Escrow, Insurance, & Taxes FAQ
Get answers to important, frequently asked mortgage questions.
Frequently Asked Questions
The loss draft check needs to be endorsed first and sent to us along with the necessary documents outlined in the Insurance Claim Package. Once the check and the required paperwork has been submitted, we will review and contact you for next steps.
Each loan and claim situation are different so there is no set timeframe for turnaround. However, please know that our most important objective is to release all insurance loss drafts as soon as possible so that the damages to your property can been completed with minimal inconvenience to you and your family.
Email: Insuranceloss@memberfirstmortgage.com
Fax: 616 588 9760
Mailing/Overnight Address:
Member First Mortgage, LLC
Attn: Insurance Loss
616 44th Street SE
Grand Rapids, MI 49548
For additional questions please contact our Escrow Team at (866) 636-1052 – Option 3, M-F 8:30am-630pm EST.
Private Mortgage Insurance is provided to protect the mortgage lender against losses that might be incurred if a loan defaults. Most often required on Conventional mortgage loans, the cost of Mortgage Insurance is usually paid by the borrower and is most often required if the loan amount is more than 80% of the home’s value.
Please fill out the PMI Request Form (LINK for PMI Removal Request Form (PDF download) and email to our Escrow Department for review of your request.
Email: Escrow@memberfirstmortgage.com
Fax: 616 588 9760
Mailing/Overnight Address:
Member First Mortgage, LLC
Attn: PMI Specialist
616 44th Street SE
Grand Rapids, MI 49548
For additional questions please contact our Escrow Team at (866) 636-1052 – Option 3, M-F 8:30am-630pm EST.
- If you have your property taxes escrowed with your mortgage. MFM will pay the property taxes by the due date or discount date.
- New Homeowners should contact their tax authority to verify if they have the primary residency exemption (PRE) or Homestead exemption. *Only if the home is your primary residency.
- At times when you purchase or refinance your home your tax authority may issue a supplemental bill. This supplemental bill will need to be paid by the homeowner. Supplemental Bills are not included when your escrow account is established.
If you have an escrow account, your monthly mortgage payment will consist of principal, interest, taxes and insurance (P.I.T.I). Using an escrow account, Member First Mortgage will pay the taxes and insurance on your behalf each month.
If you don’t have an escrow account, you will be responsible for paying your own property taxes and insurance.
- If you have your homeowner’s insurance escrowed with your mortgage. MFM will pay the premium annually from your escrow account by the due date.
- Changing to a new homeowners insurance company. You can use the refund from the previous insurance company to pay the new premium. If MFM pays the new insurance premium and has already paid the previous premium, you will want to deposit the refund into your escrow account. This will help to avoid a shortage as we only anticipate paying one premium annually.
- You can send a copy of your homeowners insurance declarations page and premium bill to: MyInsuranceInfo.com
- MFM also utilizes text messages for request when documentation is needed.
- Mortgagee Clause
- Member First Mortgage, LLC
ISAOA/ATIMA
PO BOX 3216
Carmel IN. 46082 - Additional questions?
- Contact our Escrow Team at 866-636-1052 Option 3, M-F 8:30am-630pm EST.
- You will have an escrow analysis generated once a year. To identify any increases in your property taxes or homeowner insurance premium.
- At times MFM may need to adjust your monthly T&I amount due to the increases in property taxes or homeowners’ insurance premiums.
