Disaster Relief

Damage to Your Home?

Have questions about what to do next?
We understand this is a difficult time for you and would like to take this opportunity to explain the disposition of funds and procedures utilized to complete the repairs to your home. As the servicer of your loan, we are the named mortgagee on any insurance claim check you may receive. The interest we hold in the property makes it necessary for us to specify the process by which the Total Loss Proceeds (TLP) will be administered.

Step 1. Contact your insurance company to initiate the loss claim.
Your first step is to contact your insurance company and initiate the claim. In most cases, your insurance company will send an adjuster to your home to assess your property damage, determine a claim settlement, and issue an insurance claim check. You typically will receive an adjuster report detailing the loss and settlement amount per loss.

Step 2. You received a check. If your home loan account is current and your:

TLP (Total Loss Proceeds) are:	Please provide present or mail us the:	We will:
Less than or equal to $40,000	Signed insurance claim check Insurance adjuster report	Endorse at a branch or return check by mail within five business days.
Exceeds $40,000	Signed insurance claim check Insurance adjuster report Contractor(s) estimate Completed lien waiver Completed W9 form	Assign a Direct Point of Contact (DPOC) to your case. Disburse initial check from the TLP, in the amount of $40,000.00 or 33% of the TLP, less a minimum of 10% holdback for final inspection, whichever is greater, issued to you.
Supplemental Disbursements
	Call or email your DPOC to request a supplemental disbursement.	Order an inspection, at our expense, to determine the completed percentage of the repairs before additional funds will be released. Following the inspection, a disbursement will be issued to you based on the progressions of repairs, but not exceeding 25% of the TLP.
Final Disbursement
	Notify your DPOC that the repairs are complete.	Order an inspection at our expense to inspect the repairs. When inspection results show 100% complete, the remaining balance of the TLP will be issued to you.

Contractor
If a contractor is used, you must submit their W-9 form and may also submit their current license if applicable. A Contractor(s) Estimate must include detail of all the work to be completed, beginning deposit amount, and the contractor’s license number if applicable. For each contractor involved in the project, please provide this information for each. A Contractor’s Notarized Lien Waiver must be completed and signed by each contractor involved in the repairs.

Submission of Documents
Include your loan number on all correspondence submitted. You must mail the insurance claim checks to the following address. You may submit all other required documents to either our mailing address, fax, or e-mail address.

Mail:
Attention Loss Draft Department MS1180
Rally Credit Union
Attention: Loss Draft Department
1 Corporate Drive, Suite 360
Lake Zurich, IL 60047-8945

Fax: 1-847-574-7617
Email: [email protected]

Please contact our Loss Draft Department at 1-877-592-0192 for assistance with your property claim process Monday – Friday 8 am – 5 pm.

Delinquent Account
An account is considered delinquent for the purposes of TLP disbursement if they have mortgage payments that are 31 days or more overdue at the time of the loss event. Accounts in Bankruptcy or Foreclosure will require additional time for disbursements to be released.

If the TLP exceeds your Outstanding Loan Balance
If the TLP exceeds the current outstanding balance of your loan, you have the option to pay off your loan. Please submit a written request to pay off your loan, along with the endorsed check, to us. The written request must be signed by all borrowers listed on the loan and the check just be endorsed by each payee listed. If you choose not to pay off your loan and the insurance proceeds exceed the unpaid principal balance, accrued interest, and advances, we will issue a check to you for the amount by which the TLP exceeds the aforementioned. The adjusted TLP amount will then be used to determine the disbursement method for repairs.

Communication with a Third Party
We must receive your written authorization if you wish for us to work with any third party during the claim process.

Public adjuster, private attorney, and all other third-party fees
Please be aware that you are responsible for paying all associated fees and these fees cannot be paid out of the TLP. If you are being reimbursed for any of these fees, please request that the insurance company issue a separate check solely to you and that party. If the public adjuster's fee is included in the loss draft check, this will cause a delay in processing the reimbursement of the funds.

Retention of Documents
Please remember to retain copies of all your records as original documents provided to us will not be returned. It is also important to keep copies of all documents pertaining to your claim for possible review by the inspector.

Mailing of Disbursement Funds
All checks are returned via regular mail through the U.S. Postal Service. If you wish to have checks sent to you via an overnight courier, you must supply an overnight envelope and pre-paid overnight air bill. The sender and receiver information on the air bill must reflect your mailing information.

Again, we value your business. If you need assistance, please contact our Loss Draft Department at 1-877-592-0192 for assistance with your property claim process.