Property Taxes: Typically due annually or semi-annually and depend on the state/local jurisdiction where your home is located. Your latest property tax bill will state when the bill is due and payable. We will use your escrow funds to pay property tax bills in a timely manner, generally by the due dates.- Homeowners and Flood Insurance: Homeowners and flood insurance premiums are due according to your policy’s billing schedule. The latest insurance policy or bill will state when the bill is due and payable. In addition, your insurance company or insurance agent will inform you of the due dates. Typically, the insurance company will send the insurance premium bill to us, as the loan servicer. We also pay your insurance premiums from your escrow funds, as they come due.
- Insurance Lapse: You are required to have adequate insurance at all times during your loan. You must provide proof of coverage and update us on any policy changes. If your policy lapses, is cancelled, or no longer meets our requirements and you do not timely provide acceptable replacement coverage, we, as the servicer, will purchase our own policy on the property and add the costs to your loan account. This is called Lender Placed Insurance.
- Lender placed insurance: Also known as force-placed insurance, lender placed insurance primarily protects the lender’s financial interest in your property, and it does not provide the consumer-type coverage that you would receive under a homeowners insurance policy. Lender placed insurance coverage is usually limited to the structure and sometimes only up to the unpaid principal balance of your loan, and it commonly does not cover personal property, loss of use, or liability exposures of the borrower, typically included in a homeowners insurance policy. If we need to obtain insurance coverage on your property because the required insurance coverage was not in place, then we will give you written notice before placing the insurance. You can demonstrate proof of coverage to avoid or cancel lender-placed insurance at any time.
What You Need to Do
- Insurance: Make sure we are aware of your insurance obligations and any changes in coverage or carrier to your insurance. If you receive an insurance bill or notification of any changes, write your loan number on your insurance communication and immediately mail it to Tammac Holdings Corporation, PO BOX 1249, Coppell, TX 75019 or email them to escrow@automhatic.com.
- Taxes: Make sure we are aware of your tax obligations and any changes to them. If you receive a tax bill or notice of any changes, write your loan number on the tax bill and immediately mail it to Tammac Holdings Corporation, PO BOX 968, Southeastern, PA 19399 or email it to escrow@automhatic.com.
If you’re unsure what to do or have additional questions, please email: escrow@automhatic.com or call (888) 226-8929.
Information is provided for explanation purposes only.