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Form Approved - OMB No. 0560-0237 This form is available electronically. U.S. DEPARTMENT OF AGRICULTURE Farm Service Agency FSA-2320 (12-31-07) See Page 2 for Public Burden and Privacy Statements.

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It is noted and agreed that the Property Insured by this Section has been mortgaged with : (as specified in the Schedule under “Financial Interest”) and that in consequence thereof it has been agreed with the said mortgagee and the Insured that in case of loss, if any, payable under this Section, any payment up to the ...

In regards to insurance, a “Loss Payee” (which automatically includes any mortgagee) is the party (or parties) to which any payment being made under the policy in relation to a claim or loss will be made before being released directly to the Named Insured.

For example, if you obtain a mortgage to buy a home or property and that property is then destroyed in a fire, the mortgagee clause would ensure that the loss would be payable to your lender even though it's part of your insurance policy.

Many lenders require borrowers to have a mortgagee clause, and it'll be a part of the loan under their property policy, issued by the homeowners insurance company. The company will need to document who has the lien within the policy.

It's the address the mortgage company uses for insurance purposes. It is not the same as their corporate address. Nor the place where you send your mortgage payments.

A mortgagee clause is found in many property insurance policies and provides protection for a mortgage lender if a property is damaged. While lenders do receive protections with the mortgagee clause, borrowers benefit as well from reimbursements for repairs to the home as well as any documented lost property.

If you're interested in getting a mortgagee clause, make sure to reach out to a lender so that a mortgagee contract can be added to your current contract. Depending on the lender you choose, you may be required to agree to a mortgagee clause in your contract before you can get approved.

A loss payable clause indicates that a third party, referred to as the loss payee, receives funds paid for a loss. Usually, the loss payee is registered as the recipient because there is an assignment of interest in the property being insured.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232