General
What happens if I receive Advance Funds and the check takes longer than expected, gets lost, or is being held up due to mortgage company procedures?
As funds are still in limbo and unable to be paid back to iink interest of 1.95% per month will accrue until the check is received or repayment is authorized otherwise.
What happens if the check gets lost in the mail after the mortgage company returns it endorsed?
Unfortunately, the check will need to be reissued by the insurance carrier. However, depending on the circumstances, the insurance carrier may be able to reprint the check to exclude the mortgage company if repairs are completed.
What happens if the wrong mortgage company is on the insurance check?
The check will need to be reissued by the insurance carrier with the insured’s current mortgage company listed as the payee. The insured will need to update their policy’s mortgage clause with their agent (not adjuster) before the request for a ...
What happens if a check is deposited outside of iink?
For Standard Processing customers, iink will invoice the funds recipients for the applicable service fee. For Advance Funding customers, iink will initiate an ACH pull from the primary stakeholder’s bank account unless otherwise instructed to pull ...
How much does iink cost per check with a mortgage company?
Standard Processing - 1% with $150 cap per check Advance Funding - 1.95% per month with no cap
How much does it cost to get iink Verified?
$299 one-time fee
How does iink bill their service fees?
Fees are automatically deducted from the check funds when they are deposited in your bank account.
How long should I keep the check before I destroy it?
3-4 weeks is sufficient.
What should I do with the check after the mortgage company has sent it back with their endorsement?
To complete the transaction, a picture of the back of the check with the mortgage company’s endorsement must be uploaded to the payment in the iink web app. You must also write or stamp the following restrictive endorsement on the back of the check: ...
When will I receive funds if I have selected Advance Funding for checks with a mortgage company?
1-2 business days after the check is mailed to the mortgage company using the FedEx label provided by iink.
When will I receive funds once all stakeholders (including the mortgage company) have endorsed the check?
Funds are sent to your bank account via ACH when the check clears (typically 2-3 business days).
How do I connect my bank account to iink?
All users receiving funds can securely connect their bank account within the iink web app using Plaid. You can instantly connect your account using your online banking login OR you can verify two small microdeposits sent by Plaid (1-2 business days).
Does iink require signature guarantees for their check endorsements?
No. Every professional stakeholder receiving funds is verified prior to being able to originate payment requests or receive funds via iink ACH.
What if a stakeholder does not approve the payment request sent by iink?
For security reasons, iink will not be able to complete any transaction without every stakeholder’s approval. Each payment request must minimally include every payee as a signing stakeholder to approve the transaction.
What if the person or company I want to send funds to is not a payee on the check?
Any funds recipient can be added to the transaction for payment provided every other stakeholder approves the disbursement.
Do all mortgage companies on iink’s platform electronically endorse the checks?
No. Some mortgage companies digitally endorse checks on the iink platform, but not all. For those that don’t, iink provides a 2-day FedEx shipping label for the check to be mailed to the mortgage company for endorsement.
How can someone electronically endorse a check using iink?
iink’s bank-integrated web app sends every payee a secure request via text and email to digitally endorse the check with their finger on a mobile device
Do I have to sign in the iink app even if I already endorsed the back of the check?
Yes. Every stakeholder must sign/approve the payment in iink. This provides full transparency into the remittance of the transaction
Does every payee on the check need to endorse it (sign the back) before it’s deposited?
Yes, in order for the check to be deposited in any bank, each payee has to endorse the check whether physically (with a pen/stamp) or electronically using iink.
Do I need to sign the check before I send it to the mortgage company?
If the claim IS NOT being monitored by the mortgage company then you do not have to sign it before sending it to them for endorsement. If the claim IS being monitored by the mortgage company then everyone will need to sign it before it’s sent to ...
What is loss draft?
Loss draft is the department at a mortgage servicing company that verifies, processes, endorses and disburses property claim checks to insured mortgagors.
What is a government-sponsored enterprise (GSE)?
A GSE is a mortgage loan investor like FannieMae (FNMA), FreddieMac, and HUD that provides the capital for mortgage loans. GSE’s provide the guidelines for mortgage servicing companies to service loss draft requests.
How does the mortgage company distribute funds when the claim is monitored?
Typically, mortgage companies will release 25-33% of the first check and sometimes up to 50% with a contractor agreement in place to complete the repairs. Additional funds are released at certain points of repair completion and verified by a third ...
When does a mortgage company monitor a claim?
Claims with a total amount over $40,000 replacement cost value will be monitored by the mortgage company. Additionally, claims of any amount with mortgages that have delinquencies or modifications within 2 years of the date of loss will also be ...
Do I have to wait for the mortgage company to return the check before I receive funds?
No. With iink’s advance funding option you can receive funds in as little as 1-2 business days after the check is mailed to the mortgage company.
How long does it take for the mortgage company to endorse, stamp and release a non-monitored claim check?
What is a non-monitored claim?
Non-monitored claims are typically any claim with a total RCV of less than $40,000 and the mortgage does not have any delinquencies or modifications within 2 years of the date of loss. These guidelines may vary by investor and/or mortgage company.
How do I know the mortgage company has received the documents?
iink’s Mortgage Support Team verifies receipt of all documents via phone directly with the mortgage company and provides updates in the iink web app message section of the payment.
How does iink provide this information to the mortgage company?
iink submits all required documents and authorizations electronically to loss draft departments at over 150 mortgage companies nationwide.
What information does iink need from the insured in order to process the claim check with the mortgage company?
The insured will receive a text or email link to complete iink’s payment verification. They will confirm who their current mortgage company is, answer a couple questions about their mortgage account, and provide the last 4 digits of their social ...
Can someone who is not listed as a payee on the check be added as a stakeholder?
Yes. Stakeholders who are not listed as a payee can receive funds with all other stakeholder’s approval and will be designated as an approver in the payment.
Who is considered a stakeholder in a payment request?
All payees listed on the pay-to-order line of the check and anyone receiving funds that are not on the check.
What information does iink need to start a payment request?
Clear images of the check front and back Insurance adjuster’s estimate (scope) OR settlement letter and final release Name, email, and phone number (mobile preferred) of each stakeholder
What does the mortgage company need in order to endorse a property claim check?
Minimally, the mortgage company will need a copy of the insurance adjuster’s repair estimate or settlement statement to confirm the required restoration. Additional documents requested may include, but aren’t limited to; contractor’s agreement, ...
Why are mortgage companies listed as payees on property claim checks?
Insurance policies covering a mortgaged property include a mortgagee clause listing any mortgage company associated with the property. Each mortgage company is added as a payee to claim payments ensuring the asset is brought back to pre-loss ...
How do insurance companies typically pay property claims?
Most property claim payments are paper checks that can include multiple payees. This means all insureds, all mortgage companies, and any professional that’s party to the claim (like a contractor, public adjuster or property attorney) could be listed ...
Why do mortgage companies use iink?
iink gives mortgage servicer the ability to quickly verify, endorse and disburse property claim funds while retaining full remittance as required by GSE guidelines.
Why do insurance carriers use iink?
iink reduces costs associated with property claims by increasing speed to repair, eliminates the administrative burden of issuing a paper check, and provides a better customer experience.
Why do insureds use iink?
With iink, insureds know their claim funds are being paid directly to a Verified restoration professional on a bank-integrated, FDIC insured platform.
Why do restoration professionals use iink?
iink makes it easier for restoration professionals to be paid in a timely manner so repairs can be completed as soon as possible and invoices are not left outstanding.
Next page