Frequently Asked Questions

Following are some of the frequent questions asked by our borrowers. Just click on any of the questions to view the answer. If your question is not addressed below, please contact your personal Asset Manager or our Customer Service department at (800) 603-0836.

We are here to serve you!

New Loan Transfer
  1. My loan was recently transferred to you, but I have not received my monthly statement. What should I do?
  2. I mailed my payment to the prior servicer before I received notification that my loan had been transferred. Will my account be credited?
  3. Who do I contact now when I have questions or problems?
Loan Payments
  1. Where do I mail my payments?
  2. How can I make my payment without a statement?
  3. Can I make a payment online?
  4. When do I receive credit for my payment?
  5. Why did my payment increase?
  6. When is my payment considered late?
  7. What if I cannot make a payment?
  8. If I am having financial problems, can SN Servicing Corporation help?
Loan Payoff
  1. How can I get an update on the status of my loan?
  2. How can I get a payoff balance?
  3. May I send extra money to help payoff my loan?
  4. If I plan to payoff my loan, do I still need to send a regular payment?
  5. Can SN Servicing Corporation refinance my loan?
  6. When can I expect a refund from my escrow account, once my loan has been paid in full?
  7. How soon will my lien be released after payoff?
Escrow, Insurance and Taxes
  1. Do I need homeowner's insurance?
  2. How do I update my homeowner’s insurance information?
  3. What is an escrow/impound account?
  4. Who pays my taxes and/or insurance?
  5. How can I get a copy of my year-end tax information?
Account Information
  1. How can I change my contact information?
  2. How can I obtain copies of my loan documents if I misplace my originals?

New Loan Transfer
  1. My loan was recently transferred to you, but I have not received my monthly statement. What should I do?
    You can still make payments prior to receiving a billing statement. In your "Welcome Letter," we have included your new loan number and the correct mailing address for your monthly payments. Just write your loan number on your check and mail it to the address indicated in your "Welcome Letter."

  1. I mailed my payment to the prior servicer before I received notification that my loan had been transferred. Will my account be credited?
    If you mailed your payment to the prior servicer, please be assured that it will be endorsed and forwarded to SN Servicing Corporation for proper credit to your account. If you receive a notice from us that it has not been received, please contact us immediately. Your Customer Service Representative will work with you to either confirm the payment you sent or make arrangements to resubmit the payment to us.

  1. Whom do I contact now when I have questions or problems?
    Your Welcome Letter provided you with contact information for your personal Asset Manager who is available to help you with any questions or problems you may have

    If you no longer have your Welcome Letter, please contact our Customer Service department at (800) 603-0836.


Loan Payments
  1. Where do I mail my payments?
    Please send your payment to the address provided on your Billing Statement. If you cannot locate your billing statement or have not received one, please call our Customer Service department at (800) 603-0836 to find out the appropriate mailing address for your loan.

    You may also request a copy of your current billing statement in the My Loan Info area of our Web site. To access this area, you must first register, then just login and select “Request Billing Statement.”

  1. How can I make my payment without a statement?
    We can process your payment without your statement, but it is important that you write the correct new loan number on your check. If you do not know the mailing address, please call our Customer Service department at (800) 603-0836.

    You may also request a copy of your current billing statement in the My Loan Info area of our Web site. To access this area, you must first register, then just login and select “Request Billing Statement.”

  1. Can I make a payment online?
    Yes, you can make a payment online, any time of the day or night. To make an online payment, you must first register to access our password-protected area, My Loan Info. After you register, you just login to My Loan Info and select “Make Payment Online.”

  1. When do I receive credit for my payment?
    If you mail your payment, credit for your payment will be given on the day it is received at our lockbox. Please allow sufficient time for the payment to reach us ahead of the due date disclosed on your Note and monthly statement.

    If you pay online, your account will be credited within 24-72 hours of payment, excluding weekends and holidays.

  1. Why did my payment increase?
    If your Note provides for an Adjustable Rate Mortgage (ARM), interest rates and the corresponding payment amounts will change in accordance with the terms of the Note. Additionally, there may have been a change in your escrow payment to cover changes in property taxes and/or insurance.

  1. When is my payment considered late?
    Late charges are assessed in accordance with your Note, if payment is not received within the specified number of grace days. It is always a good idea to keep records of payments made including canceled checks or bank account statements.

  1. What if I cannot make a payment?
    It is important that we know if you are having temporary financial difficulties. If you cannot make a payment, please contact your personal Asset Manager to discuss how we can best assist you.

  1. If I am having financial problems, can SN Servicing Corporation help?
    Yes. We know how important your home is to you and we recognize that sometimes bad things happen to good people. Don't hesitate to give us a call. We strive to establish strong, long-term relationships with our borrowers and are here to help.


Loan Payoff
  1. How can I get an update on the status of my loan?
    You may request a loan/payment status, including outstanding balance and payment history, online in our My Loan Info area. To access this password-protected area, you must first register, then just login and select “Request Loan/Payment Status.”

    Our turnaround time is typically 10 business days from the time your request is made.

  1. How can I get a payoff balance?
    You may request a loan payoff statement online in our My Loan Info area. To access this password-protected area, you must first register, then just login and select “Order Payoff Quote.”

    Our turnaround time is typically 10 business days or within any applicable state mandated timeframes. If your loan was recently transferred, a payoff quote may take additional time as we need to obtain the necessary loan documents from the prior servicer.

  1. May I send extra money to help payoff my loan?
    Yes. Please note that any amount sent over and above the regular payment will be applied first to any outstanding charges or delinquent payments and then to principal. Please refer to your Note for specific information on partial prepayments and to verify if there are any prepayment penalties.

  1. If I plan to payoff my loan, do I still need to send a regular payment?
    Yes. If the payoff of your loan will occur after your regular payment due date, then you must still submit your regular monthly payment in order to avoid any late charges or penalties.

  1. Can SN Servicing Corporation refinance my loan?
    Unfortunately, we cannot help you refinance your loan. We are a loan servicing organization and do not originate loans.

  1. When can I expect a refund from my escrow account, once my loan has been paid in full?
    Any escrow refund or other overpayment is mailed 15 days after your loan has been paid in full. Please be sure to provide us with any new mailing address information to ensure receipt of the refund.

  1. How soon will my lien be released after payoff?
    Normal processing time is within 90 days of payoff, but times may vary depending on circumstances.


Escrow, Insurance and Taxes
  1. Do I need homeowner's insurance?
    For your protection as well as ours, insurance is required on your property. As noted in your Welcome Letter, the conditions of your mortgage require you to maintain a hazard insurance policy and provide us with evidence of coverage. If you have not contacted your insurance representative and asked them to fax over proof of your insurance coverage, please do so immediately

    The policy must list the correct mortgagee clause information, which includes our address and fax number as shown below, the effective date and coverage amounts

    The mortgagee clause must read as follows:

         SN Servicing Corp
         ISAOA ATIMA
         P.O. Box 35
         Eureka, CA 95502

    FAX to SN SERVICING CORPORATION (707) 443-1562

    If we do not receive evidence of acceptable hazard insurance, SN Servicing Corporation has the right to secure insurance coverage on your behalf. This replacement insurance only covers the "unpaid principal balance" of your loan. The coverage is limited to physical damage to the structure. Supplemental coverage, such as liability coverage or personal contents are NOT included in this policy

    Please be aware that the premiums and the deductible may be higher than on a private policy.
  1. How do I update my homeowner’s insurance information?
    You may easily and quickly update your homeowner’s insurance information online in the My Loan Info area. To access this password-protected area, you must first register, then just login and select “Update Homeowners Insurance Info.”
  1. What is an escrow/impound account?
    An escrow account is an account set up by a servicer or lender into which the borrower pays money to cover property taxes and/or homeowners' insurance

    If you had an escrow account with your prior lender, please be certain that any statement received contains an escrow amount in accordance with your experience and expectations and notify us immediately of any discrepancies.
  1. Who pays my taxes and/or insurance?
    If you do not have an escrow account (see Q.18), you are responsible for paying your taxes and/or insurance.


Account Information
  1. How can I get a copy of my year-end tax information?
    You may request a copy of your year-end tax information online in our My Loan Info area. To access this password-protected area, you must first register, then just login and select “Request Year-End Tax Info.”

    Our turnaround time is typically 10 business days from the time your request is made.
  1. How can I change my contact information?
    You may update your personal contact information, including your address, phone number and email address, in the My Loan Info area of our Web site. To access this password-protected area, you must first register, then just login and select “Updated Personal Info.”
  1. How can I obtain copies of my loan documents if I misplace my originals?
    Please contact Customer Service or your personal Asset Manager to request new copies of your loan documents.

Glossary

Following are some of the most common loan terms and definitions that you may encounter.

Additional Principal Payment - A payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the loan

Adjustable Rate Loan/Mortgage (ARM) - A home loan where the interest rate can be adjusted periodically on the basis of changes in an index, as stated in the loan document

Adjustment Periods - Adjustment periods are terms set out in the loan document that call for possible changes in the interest rate and payments during a particular time frame of an ARM loan, which could be from one month to several years

Amortization Schedule - The amortization schedule of a loan is the timetable for loan re-payment that shows how much of each payment is applied to interest and how much to principal, as well as the remaining balance after each payment

Annual Percentage Rate (APR) - The cost of credit on a yearly basis, expressed as a percentage

Appraisal - An appraisal is a written analysis of the estimated value of real estate, usually conducted to determine the loan amount. Appraisals on behalf of lenders are prepared by licensed appraisers

Asset - An asset is anything a person owns that has monetary value

Balloon Loan - A balloon loan is one that calls for a large sum to be paid at the end of the loan term.

Balloon Payment - A lump-sum payment that may be required at the end of some mortgage loans, or at a specified period of time (e.g. 5 years into a loan)

Bankruptcy - A proceeding authorized by federal law which provides debtors with various kinds of relief from their debts

Basis Point - One one-hundredth of one percent. Used primarily to describe changes in yield or price on debt instruments, including mortgages and mortgage-backed securities. Commonly used to describe differences in mortgage interest rates

Before Tax Income - Earnings calculated before income taxes are deducted

Buy-Down Loan - A temporary buy-down is a loan on which a borrower makes a one-time payment to reduce the interest rate during the first year or years of a loan. A permanent buy-down reduces the interest rate over the course of the entire loan term

Cap - A cap is a provision of an adjustable rate loan (ARM) that limits how much the variable interest rate may increase or decrease during the life of the loan

Cash Out Refinance - A cash out refinance is a loan in which the amount borrowed exceeds the total amount needed to repay the original loan and loan expenses, in essence putting cash into the borrower's pocket

Chapter 7 Bankruptcy - A court petition that requires that you liquidate your non-exempt assets, including your home in certain cases, in exchange for a discharge of most of your debts

Chapter 13 Bankruptcy - A court petition that allows you to enter into a payment plan with the court to repay some or all of your debts over a three- to five-year period

Closing - The "closing" is the period that marks that a loan transaction is final

Closing Costs - Fees paid at closing, including attorneys’ fees, fees for preparing and filing a mortgage, fees for title search, taxes and insurance

Co-Signer/Co-Borrower - Another person who signs the loan and assumes equal responsibility for its payments

Collateral - Property used to secure repayment of a loan

Collection - A loan goes into collection when payment on a loan is delinquent and efforts are made to collect the amount due. This is also the stage at which the lender files the papers necessary to prepare to proceed with foreclosure

Combined Loan to Value (CLTV) - The sum of all liens on the property divided by the value (or purchase price, if applicable) of the property

Conventional Loan - Consumers need to demonstrate excellent credit in order to obtain an "A" or conventional loan, generally a credit score of 670-680 or higher

Credit Bureau - An organization that gathers, records, updates and stores financial and public records information about the payment records of individuals who are being considered for credit

Credit Report - Information collected by credit bureaus about your credit history, including where you owe money, how much you owe, your credit cards and their balances and whether you pay your bills on time

Credit Score - A number, based on information in your credit report that is used by most lenders to decide whether to extend credit and at what cost. The most common score used is called a FICO score

Creditor - A person or business from whom you borrow or to whom you owe money

Credit Limit - The maximum amount that may be borrowed

Debt Consolidation - Refinancing one or more existing debts into a new loan. In the mortgage-lending context, relatively short-term, unsecured debt is often rolled into a long-term mortgage loan

Debt-to-income Ratio - The amount of money you have to pay out each month as a percent of your gross income. For example, $2,500 of debt service / $5,000 of gross income = 50% DTI (debt-to-income) ratio

Default - Default on a loan is when a borrower fails to comply with any of the terms of an agreed-upon loan, including timely repayment

Depreciation - Loss of value in real property brought about by age, physical deterioration, or functional/economical obsolescence. Generally, the loss of value due to any cause

Disclosures - Information that must be given to consumers to make them aware of acts and laws that affect their financial dealings

Equal Credit Opportunity Act (ECOA) - The Equal Credit Opportunity Act (ECOA) is a federal law that prohibits lenders from discrimination on the basis of race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs or the exercise of certain consumer rights

Equity - The difference between the fair market value (appraised value) of your property and any outstanding loans, liens and encumbrances

Escrow - Escrow is a separate account where money and/or documents are held by a third party until previously specified conditions are met. Often times, escrow is referred to as the time period between an offer to purchase a home being accepted by the sellers(s) and the financial details being settled

Fair Credit Reporting Act - The Fair Credit Reporting Act is a federal consumer protection law that regulates the disclosure of consumer credit reports and establishes procedures for correcting any errors that may appear on a credit report

Fair Market Value - The value of a property, which is typically based on comparable sales of similar properties within the last six months

FICO Score - A credit score developed by Fair Isaac & Co. that determines the likelihood that credit users will pay their bills. Scoring is widely accepted by lenders as a reliable means of credit evaluation

Fixed-rate Loan - A fixed-rate loan is one in which the interest rate or scheduled payment amount does not change during the course of the loan

Foreclosure - The process by which your lender sells your property at public auction to pay off your loan

Home Equity Line of Credit - A credit agreement, secured by the home, in which the borrower can borrow up to a fixed credit limit

Impounds - A trust account established by lenders for the accumulation of borrower funds to meet certain expenses such as taxes and hazard insurance

Index - A published rate that serves as a base for the interest rate charged on a loan and also as the base for rates changes used by the lender

Interest Rate - The percentage rate that lenders charge for use of their money

Jumbo Loan - Generally, a loan that is larger than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate

Lender - The individual or company that loans you money

Lien - A legal claim upon a piece of property generally for the payment of a debt or obligation

Loan-to-Value Ratio - The amount of money you owe on your loans as a percent of the market value of your home

Minimum Payment - The minimum amount that you must pay, usually monthly, on your loan. Under some plans, the minimum payment may cover interest only; under others, it may include both principal and interest

Mortgage (Deed of Trust) - A pledge of collateral as security. In some states, the term mortgage also describes the document signed to show that the lender is granted a lien on the home. It may also show the amount of money borrowed

Mortgage Broker - An individual in the business of assisting in arranging funding or negotiating contracts for a client but who does not loan the money himself. Brokers usually charge a fee or receive a commission for their services

Non-Prime/Sub-Prime - Nonprime, also known as sub-prime, is the designation given to borrowers with less than perfect credit ratings. Such ratings may be the result of limited credit histories, past credit difficulties, high debt-to-income ratio or other factors

Note - An abbreviation for promissory note. It discloses the interest rate and terms of your loan

Partial Payment - A payment that is not sufficient to cover the scheduled monthly payment on a mortgage loan

Partial Prepayment - A payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the loan

Payoff - The act of paying off your loan by paying the outstanding principal amount and any additional payments due

PITI - The total monthly housing loan expenses = Principal + Interest + Taxes + Insurance

Points - Points are finance charges paid at closing. Each point equals 1% of the loan amount. Some lenders charge a flat fee, rather than points

Prepayment Penalty - A lender may impose a prepayment penalty if a loan is paid off before it is due. This is usually because the lender incurs costs when making a loan and will build these costs into the borrower's payments over the life of the loan. When a borrower pays the loan off early, the lender tries to recoup some of its costs through a prepayment penalty

Principal Balance - The outstanding balance of a loan. This usually does not include expenses advanced in the event a loan is in default

Promissory Note - The document in which you promise to repay the money that was loaned to you. It discloses the interest rate and terms of your loan

Refinance - Obtaining a new loan on your property to pay off your existing loan(s). The new loan usually has some kind of benefit to the borrower, either lower interest rates or lower monthly payments

Rescission - A rescission period is required by the Federal Government to allow a property owner to cancel a loan transaction. This period is 3 business days between the loan closing and the disbursement of funds, which applies when a security interest is taken in a consumer’s principal dwelling

Revolving Debt - Credit account that establishes a maximum dollar amount that can be borrowed, requiring monthly payments of less than the full amount due. The balance carried forward is subject to a finance charge. Also, an arrangement whereby credit is extended up to a specified limit and for a specified period with a fee charged for the commitment. Also called open-end credit or revolving line of credit

Second Mortgage - Second priority lien against the equity in a home, usually following a purchase money mortgage

Secured Loan - A secured loan is one in which the borrower offers up something of value as collateral for the loan

Securitization - The process of pooling loans into securities backed by mortgage loans. This is one process used to provide capital for the creation of mortgage loans

Servicer - A servicer is a company that handles all payment-related transactions with borrowers. A servicer is often used to collect payments of loans that have been purchased by an investor in the secondary loan market

Sub-Prime - Sub-prime, also known as non-prime, is the designation given to consumers with less than perfect credit ratings. Such ratings may be the result of limited credit histories, past credit difficulties, high debt-to-income ratio or other factors

Title - The evidence of the right to ownership of real property

Transaction Fee - A fee charged each time you draw on your credit line

Trust Deed - The document that secures the promissory note to your home and is recorded in the county as evidence of the debt

Truth in Lending Act - The Truth in Lending Act is a Federal law that requires creditors to fully disclose the terms and conditions of consumer loans, in writing. Disclosure must include the loan's annual percentage rate and any additional fees and charges to be paid by the borrower

Underwriting - Underwriting is the process lenders use to determine the risk involved in any given loan

Variable Rate - An interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly