Insurance Claim Process

Insurance Claim and Fund Disbursement Process

We understand this can be a stressful situation, so be assured that Guild is committed to making this Insurance Claim and Fund Disbursement process as smooth and efficient for you as possible. Below is information and guidance on this process so that you can help us better manage your hazard insurance claim:

Initiate a Claim with Your Insurance Carrier:
If you have not done so already, you must begin the claim process by directly contacting your insurance carrier to notify them of any damage to your property. The insurance carrier may send an adjuster to your property to assess the damage and prepare a report.

Please note that Guild is not responsible for the information or conclusions contained in this report. If you disagree with the adjuster’s report or the damage/property valuations contained therein, you should immediately contact the insurance carrier for more information about how to dispute the adjuster’s findings.

Send Documents to Guild:
If you have successfully initiated your claim, the insurance company will send you a check based on the adjuster’s report. The check will be made jointly payable to you (and your co‐borrower, if applicable) and Guild Mortgage Company. You (and your co‐borrower, if applicable) must be sure to sign the back of this check.

You must then mail the following documents to Guild Mortgage Company.
Attn: Loss Draft Department, 5898 Copley Drive, San Diego, CA 92111:
1. Original check with your signature(s) on the back;
2. Copy of Insurance Company Adjuster’s Report; and
3. Copy of all contractor proposals, bids, or estimates to repair the property damage.

Please be advised that all of the above‐identified documents must be received by Guild in
order for us to process your request. Guild will do its best to notify you of any missing or
inaccurate information, but it is ultimately your responsibility to provide the necessary
documents.

Disbursement of Funds:*
After we have received, reviewed, and approved your documents, Guild will disburse your
funds based on the amount of the check(s) and payment status of your loan, in accordance with the following schedule:

Amount of check is $10,000 or less

Guild will sign the back of the check and return it to you via overnight mail, for your deposit.

Amount of check is $11,000 or more

Guild will deposit the check in a separate “Loss Draft Account”associated with your property.  One‐third (⅓) of the funds will be immediately disbursed to you and your designated licensed contractor in the form of a check from Guild.

Another one‐third (⅓) of the funds will be disbursed to you after you notify Guild that 50% of the repairs have been completed (subject to a property inspection by Guild). The final one‐third (⅓) of the funds will be disbursed to you after you notify Guild that 100% of the repairs have been completed (subject to a property inspection by Guild).

NOTE: If the funds are for roof repairs, half (½) of the funds will be disbursed immediately and the remaining half (½) of the funds will be disbursed upon 100% completion of the repairs.

Status of your loan is Not Current:

Guild will deposit the check in a separate “Loss Draft Account” associated with your property. One‐third (⅓) of the funds will be immediately disbursed to you and your designated licensed contractor in the form of a check from Guild.

Another one‐third (⅓) of the funds will be disbursed to you after you notify Guild that 50% of the repairs have been completed (subject to a property inspection by Guild). The
final one‐third (⅓) of the funds will be disbursed to you after you notify
Guild that 100% of the repairs have been completed (subject to a property inspection by Guild).

NOTE: If the funds are for roof repairs, half (½) of the funds will be disbursed immediately and the remaining half (½) of the funds will be disbursed upon 100% completion
of the repairs.

Please note that if you are using a licensed contractor to complete any property repairs totaling more than $10,000 Guild will only disburse funds in the form of a check made jointly payable to you and your contractor.  If your property repairs are subject to inspections(s) based on the above schedule, you must notify Guild when you are ready for the inspection(s) to be ordered to prevent delays in the disbursement of your funds.

*The above disbursement schedule is provided for informational purposes only and may be subject to change by Guild for any reason, at any time, without prior notice to you.

Guild Mortgage Company, 4898 Copley Drive, San Diego, CA 92111 (800) 365-4441