Overview

Homeowners may request their homeowner insurance to be escrowed and paid via their mortgage company.   Mortgage companies prefer to be billed in one of two ways.   One way is for the mortgage company to be list billed once a month and include on the list statement all policies for mortgages being escrowed by that mortgage company.  This requires the carrier to have a single mortgagee account and location to send the list bill.   This also requires the mortgage company to return a reconciliation list of policies that are being paid via any lump sum remittance.   

Due to the complexity that list bill adds to the process, many carriers and mortgage companies prefer to receive individual invoices for each policy with individual due dates.  Duck Creek Billing supports direct billing the HO insurance policy to the mortgage company individually per policy.  However, without further configuration to establish the account payor as the mortgage company, the workflow requires the account to be created in Billing prior to the quote being issued or it requires a change to the account’s payor to be performed in Billing after the policy is issued.  

This CX package streamlines the process.   A new Bill To Mortgagee option is added to the Payment Details page.  With this option selected, upon issue the account will be automatically created with the Mortgagee Additional Interest as the Payor of the direct bill account leaving the insured as the Payee of the account.    Any Additional Interest party entered with a type of Mortgagee will be available for selection in the Mortgagee Name dropdown in future quotes.

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