Answers to the most common mortgage questions are just a click away. Please select a category below.
Most Frequently Asked Mortgage Questions
Why did my payment change?
An increase or decrease in your payment may be a result of an increase or decrease in your property taxes and / or insurance premiums and may result in an escrow shortage or surplus. An increase or decrease in your taxes may be due to a property reassessment, a change in the tax rate, a change in an exemption or a special assessment. An increase or decrease in your hazard insurance premium may be caused by a change in / or amount of your insurance coverage, or an increase in your insurance rate.
Can my mortgage company provide me with information concerning why there were changes in my tax payments, special assessments, or insurance premiums?
We apologize but your mortgage company does not have information as to why your taxes, insurance or special assessments have changed. Please contact your local tax office or your insurance agent for further assistance.
What should I do if I receive a tax bill?
If you have an escrow account for taxes and the bill is for the current taxes due, we will obtain the tax bills from the tax collector. If you have an escrow account for taxes and the tax bill is for delinquent taxes due, please call us at 1-800-822-5626. If it is necessary to send a copy of your tax bill to us, please forward it to:
Attn: Tax Department
P.O. Box 1804
Dayton, OH 45401-1804
PA, CA, VA, MD, NJ, ID, IA, ME, and CT Customers: Supplemental or special / additional assessment tax is not escrowed. You will be responsible for paying these bills.
What should I do if I receive an insurance renewal notice and a bill requesting payment?
If you have an escrow account for insurance, please forward a copy of your bill to:
PNC Bank, National Association
P.O. Box 7433
Springfield, OH 45501
How can I delete PMI?
Any loan that closed after July 29, 1999 is covered under the Homeowner's Protection Act of 1998 (HOPA). This federal law gives you the right to request deletion of PMI once the loan-to-value ratio (LTV) reaches 80%. This may occur through original amortization or by principal reduction, and proof of value will be required. HOPA also provides for automatic termination once the LTV reaches 78%, through original amortization only. Proof of value is not required for automatic termination. In the event you are requesting to have your PMI reviewed for deletion and your loan has not met the terms listed above, we are obligated to follow the guidelines established by the investor of your loan. Second homes and investment properties are not covered under HOPA, and are also subject to investor guidelines. If you feel your loan qualifies for PMI deletion, please send a written request to the insurance address listed above, so that your request can be reviewed accordingly. Please note that in any case, PMI deletion requires a good pay history. No payment may be 30 or more days late in the past 12 months, and no payment may be more than 60 or more days late in the past 24 months.
If there is a shortage in my escrow account, what should I do?
You may pay the shortage in your escrow account using the coupon attached to the escrow analysis. Upon receipt of the payment of the shortage, we will adjust your payment to reflect the lower payment amount. If you choose not to pay the shortage, the shortage will be divided by 12 and spread over the next 12 months, interest free. In either case, your payment will be adjusted to reflect the new amount. If you currently use a coupon book for remitting your payment, a new book will be sent to you within 15 days of the original escrow analysis.
My payment is deducted from my checking account each month, if my payment changed do I need to do anything to adjust the payment amount currently being deducted?
If your payment is deducted from your checking account each month, the new payment amount will automatically be deducted from your account.