I've now heard from more of you who are in the same boat. Your insurance company has paid the claim in a fair amount of time, but it's the mortgage company that seems to be dragging their feet.
The agency that oversees National Banks - including lenders - is the Office of the Comptroller of the Currency. What I like about what they do is they have a complaint process. In other words, an extra person fighting for you to get your money. What I don't like is the reality of the system. They couldn't tell me how long it takes for a complaint to go through the process... but realistically, it could take a few months. By that time, you've probably already received your payment. But in the case that your mortgage company really drags their feet, I'd go ahead and file a complaint.
The good news is, I'm told your complaint never gets lost and you can call 1-800-613-6743 anytime for a status update.
If you go through the process drop me a note at email@example.com and let me know how it goes.
Thanks and good luck!