage is required.
• For more information, visit their web site at http://www.fema.gov/business/nfip.

Wind insurance is simply an insurance policy to ensure you are adequately covered against damages caused by wind and hail. Wind insurance is required when your property is located in areas prone to hurricanes and tropical storms, i.e. Gulf States and/or your current homeowner's policy has specific wind exclusions. Some insurance companies provide wind and hail coverage through the homeowner's policy, while others do not. If your company has excluded wind and hail coverage from your policy, Marix recommends you change carriers or purchase a separate wind policy to avoid Marix placing a wind only lender place policy that may be much higher than a policy you could purchase on your own.

If you have an escrow/impound account and you receive a notice of cancellation from your insurance carrier, please contact our Customer Service Department at (866) 280-2888. If you do not have an escrow/impound account you should contact your agent to renew your policy or acquire new insurance through another company.

If your loan is non-escrowed, you may change carriers at any time. Please have your agent mail a copy of the replacement policy to the address indicated below.

If loan is escrowed, Marix does allow you to change carriers midterm or at renewal; however, if the change occurs midterm and not at the renewal of your existing policy, you will be responsible for disbursing the annual premium for the new policy and then waiting for the refund on the unearned premium from your old carrier. Please have your agent mail a copy of the new replacement policy to the address listed below.

If your loan is escrowed and you plan to change carriers at renewal, please notify Marix of the policy change at least 20 days prior to renewal date. The appropriate steps will be taken to avoid sending the renewal premium to the current insurance carrier on record. Please have your agent provide the new policy information and a premium due statement so that we can make the payment from your escrow account. It should be sent to:

Marix Servicing
P. O. Box 57035
Irvine, CA 92619

Please also make sure your agent/carrier has Marix Servicing listed on the insurance policy. The mortgagee clause listed on the policy must be as follows:

Marix Servicing
Its' Successors and/or Assigns
P. O. Box 57035
Irvine, CA 92619
Loan Number: XXXXXXX

Marix Servicing requires you maintain adequate insurance coverage on your property at all times as described in your note and mortgage agreement. If it is determined that there is no current insurance coverage for your property, a lender placed policy will be purchased by Marix Servicing to protect their interest and the interest of their investors.

Marix Servicing will send a letter when we have not received evidence of insurance coverage from your insurance agent or insurance company. If you have a valid policy, please forward via fax, website or mail to Marix Servicing immediately. Please be sure to include your loan number on the document as well.

• Fax Number: 949-465-7266
• Website: http://www.updatemyinsurance.com/ms
• Mailing Address: PO Box 57035, Irvine, CA 92619
• You may also have your insurance agent contact us via phone on your behalf at 866-280-2888.

Lender Placed insurance is a policy placed on your property by your lender to protect their interest when your homeowner's policy has lapsed or cancelled. If for any reason you cannot maintain your insurance policy the lender must take precautionary steps to ensure coverage at all times and their interest is protected. Lender Placed insurance covers only the dwelling and excludes all personal belongings and liability coverage.

Yes, Lender placed insurance can be 2-6 times more expensive than a regular insurance policy you can purchase on your own. When you purchase a voluntary insurance policy, the company will gather information about the property such as materials used (wood, brick), size, location and the condition of the property. After these statistics are gathered the carrier will do a risk analysis to determine the premium.

With lender placed insurance the lender does not have the ability to perform a risk analysis therefore the policy provided is minimal coverage with higher rates.

Yes. However, you may benefit more from maintaining or purchasing your own insurance policy as your personal belongings and liability are not protected under a lender place policy.

Your lender will advance premium for coverage; however, it will be your responsibility to pay. Once the advance has occurred, your loan will be analyzed and an escrow account will be established to recover the advanced costs as well as all future insurance premiums.

Once your policy has cancelled any refund will be applied back to the advance of your escrow account for which the lender placed policy was paid.

Follow these steps:

1. Contact your insurance agent/company immediately to file a claim.
2. Notify Marix of the loss. Call 866-406-2749
3. If you have been issued a lender placed policy you may file your claim by calling 800-824-8562.

Please contact our Loss Draft Department at 866-280-9833.

Private Mortgage Insurance is placed on a mortgage at the time of origination if certain underwriting criteria is not met. This is often specific to an insufficient down payment. A PMI premium is collected monthly as part of the mortgage payment and is paid to the insurance company either annually or monthly according to the terms of the policy.

Private mortgage insurance will automatically be cancelled when the loan balance meets the specified requirements of the policy. If you have any further questions about PMI, please contact our Customer Service Department at 866-40-Marix (866-406-2749).

To further discuss the requirements that must be met in order for PMI to be cancelled, please contact our Customer Service Department at 866-40-Marix (866-406-2749).