PERSONAL FINANCE FAQS

In order to cancel mortgage insurance, your loan must meet the following conditions:

•  It is not a VA or FHA loan.
• The loan is at least one year old.
• The loan payment history reflects no late payments of 30 days or more in the last 12-month period.

You can request a cancellation of your mortgage insurance if the loan-to-value ratio is 80% or less, using the property's original value.

For loans that originated after July 12, 1999, your mortgage insurance will be automatically canceled once the loan-to-value ratio reaches 78% or less, using the property's original value.

Your mortgage insurance can be canceled under conditions other than those listed above. To determine if your loan is eligible, please send your signed written request along with a check for a $315 appraisal fee to:

World Savings
Attention: Insurance Department
P.O. Box 659558
San Antonio, TX 78265-9558                

What you need to do
Make sure your loan is current and take the following documents to any World Savings Financial Center or mail them to us:

World Savings
Attention: Loss Draft Correspondence
P.O. Box 6501
Springfield, OH 45501

For insurance claim checks of $10,000 or less:

The insurance claim check payable to you and World Savings — do not endorse the check.

What World Savings will do

For insurance claim checks of $10,000 or less:

World Savings will endorse the check and mail it back to you.

For insurance claim checks more than $10,000:

In most cases, World Savings will:

• Deposit the funds from the claim check into a restricted escrow account or a World Savings account, if there is a World Savings Financial Center in your area.
• Release the funds to you in 3 stages:

1. One third of the total funds within 48 hours after receipt of the above-referenced documents.
2. One third of the funds when a World Savings inspection determines that approximately 40% of the repairs have been completed (depending on the type of damage, additional documentation may be required).
3. The final third of the funds when a World Savings inspection determines that approximately 90% of the repairs have been completed (depending on the type of damage, additional documentation may be required).

Note: To schedule inspections, call (888) 882-1822, Monday through Friday, 7:30am to 6:00pm, CT. Please allow 7-10 days for inspector response.

Your home must be insured for fire, lightning and other hazards included in standard extended coverage. The coverage must be for an amount equal to the lesser of: a) the principal balance of your loan, together with any senior or any World Savings subordinate loans, or b) 100% of the replacement cost or improvement cost on the subject property. You may also be required to carry flood insurance (see next question). Before submitting a copy of your policy each year as Proof of Insurance, make sure it contains all of the following:

• Loan Number
• A clause designating World Savings as the Mortgagee or Payee, as follows:

World Savings
Its Successors and/or Assignees
P.O. Box 7512
Springfield, OH 45501-7512

• Correct Property Address
• Insured name(s) that match name(s) and loan number on loan documents

You may also fax the information to (937) 324-6616.

If you need assistance or more information, please call (866) 246-9498.

The Flood Protection Act of 1973 made it mandatory for federally connected lenders to determine the flood hazard status of real estate. The Federal Emergency Management Agency (FEMA) identifies and maps flood-prone areas. If it has been determined that your property is in a flood zone, the Act requires insurance for the life of the loan. This coverage is to protect you as well as World Savings.  Even if you have never experienced a flood, the possibility exists because you are in a specific flood hazard area.   

Since World Savings has a vested interest in the property, an insurance policy protects the interest of both the mortgagor (you) and the mortgagee (World Savings). Our Insurance Department must monitor the claim and ensure that all repairs are done to the property. By being identified as a payee, World Savings protects both its interest in the property and yours.  We release the funds only after inspecting the repairs to make sure they are complete.