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Home › Mortgage Companies › Flagstar Bank

Flagstar Bank Loss Draft General Information

  • Phone:Flagstar Bank loss draft phone numbers
  • Fax:Flagstar Bank loss draft fax numbers
  • Regular Mail:Flagstar Bank loss draft mailing address
  • Overnight Mail:Flagstar Bank loss draft overnight mailing address
  • Monitor Amount:Flagstar Bank loss draft monitored amount
  • Email Address:Flagstar Bank loss draft email address
  • Web Address:Flagstar Bank loss draft web address
REGISTER FOR ENDORSEMENT CHECKLIST
Required Documents for Flagstar Bank Endorsement
Total Claim Under $10,000 - $20,000
  • Third Party Authorization Template
  • Adjuster's Estimate
Total Claim Over $10,000 - $20,000
  • Third Party Authorization Template
  • Adjuster's Estimate
  • Signed Contract
  • Mortgagor's Affidavit of Repair Certification Notary
  • Letter of Satisfaction
  • Waiver of Lien
  • Contractor License or Registration
  • Contractor W-9
  • Inspection - $33.50 fee required
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!

Articles

  • Cover Letters for Adjuster’s Estimates: When Do I Need One?
  • Sign or Not to Sign? When to Sign Your Claim Check Before Sending
  • Your Work Contract: What it Must Include
  • Documents and Information to Have on Hand
  • Draws: Definition and Strategies
  • The Importance of Third Party Authorizations
  • What is a Monitored Amount?

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