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If the property is in an "A" or "V" zone, flood insurance is required regardless of the elevation of the property. 

If the property is not in an "A" or "V" zone, you may use elevation information to file a Letter Of Map Amendment or Revision (LOMA/LOMR) with the Federal Emergency Management Agency (FEMA). While FEMA reviews the LOMA/LOMR, flood insurance is still required. If FEMA approves the LOMA/LOMR, you may not be required to maintain flood insurance or your premium may be reduced.

You can contact FEMA at 1-800-638-6620 or visit their website at www.FEMA.gov.

When a property is damaged by a natural disaster (fire, hurricane, etc.), the insurance company will inspect the property and issue a check to cover damages. This check is made payable to both the homeowner and PHH Mortgage. You must notify us of any such property damage.

If you have filed a hazard claim and received a loss draft check, please contact our Loss Draft Department directly at 1-888-882-1815. They are available Monday through Friday from 8:00 am to 9:00 pm and Saturday from 8:00 am to 5:00 pm, ET.

Payments are typically due on the first day of each month, but you may have a grace period before a late charge is assessed. Refer to your monthly statement to determine your grace period. 

It's not guaranteed that we'll present your check a second time. Please check with your bank to ask about their policy on bounced checks.

PMI is a type of mortgage insurance. It is typically required on a conventional loan if the down payment is less than 20% of the home’s purchase price.

PMI may also be required to refinance if your equity is less than 20% of the value of your home.

Equity is the amount you have paid toward the loan principal through the down payment, your monthly payments, and additional payments to principal. Increases to your house’s market value can also increase your equity.

Mortgage insurance helps you to get a mortgage without having to make a substantial down payment. By paying a mortgage insurance premium, you can purchase a new home with less than 20% down. Mortgage insurance protects the mortgage investor if the account becomes past due. 
 
The most common types of mortgage insurance are private mortgage insurance (PMI) and insurance through the Federal Housing Administration (FHA), called a mortgage insurance premium (MIP).
 
If you are required to carry mortgage insurance, the insurance may be canceled when the equity in your home reaches a certain percentage.

Substantial improvements are changes to your home that increase the home’s value. For example:

• Significant structural alterations, including adding square footage
• Construction requiring permits
• Adding new features, such as a new bathroom, central air conditioning, etc.

 
Repairs and home maintenance are not considered substantial improvements. For example:

• New flooring
• New appliances
• Painting
• Replacing the roof or siding.

For any questions about your insurance policy information, please contact our Insurance Department at 1-888-882-1855. They are available Monday through Friday from 8:00 am to 9:00 pm ET and Saturday from 8:00 am to 5:00 pm ET.