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Tips & Techniques for Flagstar Bank Insurance Claims Department

Flagstar Bank recently update their requirements. Like others, they now have a monitored range. For claims under $10,000 you will simply need your Adjuster's Worksheet and the claim check. From $10,000 to $20,000 you will need your Adjuster's Worksheet, the claim check and an inspection. For claims over $20,000 you will need all of the required forms listed here.

Flagstar Bank is easily one of the most difficult mortgage companies to get a monitored endorsement from. That is not to say they are the most difficult to deal with, they just are just very rigid in their standards. To start, Flagstar requires Your Company to pay for inspections--a $33.50 fee for each inspection! In addition, where as most mortgage companies consider any inspection results above 95% to be good enough, Flagstar will with hold the balance of any amount less than 100%.

For example, if your claim check was for $100 and your inspection results came back at 96%, Flagstar Bank will hold $4 until the work is 100% complete--which of course means that you will have to pay another $33.50 inspection fee! While this is borderline extortion, just be aware of it ahead of time and make sure that you are 100% finished with your work before the inspection.

Now go and get Your Money Faster!