General
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.
Who uses iink?
Restoration professionals (contractors, public adjusters, property attorneys), insureds, insurance carriers and mortgage companies.
What is iink?
iink is a payments platform for property claims.
Why was my claim returned? | iink Payments |
CHECK IMAGE UNACCEPTABLE New Check Image Required - Please upload a new picture of the check meeting the following guidelines: The image must be clear The entire check must be in view Check must be lying on a flat and clear surface. Use your phone ...
How can I add and manage stakeholders? | iinkPayments |
What is a stakeholder? A Stakeholder is anyone listed on the pay to the order line of the check and anyone receiving funds as part of the transaction. Types of stakeholders: Homeowner: Payee listed on the check and needs to sign digitally. Homeowners ...
Why can your insurance claim check payment be delayed?
Here is a running list of reasons your claim or payment could be delayed: Incomplete or inaccurate information has been submitted for review. Missing Stakeholders or Stakeholders information Wrong email & phone number Missing Documents Missing scope ...
What type of multi-party claim checks does iink Payments process?
What are MultiParty Claim Checks? A multiparty claim check is an issued check payment from an insurance carrier with multiple payees on the pay-to-the-order-of line. Listed payees all need to sign the check in order to deposit the check payment into ...
Why am I getting Image Error on my file | iink Payments |
Check image requirements: The file must be a JPEG, PNG, or GIF (not PDF) - You can use this FREE TOOL to convert a PDF to JPEG The image must be clear The entire check must be in view Check must be laying on a flat surface Use the flashlight app on ...
Entering A New Property loss Claim Check | iink Payments |
iink App - Entering A New Claim Check Here are step-by-step instructions on how to correctly enter a new check into the iink app for processing: 1. Log in to app.iinktech.com 2. Go to your Dashboard and click the blue "START NEW" button on the top ...