All Forum Posts by: Philip L.

@Steve Vaughan you raise a lot of pain points that is not talked about enough. Learning about lending is time consuming, frustrating and expensive.

@Chelsea Knapp I will do thanks for the help, good luck with everything. 

@Chelsea Knapp thanks for the info I really appreciate it - I was given a list of insurance policy requirement changes I forwarded them to my broker and they are able to make some of the changes but not all they are also saying no insurance company will offer a policy based on the request. ECF are saying to use their insurance but it's twice the price and after doing a little research they don't seem to be very well established.

I am in the process of refinancing a rental property - my lender is asking for changes to my current insurance policy, most have been made however:

My lender is saying - The insurance company will not put us as a Payee Loss, which is a requirement for us to approve insurance. They are willing to put us as an additional insured as long as you reach out to them to add us. However we need both and they cannot satisfy one of the conditions.

My insurance agent is saying: the insurance company will not add them as all three, mortgagee, loss payee and Liability additional insured. This request is very unusual apparently.

My lender is now saying I should cancel my current policy and go with their recommended insurer

Below is the full requirements the lender has asked for

General:

1. 30 days notice of cancellation to the lender must apply and be evidenced

2. Insurance must be submitted on accord certificates

3. Paid in full receipt is required for approval

4. Must meet AM best requirements

Property:

1. Lender must be included as mortgagee and loss payee

2. Coverage must be special form / RCV / no co-insurance. All items must be specifically evidenced

Liability:

1. Lender must be included as additional insured

2. Insurance must be primary and noncontributory

3. Confirm this is the only location on the policy

4. Minimum required coverage of $1,000,000 per occurrence / $2,000,000 aggregate

5. Evidence the deducible, even if 0 "

I've completed a number of mortgage transactions in the past and all I had to do was show proof of insurance, I am unclear of what to do next, just cancel my current policy and go with theirs's or am I misunderstanding something?

@Chelsea Knapp awesome - quick question - did you have any issues in regards to insurance? 

@Joe Jung and @Chelsea Knapp
Did you manage to get the financing in the end?  

@Fred Shatzoff will do thanks for the help

@Fred Shatzoff yeah did that and they were unable to resolve the issue

I am currently trying to refinance one of my rental properties, the lender has asked my insurance company to make some changes and 
Insurance will need to be submitted in accord form. Please have the insurance agent provide a ACCORD 25
and a ACCORD 27.

My insurance company is saying they have never heard of Accord 25 or 27, I am now at the stage where my lender is asking me to buy new insurance that's twice as expensive.

Any idea how to resolve this issue?

Got a tenant that moved into a rental property early December, seemed nice and friendly, had good references and clear background.
Since she moved in it's just constant complaints and has some form of anger issue, some I understand and I got fixed like the bathtub pipe was leaking and the fridge wasn't keeping temp. Now it's more cosmetic things like kitchen cabinet door handle is miss aliened, trim doesn't match from the living room to the hallway, paint from the ceiling to the wall hasn't been cuttin particularly well.

What is your thoughts on these types of repairs? I feel like I am not handling the situation well as she gets mad pretty much every time we speak.