Why does Point need to be added to my home’s insurance policy?

Because we're making an investment in your property, we require that Point's subservicer is listed as a Loss Payee on your homeowner’s insurance after you accept your final offer and terms.

This ensures that our subservicer can monitor the insurance policy and get notified if it lapses. If Point is in the first lien position or the home is in a flood zone, a loss of coverage requires the subservicer to purchase the insurance needed to protect our investment.

Including the subservicer on the insurance policy also ensures that any claim checks are issued jointly to you and the subservicer. They will help guide you through the claims process and ensure funds cover repairs to your home. It doesn't change ownership of your home or your ability to choose contractors.