SouthPoint Home Mortgage, a division of SouthPoint Financial Credit Union, understands that when you have sustained damage to your home it can be a very difficult time. To help you through this process, here is some helpful information you should know.

Understanding the claim process

As your lender, SouthPoint Financial Credit Union is listed as a loss payee on your insurance policy. We will be included on any insurance claim checks because we have a secured interest in the property. Our responsibility is to ensure the funds received are used to restore the property to its original or higher value and not used for other purposes.


Contact your Insurance Company to File a Claim

Your insurance company will assign an adjuster to assess the damage to your property and provide you with an Insurance Adjuster’s Report. Later, you’ll receive a claim check to cover the damages.


Bring your check to any SouthPoint location.

  • If the check amount is $10,000 or less and your loan is current and in good standing, your check will be endorsed and returned to you or deposited into your SouthPoint account. No special documentation is required.  Please be advised normal check hold rules will apply.
  • If the check amount is more than $10,000, your check will be deposited into your SouthPoint membership savings account, and the funds will be placed on hold.  A Mortgage Loan Officer will be assigned to your claim and will guide you through the process.

Begin Repair Process

As you begin the repair process, SouthPoint will need copies of all estimates you receive from a contractor. Your Mortgage Loan Officer will check in with you periodically on the status of repairs. If any inspections are required, we’ll provide you with scheduling information.


Repairs Complete

Please allow up to 5 business days for payment requests to be reviewed and processed.

  • Upon presentation of a repair invoice, SouthPoint’s Mortgage Servicing department will review and mail a check from the insurance claim funds directly to the contractor.
  • If any out-of-pocket expenses are incurred, please present receipts and SouthPoint’s Mortgage Servicing department will review and release insurance funds to reimburse these expenses.