NLIC.org

Jeremy Said:

Can a insurance company rise your rate by sending it to your mortgage provider without your written and expres?

We Answered:

If you have a mortgagee listed on your homeowners policy, the insurance is required to send a copy of the renewal policy to the mortgagee. Mailing a copy of the policy to the mortgagee, does NOT increase your rate.

If you originally set the policy up to "bill the mortgagee" because you have an escrow account, the mortgage company will also get the bill for it. This, also, does not increase your rate.

Your written and expressed permission, is on the application that you filled out, when you first took the policy out.

So no, the insurance company cannot send a copy of your policy to a third party - your mortgage company - without your permission. And they don't know WHO your mortgage company is, either, unless you TOLD them who they are.

Ramona Said:

I am trying to refi my adjustable rate mortgage. Am I eligible for an FHA mortgage?

We Answered:

Yes, FHA will loan up to 97% LTV so you are eligible. All FHA loans have mortgage insurance. You can never eliminate MI on FHA so that doesn't work for you, though..