You will find the mortgagee clause address and other details on this page. However, it is only appropriate to learn a few things about a mortgagee clause before you can actually use it.
Finding Mortgagee Clause
What is the name and address of your lender that you can list under the mortgagee clause?
Here are the details for some major lenders in the United States.
JPMorgan Chase
Chase Home Finance LLC ISAOA PO Box 47020
Doraville, GA 30362
Chase Manhattan Mortgage Corporation ISAOA/ATIMA P.O. Box 57012
Irvine, CA 92619
Citimortgage
Citimortgage ISAOA/ATIMA PO Box 81300
Atlanta, GA 30366
Citimortgage, Inc ISAOA/ATIMA PO Box 7706
Springfield, OH 45501
Bank of America
Bank of America, NA ISAOA/ATIMA P.O. Box 2325
Corapolis, PA 15108-6924
Bank of America, NA ISAOA/ATIMA P.O. Box 2325
Corapolis, PA 15108-6924
Bank of America, NA ISAOA/ATIMA P.O. Box 57060
Irvine, CA 92619-7060
Bank of America, NA ISAOA/ATIMA P.O. Box 1504
Latham, NY 12110-8004
Wells Fargo
Wells Fargo Home Mortgage ISAOA/ATIMA PO Box 6502 Springfield,
OH 45501-6502
Wells Fargo Home Mortgage ISAOA/ATIMA PO Box 5708 Springfield,
OH 45501
Fifth Third
Fifth Third Bancorp ISAOA P.O. Box 598
Amelia, OH. 45102
PNC Bank
PNC Bank, N.A., ISAOA ATIMA, P.O. Box 7433
Springfield, OH 45501
HSBC
HSBC Mortgage Services Its Successors and/or Assigns P.O. Box 47207
Doraville, GA 30362
PHH
PHH Mortgage Services ISAOA/ATIMA P.O. Box 5954
Springfield, OH 45501-5954
For more on mortgagee clauses and insurance companies addresses, phone numbers and fax numbers, etc, refer to our pages on lenders.
Understanding Mortgagee Clause
What is a Mortgagee Clause?
A mortgagee is someone who lends you money to buy a home. A borrower, on the other hand, is known by the term Mortgagor. A mortgagee can be a bank, credit union or any other entity serving the role of a lender. If you buy a property with a lender’s money, the lender has more risk than you might have if something goes wrong with your property.
No lender will give you money unless you buy an insurance policy to pay for the loss in case the property gets damaged. A hazard insurance or homeowners insurance can offer adequate coverage to your lender a.k.a. mortgagee. Thus, a mortgagee clause is nothing but a separate contract between the insurer and the lender.
As a borrower, you only need to tell the name of your lender when you buy an insurance policy. The insurer will contact your lender for the correct name and address of the financial institution that holds a lien on your property. The legal description of the entity that has financial interest in the property that you have bought with its money is what is referred to as a mortgagee clause in insurance papers.
Is a Mortgagee Clause the same as a Loss Payee Clause (or Loss Payable Clause)?
Technically, the two are not the same, but they are often used interchangeably. In real estate transaction, the term “mortgagee clause” has become almost a standard as it ensures complete protection for the lender in case of a loss.
Take an example of a property damage done by the owner, also known as arson. In the case of a loss payable clause, the insurer may deny the benefits of indemnification to both the owner and the financial institution having a lien on the property. A mortgagee clause, on the other hand, ensures that the lender gets paid for the value of the loss, although the homeowner might be denied of the same.
What is the full form of ISAOA? What does it signify in a mortgagee clause?
ISAOA stands for “Its successors and/or assigns”. It often forms a part of the address that a bank or financial institution provides as a mortgagee clause. Your bank might be taken over by some other company or your bank may sell your loan or the servicing rights of your loan to another company in future. ISAOA is included in the legal description just to ensure a smooth transition of mortgagee rights in such events.
Does ATIMA mean the same as ISAOA?
The full form of ATIMA is “As their interests may appear”. In general, it means the same as ISAOA; however, it also specifies in legal terms that the correct recipient of the indemnification is the current owner of the lien on your property, and not you.
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