Mortgage Servicing FAQ
Here are answers to commonly asked questions about existing mortgages with Homeowners Advantage. Select individual questions below or click on "Show All" link to view all the questions and answers within a category.
If you use online banking through CAP COM FCU or First Source FCU, just click on your mortgage in your linked member account to access real-time mortgage information through eStatus. No separate log in is necessary.
If you need to register separately, register here for an eStatus account. You will just need your loan number and Social Security number to get started.
You can manage your mortgage loan online — 24 hours a day, 7 days a week — with eStatus.
- Pay your mortgage.
- Review payment history, loan balances, and general mortgage information.
- Update account information.
- Access your 1098 information for tax purposes.
- Enroll in paperless statements.
Homeowners Advantage is required to provide you a statement each month, regardless of payment method. You can keep the statement for your records. If you do not want to receive the statement in the mail, you can enroll in electronic statements.
Once you are logged in to eStatus,
- Select Statements and Documents
- Click on “Manage Paperless Statements.”
- Read the disclosure and consent.
- Choose the “Electronic” option for statements, choose “Yes” to consent, and hit “Submit” to record the changes.
You can enroll in Auto Pay for a one-time or monthly recurring payment. Have your checking or savings account information ready when you begin. Log in now and initiate a payment.
- Log in with your username and password.
- Click “Payment Options”.
- Choose “Auto Pay – Recurring Draft” and follow the instructions if you wish to set up a recurring monthly payment.
- Choose “Auto Pay – One-time Payment” if you wish to make a one-time payment.
- The exact amount of your monthly mortgage payment (and, if requested, additional principal payments) will be electronically transferred to Homeowners Advantage by your financial institution.
Your ACH payment will be processed on the day you choose, provided it is a business day. If your ACH date falls on a weekend or holiday, your payment will be processed on the next business day. The funds will then be withdrawn from your financial institution on the following business day.
Like a paper check, your automatic withdrawal will be returned as non-sufficient funds. Your payment will not be reprocessed, you must make up the payment that was returned by mailing in a check or contacting the Mortgage Servicing team to make arrangements for the payment.
Log in to eStatus and select “Payoff Request."
Call our Mortgage Servicing team at (877) 266-7722 ext. 3123
Send a written request to:
Attention: Servicing Department
4 Winners Circle
Albany, NY 12205
Write to us at firstname.lastname@example.org.
Please include your loan number, name and estimated payoff date. If you would like the payoff statement faxed, please also include your fax number.
If payments were posted to or removed from the account after the payoff statement was ordered, the amount due will change. If payoff funds are received after the date the payoff statement expires, the interest amount due will be different. You should contact our Mortgage Servicing team at (877) 266-7722 on the day of closing to verify the payoff figures.
Any funds remaining in your escrow account will be refunded to you by check.
A certified check, cashier’s check, attorney IOLA check, or wire are the only acceptable forms of payment for paying off a loan. Personal checks are not acceptable. When the payoff funds are sent, please include your name, loan number, and a copy of the payoff statement.
Your payoff statement will include instructions for remitting the necessary funds to pay your loan in full. Before paying off your loan, it is important that you call our Loan Mortgage Servicing team at (877) 266-7722 to confirm the funds necessary to pay your loan in full.
Please overnight the payoff funds to:
Attention: Mortgage Servicing Department
4 Winners Circle
Albany, NY 12205
Once an account is paid in full and a refund is due, it takes approximately 15 business days to process the refund check. It will be mailed back to the borrower(s) on the account. Please make sure if the mailing address has changed to notify the servicing department of the new address to avoid delays.
Loan Servicing FAQs
You can contact Homeowners Advantage about your existing mortgage in several ways:
Homeowners Advantage mails the IRS form 1098 and, if applicable, form 1099 to all members no later than January 31.
You can also access this information online. Log in to eStatus and select the “See Previous Year End” link under the “Loan Balances” tab. An image of your IRS form(s) will be available under the Statements/Documents tab as soon as it is printed by Homeowners Advantage.
We can work with you to determine the best option for your situation. The most important step is to contact us as soon as possible. Even if you have not fallen behind on your payments but are facing financial difficulties, it is never too early to reach out. Simply call one of our Loss Mitigation Specialists at 1-877-266-7722 ext 2933. They are here to help and can present the best options for you. They are available Monday-Friday 8:30 am - 4:30 pm ET.
If you live in a single-family residence, your PMI will automatically terminate when your loan to value reaches 78%. Is some circumstances, you may be able to request early cancellation of your PMI. Please contact the servicing department to determine eligibility for early removal of PMI.
The first step is for you to send in copies of your most recent paid insurance and/or tax bills. Once we have that information, we can calculate the amount you will need to fund the escrow account, and what your new monthly payment would be with the tax escrow included. You can then decide if you want to move forward with the escrow account.
In some circumstances, an escrow account is required for you to remain on the loan. If you wish to remove the escrow account, please submit a written request, and Homeowners Advantage will review your account and determine if you are eligible to have escrows waived. If approved, you will receive an escrow closing notice and will have a 10-day period to decide if you want to keep the escrow account. At the end of the 10-day period, any funds remaining in your escrow account will be refunded to you by check.
Here's where to send your written request:
- Email: email@example.com
Attention: Mortgage Servicing Department
4 Winners Circle
Albany, NY 12205
Homeowners Advantage is billed electronically for escrowed taxes. In some cases, the municipality will still issue the paper bill to the homeowners. If you have a brand new loan or a change to your parcel, you can call the Mortgage Servicing team to make sure the escrow billing is in place.
Homeowners Advantage charges a $30 returned payment fee.
Homeowners Advantage assesses a $30 returned payment fee. In addition to the fee, Homeowners Advantage does not redeposit non-sufficient funds (NSF) checks. You will need to mail Homeowners Advantage replacement check.
If your home suffered damage and your insurance company has issued an insurance claim, the check may be payable jointly to the member and the Homeowners Advantage. When a check is presented to Homeowners Advantage for endorsement, as the lienholder we may either:
- Deposit the check and disburse the proceeds in increments as the repairs are completed.
- Endorse the check and return it to the member.
Which action depends on several factors, such as the amount of the check, the payment status of the loan and the type of repairs needed to be made. Should you receive an insurance claim check, please contact our Servicing Department to speak with one of our Servicing Specialists. We're available Monday through Friday at 877-266-7222 ext. 3123.
The terms of your mortgage state that insurance payments are security for your loan and are paid to both you and Homeowners Advantage. Your required insurance policy or policies must carry a current Mortgagee Clause. This clause directs your insurance company to issue claim checks payable to you and Homeowners Advantage in the event that damage to the property results in the payment of a claim.
If you have suffered damages to your home which results in the payment of a claim, you need to contact one of our Insurance Specialists in the Insurance Department at 877-266-7722 ext. 3123 as soon as possible during normal business hours. Your claim check should be endorsed by all parties and immediately sent to our insurance department for processing with supporting document, if requested.
Please remember to reference your loan number on the check(s) to expedite processing. Please mail your check to:
4 Winners Circle
Albany, NY 12205
Once received, your claim will be reviewed. If the loss has resulted in a claim that does not require repairs to be monitored, your claim check will be endorsed by Homeowners Advantage and returned to you. If the loss requires that repairs be monitored, a claim will be opened to facilitate the repairs to the property. Your claim check will be deposited to a restricted loss draft account for distribution to you.
As the mortgage holder, we have an interest in the property because it serves as collateral for the loan. We must monitor the repair process to ensure that the value and condition of the property is maintained. As repairs are completed, please contact an Insurance Department Specialist at 877-266-7722 ext. 3123, so an inspection can be scheduled.
You should contact us to request a final inspection when you are near completion of the repairs. Inspections can be requested by contacting our Insurance Department at 877-266-7722 ext. 3123. Additional documentation verifying completion of the work may be required.
It's important that you pay your mortgage as agreed. If you are having difficulty making your payments or anticipate future difficulty, Homeowners Advantage has a dedicated Loss Mitigation team to answer questions, provide updates, and guide you.
Carefully read the information below and return all forms and documentation to the Loss Mitigation department as soon as possible. Respond quickly to any requests for additional documentation to avoid further delinquency.
Loss Mitigation is the process in which we work with struggling borrowers to find alternatives to foreclosure, reducing loss for the homeowner as well as the lender. This communication normally occurs between the 17th day of delinquency up to 38 days prior to a foreclosure sale date. However, a borrower who foresees an immediate documented hardship that will prevent payment of the next mortgage payment is welcome to apply for assistance.
Loss Mitigation Options
Allows for a period of reduced payments with specific terms that is often associated with a default caused by unemployment. This program requires monthly financial updates as well as a review for a more permanent loss mitigation tool.
Allows for a change of one or more of the original terms of your mortgage, including the unpaid principal balance, interest rate, and/or maturity date. This program requires a financial analysis and often a trial period plan to confirm your ability to manage the new payment.
Pay the total delinquent amount you owe, in a lump sum payment and by a specific date.
Pay back your past due payments together with your regular payments over an extended period of time.
Sell your home and pay off a portion of your mortgage balance when you owe more on the home than it is worth. A contribution and tax consequences may apply. This program also requires a licensed real estate agent and that the property be maintained in ready-to-show condition.
Allows for voluntary surrender of the property. A contribution and tax consequences may apply. This program requires that the property be vacated at the time the deed is executed.
Please be advised a scheduled foreclosure cannot be canceled for a disposition option without receipt of an acceptable purchase contract at least 19 days prior to sale.
Though default will negatively affect your credit, even during the application and workout process, reported arrangements may be less damaging. The application process is normally 37-60 days, including 30 days to review a complete loss mitigation request. An alternative may take an additional 30-180 days to finalize. As with early intervention, lending guidelines and financial circumstances determine the option available and its terms. If you have any questions, please call 877-266-7722 ext. 2933, and someone will assist you.
Please complete the Financial Packet and fax to 518-458-5245 or mail to:
Attention: Loss Mitigation
4 Winners Circle
Albany, NY 12205
Required Documentation Needed (but is not limited to):
Hardship explanation with supporting documentation as evidence the hardship made the mortgage payment unsustainable.
- Job loss or reduced income
- Marital difficulties
- Living expenses and debts surpassing income
Examples of supporting documents include paystubs and bank statements from around the time your account fell delinquent and/or a recorded divorce decree/quit claim.
Paystubs or Unemployment Compensation Notice/Pay History
- If paid weekly, please provide the last five paystubs.
- If paid bi-weekly or bi-monthly, please provide the last three paystubs.
- If paid monthly, please provide the last two paystubs.
(including but not limited to SSI, Disability, Retirement, Pension, Survivor/Death Benefits, VA Benefits, Public Assistance, or Adoption Assistance)
- Most recent award letter, exhibit, policy, or benefit statement reflecting the current monthly allotment with evidence of recent month’s receipt
- The most recent two years business and personal tax returns with all schedules and forms, W-2s
- Quarterly or year-to-date profit and loss statement (Investor and option may require compilation by a Certified Public Accountant.)
- Supporting personal and business bank statements to verify the income on the Profit and Loss Statement
Rental or Boarder Income
- The most recent two years personal tax returns with all schedules and forms
- Current lease agreement and evidence of receipt of the most recent three months payments
Notes Receivable or Trust Income
- A copy of the note or agreement verifying the amount and frequency and tax returns and schedules, and most recent two months bank statements
Recorded Divorce Decree and Quit Claim, Recorded Separation Agreement, Court Ordered Maintenance Agreement
- Verify monthly income or obligation
- Pardon a mortgagor’s participation in the loss mitigation process (This does not apply to parties who signed the note obligation.)
Power of Attorney (POA)
A power of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter. A power of attorney may be used when a customer is legally unable to make decisions or may be unable to attend a meeting or sign loan documents. When a transaction is handled by someone other than the named customer, verification of POA is required.
- There are several types of POAs that grant different permissions, so court documents may be requested to verify that the appropriate level of authority is provided for the transaction.
- In transactions involving an individual who is unable to make decisions for himself or herself, proof of this may be requested via court documents or a letter from a medical professional.
Executors and Administrators
An executor or administrator is a person or institution designated by the terms of a will or appointed by a court of probate to manage the assets and liabilities of the estate of the deceased. A death certificate and documentation verifying designation or appointment of this position must be provided.
- The terms of your existing mortgage will apply, including potential foreclosure, if all documents are not received by the due date in the missing information letter.
- Do not include illegible documents, documents that have been altered with correction fluid or by other means, or originals as they will not be returned.
- Verify that all borrowers (parties on the original note) have completed, signed, and dated all documents where required.
- Write N/A if something does not apply.
- Submit all of the requested documentation at once with your loan number on each page. Failure to submit all documents will delay the process.
- The financial documentation you provide should be current, within the last 30 days. Information is considered stale when it is 90 or more days at the time of underwriting.
The federal government also provides resources and contact information for housing counselors. To learn more, visit the Consumer Financial Protection Bureau, the Department of Housing and Urban Development, or call HUD at (800) 569-4287.
Tax and insurance monitoring services are performed by third parties.