Mortgage Loss Draft Frequently Asked Questions
Get answers to your questions about mortgage loss drafts.
What do I do if my property was damaged (fire, flood, wind, etc.)?
Contact your insurance company to report the claim. Your insurance company will send an adjuster to your home to assess your property damage, determine a claim settlement, and issue an insurance claim check.
I received an insurance claim check for my mortgage. What should I do with it?
You can call us at 1-888-882-1858 or 888-882-1847. We are available Monday – Friday 8:30 AM - 9:00 PM EST.
Visit insuranceclaimcheck.com/mtbank where you can do the following:
- Report damage, upload pictures and documents
- Download forms and submit insurance documentation
- Make repairs & request inspections
I received an insurance claim check for my CHOICEquity (HELOC) account. What should I do with it?
Call us at 1-800-724-2440 or visit an M&T branch.
Where do I send my check?
You can either bring the check to an M&T branch or mail the check as following:
M&T Bank Loss Drafts Dept.
P.O. Box 6501
Springfield, OH 45501
M&T Bank Loss Drafts Dept.
One Assurant Way
Springfield, OH 45501
M&T Bank Loss Draft Dept.
P.O. Box 1288
Buffalo, NY 14240
Where can I go to have my insurance claim check endorsed?
Stop by any local M&T Bank Branch or contact us at 1-888-882-1858. CHOICEquity (HELOC) call 1-800-724-2440.
Depending on the amount of the claim and/or the status of your loan, we may need you to endorse the check and send it in for deposit.
Why would the insurance claim check need to be deposited?
Because of federal regulations and investor guidelines we are required to monitor the progress of repairs for large claims or for claims on delinquent loans.
How are repairs monitored?
We use periodic inspections to confirm the progress of repairs
Why does the bank need to inspect the property?
M&T Bank has a financial interest to ensure the home is repaired to the condition before the property loss.
When do I call to request an inspection?
The first inspection should be requested when you and your contractor agree the work is 50% complete. The second inspection should be requested when you and your contractor agree the work is about 95% complete.
These inspections must be completed for insurance claim funds to be released.
How and when are the insurance claim funds released?
We will deposit your claim funds into a special account for your repairs. Claim funds are then released in three draws (checks).
The first draw of funds will be released after all necessary forms, and insurance and/or contractor documents are received.
When and your contractor agree the work is 50% complete, contact us at 1-888-882-1858 or insuranceclaimcheck.com/mtbank (CHOICEquity (HELOC) please call 1-800-724-2440) to request an inspection. The second draw will be issued after the inspection confirms the progress of repairs.
When your repairs are about 95% complete, contact us to request your final inspection. The third and final draw will be released once the inspection is complete and the work is confirmed to be 100% complete.
Will I receive any information by mail regarding this claim process?
Yes, a claim packet will be sent after you notify us of the claim. The claim pack includes contact information, an explanation on how the funds are released, and forms specific to your claim.
Can I use insurance claim funds to bring my loan current?
The funds issued by the insurance company are for the sole purpose of repairing the damages to the home.
If claim funds remain after repairs are 100% complete, we can review a request to apply the funds to the loan. If you decide to not repair the property, we will then apply the funds to the outstanding balance on the loan according to the terms of your mortgage.
Please contact us at 1-888-882-1858 for more information. (CHOICEquity (HELOC) call 1-800-724-2440)
Can I use Insurance Claim funds to pay off my loan
If you wish to use your insurance claim funds to pay off your mortgage, please contact M&T Mortgage Customer Service at 1-800-724-2224 to request a payoff quote. The claim funds must be sufficient to pay off your loan
What if the claim funds issued is more than my mortgage principal balance?
If your loan is current, we will issue a check in the amount that exceeds your principal balance.
What if the claim check does not cover the repairs?
Please contact your insurance agent for more information. The bank cannot request additional claim funds on your behalf.
I hired a public adjuster to help with my claim, can I pay them with the insurance claim funds?
Payments to public adjusters or attorneys hired to help with an insurance claim are the responsibility of the borrower. We are unable to pay public adjusters or attorneys using the claim funds. Any funds remaining after all work is 100% completed, and all contractors are paid will be released back to you. You are responsible for payment to the Public Adjuster or Attorneys hired to assist with your claim.
*If you only have a CHOICEquity (HELOC), please call 1-800-724-2440 or stop by any local M&T branch.