Damage Claims

Important Insurance Claims Information

If you have incurred damage to your home and will be receiving an insurance claim check, Arvest Bank - Mortgage Division wants you to know we are here to help. We work with your local Arvest Bank to make sure to offer the best possible service.

Arvest’s damage claim procedures are outlined below. Please note: The information below does not apply if a home is a total loss. In the case of a total loss, please contact Arvest directly.

Many times, Arvest Bank - Mortgage Division is able to endorse insurance claim checks from your insurance company at your local Arvest Bank. If you have a claim check to be endorsed, call your local Arvest Bank ahead of time to ensure an authorized insurance claim signor will be available for you upon arrival. In order for us to be able to endorse the check immediately, you will need to provide a copy of the adjustor’s claim. You will also need to sign the hazard claim affidavit (provided at the bank) and the following criteria must be met:

  • Insurance claim check is $10,000 or less
  • Mortgage loan is current and has a good payment history (no payments 30 or more days late in the past 12 months)
  • Current LTV (loan-to-value) is 95% or less

In the event the claim check does not meet the guidelines above and Arvest is unable to immediately endorse your insurance claim check, the check will need to be forwarded to the mortgage company. This can be done by your Arvest Bank loan officer or you can mail the check (with your endorsement) to:

Arvest Bank - Mortgage Division
ATTN: Hazard Claims
PO Box 399
Lowell, AR 72745

Please review the guidelines below for processing insurance claims and for disbursing insurance funds:

Once Arvest receives the insurance claim check, the funds will be placed in an interest-bearing loss draft account. Arvest will disburse check(s) made payable to both the borrower and applicable contractor once the following items are received:

  • Hazard Claim Affidavit signed by borrower(s)
  • Copy of insurance adjustor’s claim
  • IRS W-9 form signed by the contractor
  • Contractor’s bill for work completed and/or any other documentation providing proof of repairs
  • A completed contractor’s affidavit may be required if a general contractor was hired to make repairs

Please note: a licensed and insured contractor must be used to make all repairs to the property. In addition, the property must be restored to at least its original value. In the event restoration costs exceed hazard claim funds, the borrower is responsible for payment of the difference.

All items above must be received by Arvest before a disbursement can be made from the loss draft account. A check will be placed in the mail to you, the borrower, 3 to 5 business days after the receipt of all documentation. (Initial upfront disbursements may be provided in certain instances. Contact our office for details.)

The following conditions will also need to be met if the total claim exceeds 20% of the original appraised property value or is $50,000 or more:

  • Up to four completed property inspections may be required and ordered by Arvest. (Inspections performed by Arvest Bank - Mortgage Division are for internal use only and are not designed or intended to satisfy the borrower as to the quality of the repairs.)
  • Please allow at least 5 business days for an inspection to be ordered and completed.

Please call Arvest with any questions you may have regarding our insurance claim procedures or payment assistance options that may be available to you. 

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