Rules and Restrictions
Quontic Bank Escrow department is responsible for managing active loans escrow account/balance.
Insurance payments are only paid annually. Unless we must make a one-off payment for an outstanding balance.
The insurance Amount Due shown in Horizon XE is the last payment amount made for their current insurance policy – not their new renewal payment amount. The new renewal paymentamount due may vary from what is shown in Horizon XE due to insurance changes. Premiums can either increase or decrease.
Homeowners insurance renewal typically happens automatically. Roughly 30 days before the end of the insurance policy, the insurance company should send Quontic a homeowners insurance renewal statement along with a Declaration Page. This statement explains that the borrower’s home insurance policy is set to renew for another year and informs of any changes to the insurance premium or coverage limits.
Renewal Disbursements can vary but typically are paid 2 weeks before the renewal due date.
Document to Request from Client for renewal payment:
- Renewal Notice – The insurance company will send their customers and Quontic a notice of renewal about one month before each renewal happens.
- Declaration Page – This document summarizes what’s included in your policy and lists the events or damages that are covered in the policy and those that aren’t covered.
CX Contact Handling Steps:
