Enrollment and Billing – How It Works

• The customer will see the additional product added to their monthly mortgage statement beginning with the effective month of supplemental coverage.
• The customer will pay their mortgage payment (which should include the additional amount for their insurance premium) directly to the mortgage company.
• The mortgage company will forward premium payments to Franklin Madison to apply to coverage.

Mortgage billing is not an electronic/automated billing process; therefore, we do not receive rejects and issue Soft Declines or Hard Declines during the billing process.

Difference Between Mortgage vs. Other Account Types

• Premium payments are applied to coverage approximately 1 month in arrears.
  • For instance, October premium remittance would not be received and applied to coverage until the month of November.
  • Mortgage insureds will not show billing history until premium remittance has been received from the mortgage company and processed by Franklin Madison.
• Premium Due Notifications are not issued to customers.
• Payments cannot be made on fmservice.com.
• Requests from customers that have missed their monthly premium payment and want to send payment to cover a lapsed period should be sent to the Executive Response Team for review.
• To change their billing method from mortgage to a checking/savings/credit card account, the customer will have to cancel the existing coverage and re-enroll.
• When a loan is paid in full, the mortgage company will send notification to Franklin Madison to cancel the coverage.

How Mortgage Is Similar To Other Account Types

• Can upgrade or downgrade their current level of insurance like any other insured.
• A supplemental mortgage customer can choose to cancel or reduce to basic like any other insured.
• Should a customer go three consecutive uncollected billing periods, Franklin Madison will cancel the coverage for non-payment, and the mortgage cancel notification is sent. The cancel notice will provide the customer with an opportunity to re-enroll for coverage and provide a new method of payment.