We are listed as a loss payee on the insurance policy and included on the check because we hold an interest in the property as your mortgage servicer. If your home or property is damaged, the claim check is issued payable to both you and your mortgage servicer. This protects your interest as well as ours in the restoration of your home.
What is an Insurance Loss Draft (ILD)?
An ILD refers to a process and insurance payment(s), typically in the form of a check, issued jointly to a homeowner and a mortgage servicer to fund repairs to property damage after a natural disaster such as a hurricane or fire.
At Rushmore, all claims are assigned an Insurance Loss Draft ID (ILD ID), which is unique to your claim and means that your security is protected because you will not have to provide a third party with your loan number. Providing the ILD ID to your contractors, adjusters and other third parties ensures the documents they provide are easily identified and attached to your file.
To learn more about ILD, view an information video, read additional FAQs, and access claims management tools and funds release guidelines, visit www.losstrak.com/rushmore.
My property has been damaged; what do I need to do?
If your property has been damaged, we’re committed to helping you navigate the recovery process. Learn more about disaster assistance and the insurance claims process on our Insurance Claims and Disaster Assistance page.