Ally Bank Mortgagee Clause

A mortgagee clause is a form of indemnity protection for the lender, because if there is any loss or damage to the collateral property, the lender is indemnified up to the interest it has in that. You and your mean the applicant who submits a mortgage loan application (application) for a loan from ally bank. Loan documents means any information that we are required by law to. You are required to maintain homeowners insurance coverage as part of your mortgage agreement. This account is included in your monthly mortgage payment to cover your property taxes and homeowners insurance, as necessary.

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