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Tips & Techniques for Regions Bank Centralized Insurance or Loss Draft Department

Regions Bank Loss Draft Department or Centralized Insurance Department is rather unique. For a bank of its size their loss draft department consists of less than five people--not exactly optimal for restoration vendors with little time!

The good news is that Regions Bank monitored claims only require one form, their Mortgage Repair Statement, and then one or two inspections. The bad news is that Regions Bank doesn't really accept third party authorizations--however we still suggest that you get one signed.

For monitored claims (claims over $15,000) you are instructed to immediately send in your endorsed claim check along with their Mortgage Repair Statement form. That way they can get the funds deposited into escrow right away. For 'normal' claims they usually have an inspection at 50% and then 95% and will release corresponding 50% and 100% draws. However if Your Company is in a financial position to skip the 50% draw, you are allowed to do that and simply schedule your 95% to release the entire amount.

IMPORTANT! The above information is for normal mortgage loans only! Regions Bank has different requirements and documents for home equity lines of credit and/or accounts that are not current. So please be very direct and ask your customers if they have a normal home loan or if they have a home equity line of credit.

In short, Regions Bank has a very small, but very friendly loss draft department with simple procedures and only one required form. Get this form completely filled out and faxed right away, along with mailing in your endorsed check (for monitored claims) and you should have no problems! Lastly, for non-monitored claims you should be able to have your customer take the Mortgage Repair Statement along with the claim check to a local branch for endorsement after mitigation or repairs are complete.

Now go and get Your Money Faster.