{"id":7806,"date":"2023-03-27T11:41:13","date_gmt":"2023-03-27T16:41:13","guid":{"rendered":"https:\/\/www.morty.com\/resources\/?page_id=7806"},"modified":"2023-11-20T21:00:30","modified_gmt":"2023-11-21T02:00:30","slug":"standard-hoi-docs","status":"publish","type":"page","link":"https:\/\/www.morty.com\/resources\/mortgage-manual\/title-and-hoi\/standard-hoi-docs","title":{"rendered":"Standard Docs Needed for HOI"},"content":{"rendered":"\n
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Standard Docs Needed for HOI<\/h1>\n\n\n\n

Understanding Lenders\u2019 Homeowner’s Insurance Requirements<\/strong><\/strong><\/strong><\/h4>\n<\/div><\/div><\/div>\n\n\n\n
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Resources<\/a><\/span> > Mortgage Manual<\/a><\/span> > Title Insurance and Homeowner\u2019s Insurance<\/a><\/span> > Standard Docs Needed for HOI<\/span><\/span><\/div>\n\n\n
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Lenders require borrowers to have an active HOI policy in order to close on a mortgage loan. HOI stands for Homeowner’s Insurance, also known as home insurance or property insurance. HOI is a type of insurance policy that provides financial protection to homeowners against various risks that could potentially damage their homes and their belongings within their home. This insurance coverage is vital for homeowners to help recover financially from unexpected events and accidents that may result in property damage or loss. For the lender, since they securitize the loan they offer with the home itself, they naturally want to ensure the value of the property from potential damages through homeowner’s insurance. <\/p>\n\n\n\n

Below you will find more information on the specific documents and information required by lenders for standard homes. Condos require separate documentation outlined in Understanding HOI Documents for Condos<\/a>. For more information on choosing an Homeowner’s Insurance policy, check out Selecting an HOI Provider<\/a>.<\/p>\n<\/div><\/div>\n\n\n\n

Action Items:<\/strong>\u00a0Finalize your policy. Send us your Declaration Page.<\/mark><\/p>\n\n\n\n

What do we need?<\/h2>\n\n\n\n

There are three major items needed in order to clear lender requirements detailed below. Once your insurance agent has provided you with the declaration page of your finalized policy simply upload that document to your Closing Tracker and Morty will request the other items from the insurance company directly.<\/p>\n\n\n\n