Selecting an HOI Provider

Finding and Finalizing your HOI Policy

Every homebuyer must purchase Homeowners Insurance (HOI) before closing on their mortgage and new home purchase. Below we outline your next steps in the process of attaining a policy and provide you with the tools you need to get started in finding a policy. HOI policies depend on the property type, so make sure to check out these articles on standard and condo policy requirements. Additionally, your home may be in a flood zone or some other high-risk area for natural disasters. The lender may or may not require some of these additional coverages, but it is important to consider so that you protect your new home and belongings. 

Action Items: Select an HOI provider. Finalize your policy. Send us your Declaration Page.

When to Look for HOI Insurance?

A finalized HOI policy will be necessary in order to receive the final approval for your loan application. We recommend looking for HOI coverage and finalizing at least 2 weeks before you are expecting to close in order to give the lender sufficient time to process your documents and clear your loan for closing. You will not be required to pay for the policy until closing, even if you have finalized it.

Choosing an HOI Provider

You must choose your own Homeowners Insurance provider. There are many providers out there and we will work with all insurance companies, big and small. 

If you need somewhere to start, two HOI companies that we work with frequently and embody Morty’s goal of infusing technology into the homebuying experience are Lemonade and Hippo. Please check to make sure your state is covered:



What does your HOI provider need from us?

Once you have selected an HOI policy, your agent might ask you for a few pieces of information regarding your mortgage. 

  • Loss-payee clauses (sometimes called mortgagee clause):
    • This is a lender-specific legal clause where an insurer would pay your lender for a loss instead of the named insured. Below you will find the loss payee clauses of our most commonly used lenders.
LenderLoss Payee Clause
CMGCMG Mortgage, Inc., ISAOA
3160 Crow Canyon Rd. Suite 400, San Ramon, CA 94583
First Savings Bank (FSB)First Savings Bank ISAOA/ATIMA
P.O. Box 961292 Fort Worth, TX 76161-0292
FreedomFreedom Mortgage Corporation, ISAOA/ATIMA
P.O. Box 5050, Troy, MI 48007-5050
Huntington BankThe Huntington National Bank ISAOA
ATIMA P. O. Box 5072 Troy, MI 48007-5072
JMACJMAC Lending, Inc., its successors and/or its assigns
2510 Red Hill Avenue, Santa Ana, CA 92705
P. O. Box 7050, Troy, Michigan 48007
Rocket MortgageRocket Mortgage, LLC. ISAOA
P.O. Box 202070, Florence, SC 29502
PennyMacPennyMac Loan Services, LLC, ISAOA
P.O. Box 6618, Springfield, OH 45501-6618
PRMGParamount Residential Mortgage Group, Inc. Its Successors and/or Assigns
1265 Corona Pointe Court, Suite 301, Corona, CA 92879
The Loan StoreThe Loan Store Inc, ISAOA
6340 N. Campbell Ave, Suite 100, Tucson, AZ 85718
WindsorPlains Commerce Bank, ISAOA
3905 W 49th St 2nd FL, Sioux Falls, SD 57106
  • Loan number
    • Your loan number is specific to your loan and can be found on the top section of the first page of your Loan Estimate. The loan number can also be listed as the Loan ID.
  • Will the policy be escrowed?
    • Escrowing your HOI policy means that the lender will collect the HOI payments as part of your monthly mortgage payment, and you will not need to worry about paying the policy separately. Most borrowers choose to escrow their HOI payments, but you may choose to pay yourself if the lender allows you to waive the escrow. If you have chosen to waive escrows after discussing this with your loan officer, you will need to pay the first year of HOI upfront at or before closing, but you will not be required to contribute to this monthly as part of your mortgage payment. 
  • Are you paying the first year upfront or at closing?
    • The premium for 1 year of HOI in due before the policy starts. This is typically paid during the closing process as part of the closing costs, but you may choose to pay this yourself upfront with the HOI company when you are finalizing the policy. If you choose to do this, make sure you provide Morty with the receipt showing that you paid.
  • Effective Date
    • This is your closing date. Your HOI policy must be effective on or before your closing date. If your closing date changes at any point, you may need to go back to the HOI company and update the effective date with them.