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Frequently asked questions regarding mortgage loans.

What do I do if I believe my lender is requiring too much money to be held in my escrow account?

My lender is supposed to pay my hazard insurance, but I received a notice from the insurance company that it was not paid and my insurance is going to be cancelled. What should I do?

I got a notice from the county that my lender did not pay my taxes on time and the county is assessing a penalty. Do I have to pay this bill:

I have a question about a payment out of my escrow account. I have contacted the lender several times, but have not gotten a response. How can I get my lender to answer my question?

If I decide to file a complaint against my lender, where should I send it?

When can I stop paying my private mortgage insurance?

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What do I do if I believe my lender is requiring too much money to be held in my escrow account?

If you believe your lender is requiring too much money in your escrow account, you should write a “qualified written request” to your lender and ask for an explanation. If you do not get a satisfactory answer from the lender, you may wish to file a complaint with State or Federal institution regulators or with HUD (the U.S. Department of Housing and urban Development).

Call (910) 323-3500 or Contact us here for more information

 

My lender is supposed to pay my hazard insurance, but I received a notice from the insurance company that it was not paid and my insurance is going to be cancelled. What should I do?

You should contact your lender immediately and send a copy of the bill. Some lenders list a special address and/or FAX number for insurance and tax bills. Keep checking with the insurance company and lender to make certain the bill is paid. You may wish to pay the insurance company directly to avoid cancellation of your policy and then seek a refund from your lender. Keep copies of all your correspondence and payments.

Call (910) 323-3500 or Contact us here for more information

 

I got a notice from the county that my lender did not pay my taxes on time and the county is assessing a penalty. Do I have to pay this bill:

Send the bill to the lender. The lender should pay the penalty for failing to pay the taxes on time as long as you were current in your mortgage payments. If the lender refuses, you may wish to file a complaint.

Call (910) 323-3500 or Contact us here for more information

 

I have a question about a payment out of my escrow account. I have contacted the lender several times, but have not gotten a response. How can I get my lender to answer my question?

You should make a “qualified written request” to the lender. Federal law requires that the lender acknowledge your complaint within 20 business days and try to resolve your complaint within 60 business days. If you don’t get a response from your lender, you may want to complain to State or Federal financial institution regulators.

Call (910) 323-3500 or Contact us here for more information

 

If I decide to file a complaint against my lender, where should I send it?

Director, Interstate Land Sales, RESPA Division Office of Consumer and Regulatory Affairs, US Department of Housing and Urban Development, Room 9146, 451 7th Street, SW, Washington, DC 20410.

 

When can I stop paying my private mortgage insurance?

The PMI Act will enable homeowners with new loans originated after July 29, 1999 and who meet specified requirements to have their PMI cancelled. If you loan was issued before July 29, 1999, CONTACT YOUR MORTGAGE LENDER FOR FURTHER INFORMATION ON CANCELLATION OF PMI. The law provides 2 situations in which borrower-paid PMI may be cancelled – it can be automatic or by request.

 

PMI ENFORCEMENT AGENCIES

Office of Thrift Supervision
Division Of Consumer and Civil Rights
1700 G Street, NW
Washington, DC 20552
Toll free: 1-800-842-6929

Comptroller of the Currency Compliance Management
250 E Street, SW
Mail Stop 309
Washington, DC 20219
Toll free: 1-800-613-6743

National Credit Union Administration
1175 Duke Street
Alexandria, VA 22314-3428
(703) 518-6330

The Federal Reserve Board
Division of Consumer and Community Affairs
20th and C Streets, NW
Mail Stop 801
Washington, DC 20551
(202) 452-3693

 

CONSUMER DO’S

 

Call (910) 323-3500 or Contact us here for more information