Mortgage Aspects 
Mortgage Rates Mortgage Calculator Bank of America Chase Bank Wells Fargo
 
 Home  » GMAC Mortgage  » Insurance

GMAC Mortgage Insurance

GMAC Mortgage Insurance may refer to any to the three kinds of insurance, which are PMI, Homeowners and Title Insurance. PMI or Private Mortgage Insurance is not required for all borrowers, but for those who are putting down less than 20 percent of the price of the property at the time of closing.

This is in order to safeguard the investment of the lender in case the borrower defaults on payments. The premium is paid by the homeowner, which is usually held in an escrow account. It is possible for the homeowners to dispense with a PMI requirement after they have built 20 percent equity in their homes or their properties increase in value.

Title insurance, on the other hand, protects the homeowners and lenders in case a title dispute arises in future. The amount to be insured under this policy should cover the whole of the building structure and adjoining premises. While the premium liability is borne by the borrowers alone, the loss payee nominee should also include the name of the lender in a separate clause known as GMAC mortgagee clause.

The third type known as homeowners or hazard insurance is necessary to provide complete coverage against natural disaster and fire. The policy can also be extended to provide protection to the contents of the house. In areas where floods, earthquakes or other similar phenomenon is a common sight, a separate homeowner’s insurance policy is required to provide adequate coverage to the house and its contents.

GMAC Mortgage Insurance Department

Also known as GMAC Mortgage Insurance Claims Department, it is where you need to send your claim checks for endorsement and further processing. In addition to this department, there also exists GMAC Insurance, which is a separate company that offers life insurance and other products. If you are a mortgage customer, you can get more information about mortgage insurance services by calling the phone number 1-877-509-4622.

Here is the mailing address for GMAC Mortgage Insurance Department or Claims Center. You can send mails regarding issues pertaining to insurance claims and check endorsement to this address.

GMAC Mortgage Insurance Claims Department
GMAC Mortgage
3451 Hammond Avenue
Waterloo, IA 50702

There is yet another mailing address that can be used to send back mails containing insurance renewal notice sent by GMAC despite your payments being maintained by an escrow account held by the bank. With all communications with this center, you must mention your account number written on the bill.

GMAC Mortgage Corporation
P.O. Box 57003
Irvine, CA 92619

Fax Number: 949-770-7683

Website: www.gmacmortgage.com/


GMAC Mortgage
Login
Rates
Payment
Calculator
Online
Refinance
Loan Modification
Customer Service

©Copyright 2010-2011 - Navigate Portals. All Rights Reserved.