Homeowners & Mortgage Insurance

If McCue Mortgage is required to maintain an escrow account for your homeowners and mortgage insurance, we are responsible for 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.

Insurance claim checks require special attention. Please contact our office for procedures if you have a claim.

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 on the date that the principal balance on your loan is first scheduled to reach 78% of the original value of the property.

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

If you have a 1-4 family house 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 is first scheduled to reach 80% of the original value of the property. You must meet all of the following criteria:

  • You must submit a request for cancellation in writing, AND
  • You must have paid the monthly mortgage premium for at least 2 years, AND
  • You must not have been 30 days late on your mortgage more than 1 time in the last 12 months, AND
  • You must not have been 60 days late on your mortgage more than 1 time in the last 24 months, AND
  • We must confirm that your property value has not declined based on a new appraisal and that there are no subordinate liens on your property based on a title search. The total estimated cost would be approximately $500 at your expense and must be ordered by McCue Mortgage.

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 contact our office for more information.

Optional Mortgage Insurance – Life & Disability

If you are not presently covered by Mortgage Life or Disability Insurance, but are interested in this coverage, please contact our Servicing Department.

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 homeowners 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.

Property 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 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.

Insurance claim checks require special attention. Learn more about the process for homeowner property insurance claims.