Can I change an account so that it’s in my name or my living trust’s name?

Unfortunately, the Promissory Note attached to the loan cannot be changed. This means that the original names on the account and lien documents must remain the same until there is a refinancing, payoff, or other kind of debt discharge.

The reasons for this are as follows. As a holder of the mortgage, ditech became a creditor to the individual, not the trust. Although it’s possible to transfer the ownership title, it’s not possible to change the name on the signed contract or Promissory Note without legally changing the creditor’s relationship to the borrower and the account. By requiring that the name on the account match the name on the Promissory Note, we are fulfilling a procedural requirement to protect the integrity of the account and the history of the loan.

Refinancing is one way to way to change responsible parties on an account. As a full-service mortgage company, we do offer refinancing options, including the Home Affordable Refinancing Program (HARP). Please visit the Home Refinance page to explore your refinancing options, or call us at 1-800-700-9212.

Can I refinance or assume the mortgage as a widow/widower?

Many homeowners refinance after the death of a spouse or co-borrower. If you plan to refinance, submit a certified copy of your spouse’s death certificate with your County Recorder’s office, if the office has not already recorded it.

Taking this step will not affect the existing mortgage, but it does permit you to seek refinancing under your name. As a full-service mortgage company, we do offer refinancing options. Please visit the Home Refinance page to explore all your refinancing options, or call us at 1-800-700-9212.

To learn more about loan assumptions, visit our Assuming a loan page.

Can I transfer the property title to a trust?

It is possible to transfer a property title to another party, person, or living trust. *This is something that your estate-planning professional may recommend.

Some title transfers require the consent of the lender or servicer before changes can be processed. To request ditech’s consent for a title transfer, please mail us a written request of your proposed changes to:

Ditech Account Processing
PO Box 6172
Rapid City, SD 57709-6172

*Please note, ditech does not permit title transfer on mobile homes or manufactured houses until the lien is fully satisfied.

Can my name replace that of another borrower on the account?

In the event of a death, divorce, or estrangement, we can update our records to ensure that we send any future communications to the right person, but ditech cannot change the loan account itself.

In U.S. lending practices, the original borrower’s name stays on the mortgage loan until the loan is refinanced or paid off. The reason has to do with the relationship between the lender/servicer and the loan. As a holder of the mortgage, ditech is a creditor to the original borrower. In case of death, that relationship automatically transfers to the estate of the original borrower. It’s not possible to remove the name on the mortgage loan without legally changing the creditor’s relationship to the estate. By retaining the name of the original mortgagor on the contract, we are fulfilling a procedural requirement that protects the integrity of the original loan and its terms and our role as creditor.

For the same reason, ditech cannot alter the original names on an account in cases of divorce, estrangement, abandonment, or other status changes. The original name(s) on the account will remain until the debt is satisfied through refinancing, payoff, or other means.

How can I get a copy of my contract or title?

You can request a copy by contacting our Customer Service department 1-800-643-0202 between 8 a.m. and 12 p.m. (EST) Monday through Friday, between 8 a.m. and 5 p.m. (EST) Saturday or between 1 p.m. and 5 p.m. (EST) on Sunday.

How do I change or update my account after a divorce?*

We know this can be a challenging time. We can help you change your account so that ditech addresses future letters or other communications solely in your name, and we can process your mailing address changes, if needed.

To protect your personal financial information, we need to verify any status or name changes. Please mail us a written request of your changes, as well as notarized copies of legal documents confirming the change (for example, a divorce decree), to:

Ditech Account Processing
PO Box 6172
Rapid City, SD 57709-6172

*Please note that in most cases a divorce decree alone does not remove financial obligation from either party. Even if a divorce court orders a transfer of rights and interests in a property, both parties will remain contractually obligated until the debt is satisfied. Options for satisfying the debt include paying off the loan in its entirety, selling the house, refinancing, or a loan assumption, if your loan terms allow it.

Refinancing is one way to way to change responsible parties on a mortgage account. As a full-service mortgage company, we do offer refinancing. Please visit the Home Refinance page to explore all your refinancing options, or call us at 1-800-700-9212.

How do I update my name due to marriage?

We can help you with this. To protect you, your spouse, and your account, we do require verification of your name and/or status change. Please mail a written request of your changes, as well as notarized copies of legal documents confirming the change (for example, your marriage license), to:

Ditech Account Processing
PO Box 6172
Rapid City, SD 57709-6172

Upon receipt of your request and verification of the documents, we will be happy to make necessary updates to your account. Please allow 6-12 weeks for these changes to be reflected on your account.

I don’t understand this charge on my statement. Can you explain your fee schedule?

While late fees are easy to understand, other charges that appear on your statement may not be so clear. Each loan is different, but most include potential fees for certain services or processing costs that the servicer incurs.

Visit our Common Fees and Costs page for general information on common, non-state-specific fees and costs that could be associated with a mortgage loan account.

Is My Current Home Loan Right For Me?

If you're a ditech Customer, you can find the answer in your SmartWatch report. To view your report now, log in to MyAccount.

My spouse recently passed away. How do I remove their name—or that of a co-borrower—from the account?

Please accept our condolences for your loss. It’s understandable that you may want to remove the name of your late spouse from your account or mortgage.  We can help you change your account so that ditech addresses future letters or other communications solely in your name. Please help us verify and protect your account by sending us a written notification of your spouse or co-borrower’s death, plus two required documents:

1. A notarized copy of the death certificate, and
2. Legal documentation of the estate administration. Acceptable legal documentation could be a probated will, a letter of testamentary, a letter from the probate court, or another legal document that names an executor/executrix.

Please send the written notification, notarized death certificate and estate documentation to:

Ditech Account Processing
PO Box 6172
Rapid City, SD 57709-6172

When is the ditech website down for maintenance?

Every Sunday night, ditech performs secure weekly maintenance and back-up of our databases and systems, which includes the MyAccount section of the website. Please be advised that your online account will not be accessible between 9:00 p.m. CST Sunday night and 7:00 a.m. CST Monday morning. This weekly maintenance is necessary to protect our Customers' data and ensure the systems are running smoothly.

Will this remove my spouse’s name from the account?

This may seem hard to understand, but the answer is no. In U.S. lending practices, the homeowner’s name stays on the mortgage until the loan is refinanced or paid off.

Why? The reason is that when a homeowner dies, their responsibility for the mortgage loan automatically transfers to their estate. As a holder of the mortgage loan, ditech is still a creditor to your spouse’s estate. It’s not possible to remove the name on the mortgage loan without legally changing the creditor’s relationship to the estate. By retaining the name of the original mortgagor on the contract, we are simply fulfilling a procedural requirement. In no way do we intend to diminish or ignore your loss.

Are all loans assumable?

Not all loans are assumable. Some VA and FHA loans are assumable, as well as some conventional loans.  Find out your loan’s assumption eligibility by reviewing your loan documents and Loan Estimate or Truth in Lending disclosure.

Can a living trust assume a loan?

If the new borrower is the beneficiary of a living trust and resides in the home, he or she may qualify for a loan assumption.

Can an LLC, corporation, or partnership assume a loan?

Corporations, partnerships, or LLCs are not qualified to assume loans.

Can I add or remove a name on the loan?

A loan assumption is the only way to change the borrowers' names on a loan agreement.

Can I refinance or assume the mortgage as a widow/widower?

Many homeowners refinance after the death of a spouse or co-borrower. If you plan to refinance, submit a certified copy of your spouse’s death certificate with your County Recorder’s office, if the office has not already recorded it.

Taking this step will not affect the existing mortgage, but it does permit you to seek refinancing under your name. As a full-service mortgage company, we do offer refinancing options. Please visit the Home Refinance page to explore all your refinancing options, or call us at 1-800-700-9212.

To learn more about loan assumptions, visit our Assuming a loan page.

My divorce isn’t final. Can we still proceed with a loan assumption?

We require a fully executed divorce decree or separation agreement. Either one must include a property settlement agreement with details about the proposed loan assumption.

What are the requirements to assume a loan?

The requirements to assume a loan may vary, depending on the type of assumption requested.  Generally, the account must be current, and the person assuming the loan must live in the home.  If the current borrower seeks release from liability for the debt, the assuming borrower must qualify for credit based on current underwriting guidelines.

Learn more about loan assumption requirements on our Assuming a Loan page.

What is the process for a loan assumption, and how long will it take?

When we receive a loan assumption inquiry, our Assumptions department reviews its eligibility. We mail a letter with the results. If it’s eligible, we request the necessary documents and process them. Upon approval, we send the new borrower a loan assumption package.

The loan assumption process usually takes 45-90 days.  Completion times may vary, and be subject to change based on underwriting criteria.

You can start your application process by filling out this form.

Will an assumption release me from liability for the debt?

To assume a loan, the assumptor or new borrower typically must qualify for credit based on current underwriting guidelines. If the new borrower qualifies, the previous borrower qualifies for release from liability for the debt, in most cases.

For VA loans requesting a release of liability from an ex-spouse when the veteran is retaining the property, please contact the VA Regional Loan Center.

Can I apply additional amounts to my principal with AutoPay?

Yes, you can pay extra any month.

If we receive a payment larger than the amount due, we apply the additional amount first to any outstanding fees and then to your principal balance.

Can I make an electronic mortgage payment?

We offer a range of electronic mortgage payment options. The most popular option, provided at no charge, is AutoPay. It allows you to set up automatic payment withdrawal from your bank checking or savings account. You can also make a payment by mail, over the phone or through your secure online ditech account.

Register for AutoPay

Does the automatic payment have to be paid on my due date?

No, you can set up AutoPay to make your payment on any date between your due date and your late fee assessment date.

For example, if your payment is due on the 1st and your late charge is assessed on the 16th, your payment can be made on any date between the 1st and 15th. Plus, you can change the payment date each month.

How do I modify any pending payments that I made through AutoPay?

Our online payment functionality is limited to entering and processing payments only. If you need to modify or delete any pending payments made through AutoPay, please contact our Customer Service department at 1-800-643-0202 10 business days prior to the payment processing date.

How do I register for AutoPay?

You can register for AutoPay, our free automatic payment service online. You first need to create an online account. Click on the link below to get started.

Register for AutoPay

Note that some restrictions apply, so some accounts may not be eligible for AutoPay due to account status.

Can I refinance if I've had "bad credit" in the past?

Possibly. Your credit score is only one of the factors taken into account when you apply for a refinance loan. We also look at your employment history, income, debt and cash reserves.

Does ditech report to credit agencies?

Yes, we report to credit agencies Equifax, Experian, Trans Union and Innovis on a monthly basis. For more information, please contact the credit agency directly.

How does my loan with Ditech affect my credit bureau report?

Ditech provides Equifax, Experian, Trans Union and Innovis with loan information every month. We provide accurate information based on account records. If you suspect an error on your credit report, please contact the appropriate Credit Bureau Agency for resolution information. You may also send credit report disputes in writing to ditech Customer Service. Include your ditech account number (if applicable), name, and any additional supporting documentation to support your position. Supporting documentation may include cancelled checks, bank statements, copies of credit reports, or any other pertinent information for further review. Upon receipt, our Customer Service department will research the dispute and respond accordingly.

If we are responsible for errors to your credit report, we are committed to correcting them quickly.  However, please understand that we are unable to request credit bureau changes as a courtesy to our borrowers or to improve credit ratings.

I need a Verification of Mortgage. Can you help?

Yes, we can help you with this. Please mail a written request for a Verification of Mortgage to:

Ditech Account Processing
PO Box 6172
Rapid City, SD 57709-6172

We will send you a Verification of Mortgage document for your records.

What do I need to do if there are errors on my credit report?

If you suspect an error on your credit report, please contact the appropriate Credit Bureau Agency for resolution information.

Credit report disputes may also be sent in writing to ditech Customer Service. Include your 9-digit ditech account number (if applicable), name and any additional supporting documentation to support your position. Upon receipt, our Customer Service department will research the dispute and respond accordingly.

Will I be turned down for a loan if I’ve had credit problems?

Not necessarily. Your credit score is only one of the factors taken into consideration when you apply for a home loan. We also review your employment history, income, debt and cash reserves.

Does ditech escrow for taxes?

Yes, many homeowners request an escrow account with ditech. An escrow account is an account we set up to pay certain bills associated with your property, such as property taxes, homeowners insurance, hazard/flood insurance or private mortgage insurance, if required.

That way, you don’t need to save for these expenses or keep track of due dates. We make these payments for you on time, as needed, from your escrow account.

How can I request a ditech escrow account?

If you don’t currently have an escrow account with ditech and would like to establish one, please download and complete the Request to Establish an Escrow Account form.

When you have completed the ditech escrow request form, please fax it to the number printed on the form.

How do I get my escrow account reviewed for cancellation?

If you want to cancel your ditech escrow account, send a written request with your signature indicating that you wish your escrow account for taxes and/or insurance to be reviewed for cancellation. 

For more information about how to submit a written homeowner request, visit the Contact Us page.

Is there a reason my new escrow amount is different than last year?

Because factors can change, ditech is required to review your estimated escrow obligations annually. We adjust your payment amount to reflect any increase or decrease in the escrow amount that will be needed to completely pay your insurance and property taxes in the coming 12 months, and cover the minimum balance requirement throughout the year. We send you a notice of these changes in an Annual Escrow Account Disclosure Statement.

How to read your escrow statement

What is escrow and how does it affect me?

An escrow account holds funds paid by you, the homeowner, that will eventually pay certain property related expenses. This includes, but is not limited to, taxes and/or homeowners’ insurance premiums.

An escrow account helps ensure property expenses are paid, so it's part of your regular payment amount. As taxes and other expenses can change, so can escrow. So, learn more about how escrow works. Visit our Understanding Escrow page in the Mortgage Topics in Depth section of the website for more information about your escrow account and what it does.

Will this change my loan terms or escrow account?

The transfer of your mortgage servicing to us doesn’t change the original terms or conditions of your mortgage. It just changes the party responsible for collecting your payment, which is now ditech.

Your previous servicer will transfer any remaining escrow balance to us, to cover your property taxes and insurance. We’ll conduct your next escrow analysis on the same schedule as your prior servicer. An escrow analysis is typically conducted annually.

Can I make an electronic mortgage payment?

We offer a range of electronic mortgage payment options. The most popular option, provided at no charge, is AutoPay. It allows you to set up automatic payment withdrawal from your bank checking or savings account. You can also make a payment by mail, over the phone or through your secure online ditech account.

Register for AutoPay

I can see that you’ve cashed my mortgage payment check, so when will you post my payment?

If this is the case, it means we’re still working to set up your loan on our servicing system. During this period, any checks we receive will be cashed and the proceeds held for processing. Once all of the loans are transferred to our system from your previous servicer, we’ll apply your payment — showing the date it was received in the mail.

When and how do I make my next payment?

You should send all payments to ditech.

Payments can be mailed to us at:

ditech Payment Processing
PO Box 660934
Dallas, TX 75266-0934

If I can no longer afford my home, what are my options?

Financial challenges can result in you leaving your current property and transitioning to more affordable housing. However, it may be possible to avoid foreclosure through alternatives such as a short sale or deed-in-lieu. We can help you explore foreclosure alternatives.

Visit our Mortgage Assistance page for important ditech foreclosure process and foreclosure alternative information.

As a customer of Green Tree Servicing, what does this mean to me?

We’re recommitting to providing you with excellent customer service.

You’ll find a new website featuring access to account information online, homeowner resources and information, including the latest mortgage rates. We’ll continue to offer free ACH payments through AutoPay, and manage escrow.

I’ve already registered for MyAccount, how will I access it?

Your login information hasn’t changed. You will still be able to access the information in your MyAccount with the new website just as you did before.

Login to MyAccount

If I am already enrolled for automatic monthly AutoPay payments, will I have to change my information for the new name?

The transition will be seamless, and you will not have to re-sign up for AutoPay.

If the name of the company is changing, who do I make my payment to?

Beginning August 31, 2015, you’ll need to make your payment to ditech, instead of Green Tree.

You can send your payment via the mail with the envelope you receive with your paper statement or use a number of different online options. For more information, see our Make a Payment page.

What are the payment options available to me?

Your payment options have not changed. You’ll find all of the mortgage payment options available on our Make a Payment page.

Why is Green Tree changing its name to ditech?

Combining our companies and changing our name to ditech is a recommitment to you, our borrowers, to provide excellent customer service and a promise to support you as partners in sustainable home ownership.

Can I apply funds from a gift toward a down payment?

Some home loan programs may allow homebuyers to use gift funds to help cover part of the down payment.

Do I have enough equity to use as a down payment for my next home?

If you're a ditech customer, you can find the answer in your SmartWatch report. To view your report now, log in to MyAccount.

Do I have to have a specific property in mind?

No. You can get prequalified or preapproved now and narrow your search by knowing how much home you can buy.

Do I qualify for a VA loan?

If you are a military service member, veteran or surviving spouse of a veteran, you may be eligible for a VA loan.

Does ditech offer a manufactured home loan?

We offer the choice of an FHA loan or a conventional mortgage of up to 30 years for the purpose of purchasing an existing manufactured home. ditech’s manufactured mortgages cover both the home and the home site.

What do we consider when reviewing a mortgage application?

We typically look at your credit, assets, down payment, income and debts, along with an appraisal of the property. Learn more about the home loan process.

What does being preapproved mean?

With preapproval through PURCHASE POWER Plus, we verify the information you provide about your finances. We then provide you with a commitment letter that states that, subject to certain conditions, you will be approved for a specific loan amount and loan program. This allows you to shop with confidence, as sellers often prefer buyers who are preapproved when they bid on a home. Get preapproved now – call a Home Loan Specialist at 1-800-700-9212.

What does being prequalified mean?

Prequalification through PURCHASE POWER™ provides an estimate of how much home you can buy. You supply us with some basic information about your finances. We give you a general estimate of the home loan amount for which you qualify and the monthly payment amounts. Get prequalified now – call a Home Loan Specialist at 1-800-700-9212.

What is the difference between a second home and an investment property?

A second home is a home you have for your exclusive use and enjoyment at all times. It is not subject to any timesharing or shared ownership arrangement or to any agreement that requires you either to rent it or give any other person any control over its occupancy or use. An investment property is a property that you don’t personally use as your residence. It is purchased or used for the purpose of generating income (e.g., through rental) or profit (e.g., by fixing up and selling at a higher value). This could be an apartment, condominium or single-family residence. (Additionally, a home you own that is used by a relative (e.g., a parent, a child, etc.) as his/her primary residence is your investment property.)

What is the minimum down payment I can make on a home?

Generally between 5 and 20% of the home's value.

Will I be turned down for a loan if I’ve had credit problems?

Not necessarily. Your credit score is only one of the factors taken into consideration when you apply for a home loan. We also review your employment history, income, debt and cash reserves.

Will I have to pay for private mortgage insurance (PMI)?

Generally, if your loan amount is more than 80% of the home's appraised value, you will be required to have PMI. This protects the lender if you default on your loan.

Am I required to have flood insurance?

If your property is located in an area designated by FEMA (Federal Emergency Management Agency) as a SFHA (Special Flood Hazard Area), you are required to have flood insurance coverage. Proof of continuous flood insurance coverage must be supplied to ditech.

How do I cancel my insurance policy with Assurant Insurance Agency?

If you currently have an insurance policy through Assurant Insurance Agency and would like to cancel it, please call 1-866-740-6327, Option 5, for cancellation instructions. To learn more visit www.AssurantInsuranceAgency.com.

How do I file an insurance claim?

If you have a claim and your insurance is/was not obtained through Assurant Insurance Agency, you’ll need to contact that specific insurance carrier. If you obtained your coverage through Assurant Insurance Agency, please contact the appropriate insurance carrier's claims department at the toll-free number found on your Welcome Letter, Application, and in your Policy. Customers who have registered on for MyAccount on ditech.com can report a claim online after logging in. Login to MyAccount. You may also get detailed instructions by calling Assurant Insurance Agency at 866-404-9098, Monday through Friday from 7 am-7 pm CST. To learn more visit www.AssurantInsuranceAgency.com.

What property insurance coverage do I need?

The terms of your loan require you to maintain property insurance on the property securing your loan. This covers physical damage or hazard.

You’re also responsible for providing proof of the required insurance to ditech. You have the option to purchase this insurance through an insurer or agent of your choice that is authorized to transact business in your state.

Am I required to have flood insurance?

If your property is located in an area designated by FEMA (Federal Emergency Management Agency) as a SFHA (Special Flood Hazard Area), you are required to have flood insurance coverage. Proof of continuous flood insurance coverage must be supplied to ditech.

What happens if I don’t provide proof of adequate insurance coverage for my property?

Depending on your loan type, if you don’t provide us with proof of suitable insurance coverage, ditech may obtain an insurance policy on your behalf (lender-placed insurance) pursuant to state guidelines.

This coverage is generally basic coverage that provides insurance protection only to the lender for the amount of the loan balance (minus any financed insurance, points and land). You’ll be responsible for paying the monthly premiums on lender-placed insurance coverage. Note that this coverage is often more expensive than regular insurance coverage you can obtain on your own.

Learn more on our Understanding Lender-Placed Insurance page in the Mortgage Topics in Depth section.

What if I have my own insurance policy and a lender-placed insurance charge has been assessed to my loan?

Lender-placed insurance is issued only when we have no record of other insurance coverage and is effective only for the lapse period. Upon receiving evidence of in-force insurance that covers the lapse, the lender-placed policy can be fully or partially cancelled based on the effective dates of the coverage provided.

Learn more on our Understanding Lender-Placed Insurance page.

What property insurance coverage do I need?

The terms of your loan require you to maintain property insurance on the property securing your loan. This covers physical damage or hazard.

You’re also responsible for providing proof of the required insurance to ditech. You have the option to purchase this insurance through an insurer or agent of your choice that is authorized to transact business in your state.

Why is it necessary to have ditech designated as Loss Payee on my insurance policy?

There are several reasons why ditech needs to be listed as the loss payee. At each policy renewal, your insurance company will send a copy of your policy declarations page to the loss payee (ditech) so that we have evidence of your homeowners insurance coverage. In the event that you suffer a loss to your property, the insurance company needs this information to ensure timely processing.

Additionally, for loans where ditech is responsible for paying the annual premium out of an escrow account, accurate loss payee information ensures timely billing and payment to avoid cancellation. Please have your agent or insurance company make sure ditech is listed as loss payee on your insurance policies.

The proper way to designate ditech as the Loss Payee:

Manufactured Housing
Ditech Financial LLC*
Its affiliates and/or assigns
PO Box 979282
Miami, FL 33197-9282

Home Equity
Ditech Financial LLC*
Its affiliates and/or assigns
PO Box 979282
Miami, FL 33197-9282

What happens if I don’t provide proof of adequate insurance coverage for my property?

Depending on your loan type, if you don’t provide us with proof of suitable insurance coverage, ditech may obtain an insurance policy on your behalf (lender-placed insurance) pursuant to state guidelines.

This coverage is generally basic coverage that provides insurance protection only to the lender for the amount of the loan balance (minus any financed insurance, points and land). You’ll be responsible for paying the monthly premiums on lender-placed insurance coverage. Note that this coverage is often more expensive than regular insurance coverage you can obtain on your own.

Learn more on our Understanding Lender-Placed Insurance page in the Mortgage Topics in Depth section.

What if I have my own insurance policy and a lender-placed insurance charge has been assessed to my loan?

Lender-placed insurance is issued only when we have no record of other insurance coverage and is effective only for the lapse period. Upon receiving evidence of in-force insurance that covers the lapse, the lender-placed policy can be fully or partially cancelled based on the effective dates of the coverage provided.

Learn more on our Understanding Lender-Placed Insurance page.

What property insurance coverage do I need?

The terms of your loan require you to maintain property insurance on the property securing your loan. This covers physical damage or hazard.

You’re also responsible for providing proof of the required insurance to ditech. You have the option to purchase this insurance through an insurer or agent of your choice that is authorized to transact business in your state.

Why is it necessary to have ditech designated as Loss Payee on my insurance policy?

There are several reasons why ditech needs to be listed as the loss payee. At each policy renewal, your insurance company will send a copy of your policy declarations page to the loss payee (ditech) so that we have evidence of your homeowners insurance coverage. In the event that you suffer a loss to your property, the insurance company needs this information to ensure timely processing.

Additionally, for loans where ditech is responsible for paying the annual premium out of an escrow account, accurate loss payee information ensures timely billing and payment to avoid cancellation. Please have your agent or insurance company make sure ditech is listed as loss payee on your insurance policies.

The proper way to designate ditech as the Loss Payee:

Manufactured Housing
Ditech Financial LLC*
Its affiliates and/or assigns
PO Box 979282
Miami, FL 33197-9282

Home Equity
Ditech Financial LLC*
Its affiliates and/or assigns
PO Box 979282
Miami, FL 33197-9282

What happens if I don’t provide proof of adequate insurance coverage for my property?

Depending on your loan type, if you don’t provide us with proof of suitable insurance coverage, ditech may obtain an insurance policy on your behalf (lender-placed insurance) pursuant to state guidelines.

This coverage is generally basic coverage that provides insurance protection only to the lender for the amount of the loan balance (minus any financed insurance, points and land). You’ll be responsible for paying the monthly premiums on lender-placed insurance coverage. Note that this coverage is often more expensive than regular insurance coverage you can obtain on your own.

Learn more on our Understanding Lender-Placed Insurance page in the Mortgage Topics in Depth section.

What if I have my own insurance policy and a lender-placed insurance charge has been assessed to my loan?

Lender-placed insurance is issued only when we have no record of other insurance coverage and is effective only for the lapse period. Upon receiving evidence of in-force insurance that covers the lapse, the lender-placed policy can be fully or partially cancelled based on the effective dates of the coverage provided.

Learn more on our Understanding Lender-Placed Insurance page.

Am I qualified for a mortgage recast?

The following conditions are required for mortgage recast eligibility:

1. The loan must be conventional.
2. Either Fannie Mae or Freddie Mac must be an investor on the loan, and the investor must allow recast modifications.
3. The account cannot have a scheduled service release. If the account does have a scheduled service release, the customer should contact the new investor for recast guidelines.
4. The contribution amount must meet or exceed the minimum requirement of 10% of the current account balance.
5. The loan may not have had a previous modification.
6. The account may not be currently active in bankruptcy.
7. The account may not be currently delinquent.
8. The loan may not be interest-only. During a loan’s interest-only period, it’s not necessary to request a re-amortization of the account.
9. In the case of an Adjustable Rate Mortgage (ARM), there may not be an interest rate change scheduled sooner than 6 months.

To find out if Fannie Mae owns your loan, use the Fannie Mae Loan Lookup tool. To find out if Freddie Mac owns your loan, use the Freddie Mac Loan Look-up Tool. Homeowner Resources

How long does a mortgage recast take? Is there a processing fee?

The recast review process can take up to 30 days. There is no processing fee to review your mortgage recast application.

I had a loan modification with my previous servicer. Will ditech honor that?

Absolutely, your previous servicer will transfer all the information about your loan to us. We won’t make any changes to the structure of the loan. Whether the modification or trial modification was to the interest rate, principal, payment or fees, your modified terms will remain intact.

I was in the process of getting a loan modification with my previous servicer. What happens now?

Your previous servicer will provide us with all the information about your loan, including any relevant loan modification documents you’ve already provided, any pending applications and any trial period plans. We’ll be able to pick up right where your previous servicer left off to get you back on track as quickly as possible.

In a mortgage recast modification, how much do I need to send to reduce my payment?

If you are otherwise eligible, a mortgage recast requires 10% of your current principal balance as the minimum required amount.

What is a mortgage curtailment and what does it have to do with a recast modification?

Extra payments toward your mortgage loan are “curtailments.” A full mortgage curtailment pays off your mortgage loan completely. A partial curtailment refers to any extra payments you make toward your balance.

As part of a mortgage recast, you should inform ditech in writing the total amount you plan to pay as a curtailment, and the date that these funds will be available. Ditech will review your loan and mail you an estimate letter that includes the estimated principal and interest (P & I) amount.

Will a mortgage recast change the terms of my loan due to the new principal balance?

No, a mortgage recast only adjusts the principal and interest. The terms of the loan remain the same.

What are closing costs?

Closing costs vary and are determined by mortgage type and where you live. These typically include lender fees and third party fees, such as for an appraisal and title insurance. Click here for a list of closing costs.

What criteria will we use to evaluate your application?

Our underwriters will review and validate your loan package to make sure it fits the guidelines required for your loan program. They will review your application and look at your income documents (e.g., paystubs, W2, tax returns), bank account statements, credit, and the property value. Learn more about the home loan process.

What documents will I need to provide with my application?

When you apply for a home loan, you’ll need to provide documentation of your income, debts, credit and assets. Learn more about the home loan process.

Why should I consider locking in my rate?

Interest rates can change between the time you apply and the time you close. A rate lock is a guarantee your rate and points will not change for a specific time (usually 30, 60 or 90 days) provided you close within the rate lock period. Your Home Loan Specialist can help you lock in your rate.

Are there limits to how much the interest rate can adjust with an adjustable rate mortgage (ARM)?

Yes. The limit for annual adjustments is called the periodic rate cap. The limit for how much the rate can change overall is called the lifetime rate cap.

How many years do I have to pay off my mortgage?

This depends on the home loan option you choose. Popular loan terms are 10, 15, 20, 25, and 30 years. In some cases, you can even choose your own term (e.g., 17 years).

• View purchase loan options
• View refinance options

How much down payment is required for a home loan?

Generally between 5 and 20% of the home's value.

What are the different types of loans?

ditech offers a wide range of home purchase and refinance loans:

• View purchase loan options
• View refinance options

What is private mortgage insurance (PMI)?

Private mortgage insurance (PMI) is an insurance policy. The borrower pays PMI when the loan-to-value (LTV) percentage of their property is 80% or higher. This coverage protects the lender or servicer from financial loss in case of default.

Do you have other questions about PMI? To learn more, visit our Understanding Private Mortgage Insurance or PMI page in the Mortgage Topics in Depth section of the website.

How do I pay off my Home Equity Line of Credit (HELOC) account?

Congratulations on paying off your Home Equity Line of Credit. To finalize payoff of this loan, please mail us a written request to close the account, to:

Ditech Account Processing
PO Box 6172
Rapid City, SD 57709-6172

How do I payoff my mortgage?

Congratulations on nearing this milestone! We want this process to be as simple as possible for you.

There are specific ways to make your final payment to pay off your mortgage. To ensure a smooth payoff process, please choose a payoff payment option below.

1. Pay with a money order, cashier’s check, bank wire, or other certified instrument unless a title company is remitting funds for you. This is very important. It enables us to verify and record your last payment and include it with all the other documents that validate the fulfillment of your mortgage loan. We cannot accept other types of payment, so if you are using AutoPay, bill pay service through your bank, or have pending payments, please call Customer Service at 1-800-643-0202 so we can help you prepare to make your final, authenticated payoff payment.
2. Send your payoff payment to ditech. Use one of these 3 delivery options for payoff.
   1. MAIL your payoff money order, cashier’s check or other certified payment to this address, if you choose regular U.S. Post Office service or USPS Overnight Mail.
      DITECH
      DEPT CH 9052
      PALATINE IL, 60055-9052
   2. OVERNIGHT your payoff money order, cashier’s check or other certified payment to this address, if you choose FedEx, UPS, or another overnight service (other than USPS).
      DITECH
      ATTENTION: 9052 – PAYOFFS
      5505 N. CUMBERLAND AVE. #307
      CHICAGO, IL 60656
   3. WIRE or TRANSFER your payoff payment to the following account, using the following information*:
      ABA/ROUTING: 026009593
      ACCOUNT: 1257813511
      ACCOUNT NAME: Ditech Servicing LLC
      BANK NAME: Bank of America
      MEMO SECTION: The memo section (also referred to as Advice, Instructions to Beneficiary, or OBI) of the payoff wire must include the account name and ditech account number.*Please note: if this information is not included or incomplete, we cannot process the payoff. If the process is interrupted at this point, a new payoff quote is required and may result in a higher final payment amount.

Learn more about paying off your mortgage on our Payoff page.

How soon will documents be released after payoff?

Your loan may have multiple collateral documents. Ditech mails mortgage release documents directly to the county for recording. We mail these payoff documents within the time period required by applicable law, which is typically no more than 30 to 60 days from the date the payoff is posted to the account. Unless instructed otherwise, title documents will be released and sent to the mailing address on the account.

Learn more about paying off your loan on the Payoff page.

If I am eligible for a payoff refund, when will this be released?

Refunds are generally released 20 days after the loan is paid in full unless an earlier date is required by applicable law.

Find out more about paying off your loan on the Payoff page.

What happens at payoff if I have overpaid on my mortgage?

The payoff process is the same whether you have reached the maturity of your loan, or made additional payments throughout the life of your loan.

Once we have received and posted the final payment that will satisfy your mortgage loan, your account will automatically close. We will review the loan history and reimburse you for any overpayments (also called overages paid) within 60 days from the date the account is closed.

Learn more about Payoff.

What happens if I accidentally send my payoff to the payment address?

If a payoff payment arrives at a ditech payment center in error, we route it to the payoff center for processing.

Learn more about Payoff.

What is the payoff process and timeline?

After your account is closed, ditech begins another process—the mortgage satisfaction and release process. This process includes, but is not limited to, returning to you the documents held as security on the account. Until this release, a document custodian holds these loan documents. A document custodian is an independent third party that holds financial documents in a secure facility outside ditech.

Once the custodian returns loan documents to you and ditech, we publicly confirm the closing of the mortgage. Ditech creates and signs a Satisfaction of Mortgage document specifically for your account. We record the Satisfaction of Mortgage document with the County Clerk where the property is located.  The County Clerk then returns the recorded Satisfaction of Mortgage to ditech.  If you are interested in a copy of the Satisfaction of Mortgage document when it becomes available, you can request one from the County Clerk or from ditech.

Factors outside our control, such as delays at the County Clerk’s office, may result in a longer payoff process.

Want to know more about paying off your mortgage? Visit our Payoff page.

Where can I find the payoff amount for my loan?

The payoff amount is updated regularly and available via your secure online account. Look for Payoff Amount in the MyAccount section. You can also obtain the amount by contacting Customer Service at 1-800-643-0202.

Login to MyAccount

Interested in learning more about paying off your loan? Go to our Payoff page for more information.

Why is my payoff different than my principal balance?

Your principal balance and payoff balance disclose different information.

Principal balance is the outstanding balance of debt on a loan, which does not include interest or other charges. The payoff balance is the principal balance plus interest due, outstanding fees and possibly a pre-payment penalty (if applicable).

Ready to learn more about paying off your loan? Visit the Payoff page.

Will I have a pre-payment penalty if I pay off my account early?

Some accounts include a pre-payment penalty clause. Please review your loan documents to determine if your loan will be assessed a pre-payment penalty for early payoff.

Want to know more about the mortgage payoff process? Visit our Payoff page.

Am I qualified for a mortgage recast?

The following conditions are required for mortgage recast eligibility:

1. The loan must be conventional.
2. Either Fannie Mae or Freddie Mac must be an investor on the loan, and the investor must allow recast modifications.
3. The account cannot have a scheduled service release. If the account does have a scheduled service release, the customer should contact the new investor for recast guidelines.
4. The contribution amount must meet or exceed the minimum requirement of 10% of the current account balance.
5. The loan may not have had a previous modification.
6. The account may not be currently active in bankruptcy.
7. The account may not be currently delinquent.
8. The loan may not be interest-only. During a loan’s interest-only period, it’s not necessary to request a re-amortization of the account.
9. In the case of an Adjustable Rate Mortgage (ARM), there may not be an interest rate change scheduled sooner than 6 months.

To find out if Fannie Mae owns your loan, use the Fannie Mae Loan Lookup tool. To find out if Freddie Mac owns your loan, use the Freddie Mac Loan Look-up Tool. Homeowner Resources

How long does a mortgage recast take? Is there a processing fee?

The recast review process can take up to 30 days. There is no processing fee to review your mortgage recast application.

In a mortgage recast modification, how much do I need to send to reduce my payment?

If you are otherwise eligible, a mortgage recast requires 10% of your current principal balance as the minimum required amount.

What is a mortgage curtailment and what does it have to do with a recast modification?

Extra payments toward your mortgage loan are “curtailments.” A full mortgage curtailment pays off your mortgage loan completely. A partial curtailment refers to any extra payments you make toward your balance.

As part of a mortgage recast, you should inform ditech in writing the total amount you plan to pay as a curtailment, and the date that these funds will be available. Ditech will review your loan and mail you an estimate letter that includes the estimated principal and interest (P & I) amount.

What is a mortgage recast?

When you have paid down a significant portion of the principal balance on your mortgage loan, you may consider re-amortizing or recasting the loan. A mortgage recast reduces the mortgage payment without changing the original terms of the loan.

Borrowers whose loans meet specific qualifications may request a re-amortization or mortgage recast review from ditech.  Not all mortgage loans are eligible for a mortgage recast. To see whether your loan is eligible, see the FAQ, Am I qualified for a mortgage recast? for the full list of requirements.

Will a mortgage recast change the terms of my loan due to the new principal balance?

No, a mortgage recast only adjusts the principal and interest. The terms of the loan remain the same.

What does a transfer of mortgage servicing mean?

It means that your lender has transferred the servicing of your mortgage – the right to collect payments – to another financial institution. A transfer of mortgage servicing doesn’t mean that you have a poor quality loan or credit history. It simply means that going forward, ditech will collect your payment, manage any escrow transactions, and provide all the customer service for your home loan.

What happens during the transfer process?

We’ll be working with the data file that we received from your prior servicer, which is essentially a snapshot of your account at the time your servicing was transferred. We test and confirm the loan data, and then upload that information into our computer systems for further testing.

Once the transfer of mortgage servicing process is complete, we post all payments as of the date of receipt and make your current account information available to you via a secure online account and through our Customer Service representatives.

Can I make an electronic mortgage payment?

We offer a range of electronic mortgage payment options. The most popular option, provided at no charge, is AutoPay. It allows you to set up automatic payment withdrawal from your bank checking or savings account. You can also make a payment by mail, over the phone or through your secure online ditech account.

Register for AutoPay

How can I make payments?

We offer several convenient options for making payments. They’re all listed on the Make a Payment page.

How do I use online billing to make my mortgage payments?

Just as with paper billing statements, you can make your mortgage payment any of several ways. Options include mail, automatic payments from your bank account, online payments and much more. Learn more about Online Billing or Make a Payment.

How do we protect your personal information?

• We confirm your identity with confidential access codes before we ever allow access to your online accounts.
• We use technologies such as firewalls (which protect systems from intrusion) and 128-bit encryption (scrambling of information) to provide identity protection.
• We train our employees to protect your Personal Information and we are continually enhancing our security tools and procedures.

I’ve already registered for MyAccount, how will I access it?

Your login information hasn’t changed. You will still be able to access the information in your MyAccount with the new website just as you did before.

Login to MyAccount

What if I don’t understand my online billing statement?

Online billing statements look exactly like your print statements. If you don’t understand the information provided on the statements, see our handy primer: How to read your mortgage statement.

Which Internet browsers work best with this site?

An outdated or incompatible browser can cause websites to load slowly or display incorrectly. To ensure the best experience on ditech.com, we designed our website to support most popular browsers. Check your Browser Compatibility with the Ditech website.

Will I receive year-end tax and interest information?

If you paid more than $600 in interest the past year, you may receive a 1098 tax form depending on account type and account status. These forms will be mailed out prior to January 31st. You may need this information for tax preparation.

Can I make an electronic mortgage payment?

We offer a range of electronic mortgage payment options. The most popular option, provided at no charge, is AutoPay. It allows you to set up automatic payment withdrawal from your bank checking or savings account. You can also make a payment by mail, over the phone or through your secure online ditech account.

Register for AutoPay

Does ditech escrow for taxes?

Yes, many homeowners request an escrow account with ditech. An escrow account is an account we set up to pay certain bills associated with your property, such as property taxes, homeowners insurance, hazard/flood insurance or private mortgage insurance, if required.

That way, you don’t need to save for these expenses or keep track of due dates. We make these payments for you on time, as needed, from your escrow account.

I can see that you’ve cashed my mortgage payment check, so when will you post my payment?

If this is the case, it means we’re still working to set up your loan on our servicing system. During this period, any checks we receive will be cashed and the proceeds held for processing. Once all of the loans are transferred to our system from your previous servicer, we’ll apply your payment — showing the date it was received in the mail.

I had a loan modification with my previous servicer. Will ditech honor that?

Absolutely, your previous servicer will transfer all the information about your loan to us. We won’t make any changes to the structure of the loan. Whether the modification or trial modification was to the interest rate, principal, payment or fees, your modified terms will remain intact.

I was in the process of getting a loan modification with my previous servicer. What happens now?

Your previous servicer will provide us with all the information about your loan, including any relevant loan modification documents you’ve already provided, any pending applications and any trial period plans. We’ll be able to pick up right where your previous servicer left off to get you back on track as quickly as possible.

What does a transfer of mortgage servicing mean?

It means that your lender has transferred the servicing of your mortgage – the right to collect payments – to another financial institution. A transfer of mortgage servicing doesn’t mean that you have a poor quality loan or credit history. It simply means that going forward, ditech will collect your payment, manage any escrow transactions, and provide all the customer service for your home loan.

What happens during the transfer process?

We’ll be working with the data file that we received from your prior servicer, which is essentially a snapshot of your account at the time your servicing was transferred. We test and confirm the loan data, and then upload that information into our computer systems for further testing.

Once the transfer of mortgage servicing process is complete, we post all payments as of the date of receipt and make your current account information available to you via a secure online account and through our Customer Service representatives.

What happens with my escrow account for taxes and insurance?

Your escrow account balance will transfer to ditech from your prior servicer. We will conduct your next escrow analysis on the same schedule as your prior servicer. An escrow analysis is typically conducted annually.

If you didn't have an escrow account with your former servicer and would like to set up an escrow account with ditech, please download and complete the Request to Establish an Escrow Account with ditech form, and fax it to the number printed on the form.

If you have more questions about escrow, please contact Customer Service at 1-800-643-0202.

When and how do I make my next payment?

You should send all payments to ditech.

Payments can be mailed to us at:

ditech Payment Processing
PO Box 660934
Dallas, TX 75266-0934

Will this change my loan terms or escrow account?

The transfer of your mortgage servicing to us doesn’t change the original terms or conditions of your mortgage. It just changes the party responsible for collecting your payment, which is now ditech.

Your previous servicer will transfer any remaining escrow balance to us, to cover your property taxes and insurance. We’ll conduct your next escrow analysis on the same schedule as your prior servicer. An escrow analysis is typically conducted annually.

How does the online home loan application work?

It's quite simple. Just enter your information, link to required documents such as bank accounts and pay stubs, and submit when you're ready.

How long does the online application take?

The average application takes less than 30 minutes to complete.

How soon will I get a decision after I submit my online application?

A ditech Home Loan Specialist can help determine when you can expect a decision. It can depend on the type of loan and the amount of information required.

Is it safe to apply for my ditech home loan online?

Absolutely. Our online application uses a Secure Socket Layer (SSL) security protocol and the highest level of data encryption to keep your personal information safe.

What if I need help during my online application?

With our co-piloting feature, a ditech Home Loan Specialist can provide on-screen live support to guide you at any step in the application.

Are my online billing statements also available through my online account?

Yes, once you log in to your secure ditech account, you can find your online billing statements in the MyAccount section.

Login to MyAccount

Can co-borrowers see online billing statements?

Your ditech online billing statement is emailed to the primary email address you specify when you register for online billing services. If co-borrowers don’t have access to that email address, they can see the billing statements when they log in to their secure online ditech account, MyAccount.

Login to MyAccount or learn more about Online Billing.

Do I need any special software?

You only need free Adobe Reader software to view your online billing PDF attachments. If you don’t already have the software, you can download the latest version of Adobe Reader for free by visiting the Adobe website at adobe.com.

How do I use online billing to make my mortgage payments?

Just as with paper billing statements, you can make your mortgage payment any of several ways. Options include mail, automatic payments from your bank account, online payments and much more. Learn more about Online Billing or Make a Payment.

If I change my mind, can I request to receive paper billing statements again?

Yes, you can. If you’re receiving ditech online billing statements and want to switch back to paper billing statements, click on the link at the bottom of the email to restore paper billing on your account.

What if I can’t open my billing statement attachment?

If you have any issues opening your online billing statement, please contact Customer Service at 800-643-0202 between 8 a.m. and 12 p.m. (EST) Monday through Friday, between 8 a.m. and 5 p.m. (EST) Saturday or between 1 p.m. and 5 p.m. (EST) on Sunday

What if I don’t understand my online billing statement?

Online billing statements look exactly like your print statements. If you don’t understand the information provided on the statements, see our handy primer: How to read your mortgage statement.

Can I change the due date on my mortgage?

You may be eligible to change your due date based on your account status and type of home loan. Please note that your account must be current to process a due date change. Loans backed by the Federal Housing Administration or the Veterans Administration are not eligible for due date changes.

To request a payment due date change, submit your request in writing. Include:

• Your 9-digit ditech account number
• Your due date preference: available due dates are the 1st, 5th, 10th and 15th of each month.
• The account holder’s signature on the request.

Mail your request to our Customer Service department:

ditech Customer Service
PO Box 6172
Rapid City, SD 57709-6172

How long does it take for payments to post to my account?

Generally, payments will be posted to your account within 24 business hours of receipt.

Can I apply additional amounts to my principal with AutoPay?

Yes, you can pay extra any month.

If we receive a payment larger than the amount due, we apply the additional amount first to any outstanding fees and then to your principal balance.

Can I change the due date on my mortgage?

You may be eligible to change your due date based on your account status and type of home loan. Please note that your account must be current to process a due date change. Loans backed by the Federal Housing Administration or the Veterans Administration are not eligible for due date changes.

To request a payment due date change, submit your request in writing. Include:

• Your 9-digit ditech account number
• Your due date preference: available due dates are the 1st, 5th, 10th and 15th of each month.
• The account holder’s signature on the request.

Mail your request to our Customer Service department:

ditech Customer Service
PO Box 6172
Rapid City, SD 57709-6172

Does the automatic payment have to be paid on my due date?

No, you can set up AutoPay to make your payment on any date between your due date and your late fee assessment date.

For example, if your payment is due on the 1st and your late charge is assessed on the 16th, your payment can be made on any date between the 1st and 15th. Plus, you can change the payment date each month.

How can I make payments?

We offer several convenient options for making payments. They’re all listed on the Make a Payment page.

How do I modify any pending payments that I made through AutoPay?

Our online payment functionality is limited to entering and processing payments only. If you need to modify or delete any pending payments made through AutoPay, please contact our Customer Service department at 1-800-643-0202 10 business days prior to the payment processing date.

How do I register for AutoPay?

You can register for AutoPay, our free automatic payment service online. You first need to create an online account. Click on the link below to get started.

Register for AutoPay

Note that some restrictions apply, so some accounts may not be eligible for AutoPay due to account status.

How long does it take for payments to post to my account?

Generally, payments will be posted to your account within 24 business hours of receipt.

What happens if I send my payment to the wrong address?

If ditech receives a payment at an incorrect payment-processing center, we route it to the correct payment address for processing.

Contact information for ditech can be found on our Contact a Customer Service Representative page.

What is a mortgage curtailment and what does it have to do with a recast modification?

Extra payments toward your mortgage loan are “curtailments.” A full mortgage curtailment pays off your mortgage loan completely. A partial curtailment refers to any extra payments you make toward your balance.

As part of a mortgage recast, you should inform ditech in writing the total amount you plan to pay as a curtailment, and the date that these funds will be available. Ditech will review your loan and mail you an estimate letter that includes the estimated principal and interest (P & I) amount.

Can I cancel PMI on my account?

Your ability to cancel PMI on your loan depends on a number of things, such as the date your loan originated; whether it was a refinance or a purchase loan; whether it is a fixed-rate or adjustable-rate mortgage; whether you occupy the home or not; etc.
Federal law, state law, and investor guidelines may all play a role in determining whether you can cancel PMI. However, the important thing to know is that you only have to be eligible to cancel PMI under one of the three. Thus, you should be aware of some general criteria you have to meet if you want to cancel PMI:

• You must have a good payment history. Generally, that means that none of your mortgage payments has been 30 days or more past due during the last 12 months or 60 days or more past due during the last 24 months.
• You must be current on your payments.
• Your request to cancel PMI must be in writing.

We’ll also need to order an appraisal or a broker price opinion (BPO) to confirm the market value of your property. The costs vary widely, but we’ll give you an estimate before the appraisal or BPO is performed.
If you think you meet basic these criteria, review the information below to get an idea of whether you’re eligible to cancel PMI.
Homeowners Protection Act (HPA)
The HPA is the Federal law that gives consumers the right to remove PMI under certain circumstances. If you can answer Yes to each of the following three questions, then your loan is covered by the HPA:

1. Did your loan originate on or after July 29, 1999?
2. Is your loan secured by a single-family home?
3. Is that home your principal residence?

If you answered No to any of the questions, scroll to the Investor Guidelines section below to determine if you may be able to cancel PMI based on investor guidelines.
If you answered Yes to all three questions, the HPA gives you the right to request that PMI be cancelled on the date that the principal balance of your mortgage (1) is first scheduled to reach 80 percent of the original value of your home or (2) actually reaches 80 percent of the original value of your home, based on payments made. (This percentage is commonly referred to as loan-to-value or LTV. Thus, if the original value of your home was $200,000 and the principal balance of your loan is $160,000, your LTV is 80% ($160,000 ÷ $200,000 = 0.80, or 80%).)
What does “original value” mean? For purchase transactions, it means (a) the sale price of the property or (b) the appraised value of the property at the time of closing, whichever is less. So, if you bought your home for $195,000 but it appraised for $200,000, its “original value” is $195,000. For refinance transactions, “original value” means the appraised value of the property that was relied upon to approve the transaction.
If you think you qualify to cancel PMI based on your LTV and other requirements, click here to access our Authorization for Appraisal/BPO form. Complete the form and send it to us along with your written request to cancel PMI to:
• e-mail: @ditech.com
or
• mail: Ditech Financial LLC
L1000 – Escrow Department
345 St. Peter Street
St. Paul, MN 55102
or
• fax: 480-383-0632
Investor Guidelines
Fannie Mae and Freddie Mac have their own guidelines for determining whether you may cancel PMI on your loan, and there are differences between the two. Therefore, the first thing you’ll want to know is whether your loan is owned by Fannie Mae or Freddie Mac. To find out, call us at 1-800-xxx-xxxx or visit Fannie Mae at https://www.knowyouroptions.com/loanlookup or Freddie Mac at https://ww3.freddiemac.com/loanlookup/.
If neither Fannie Mae nor Freddie Mac owns your loan, then we’ll have to determine if your investor has specific guidelines for PMI cancellation (many do not). Regardless, you should scroll to the State Law section below to determine if you may be able to cancel PMI based on the laws of your State.
If either Fannie Mae or Freddie Mac owns your loan and, after reviewing the information below, you think you qualify to cancel PMI based on your LTV and other requirements, click here to access our Authorization for Appraisal/BPO form. Complete the form and send it to us along with your written request to cancel PMI to:
• e-mail: @ditech.com
or
• mail: Ditech Financial LLC
L1000 – Escrow Department
345 St. Peter Street
St. Paul, MN 55102
or
• fax: 480-383-0632
Fannie Mae
Fannie Mae offers two methods for determining whether PMI may be cancelled on your loan: the Current Value Method and the Original Value Method. The Current Value Method compares the outstanding balance of your mortgage loan against the current value of the property. Under the Current Value Method, the value of the property must be evidenced by an appraisal that is (a) based on an inspection of both the interior and exterior of the property and (b) ordered, and directly received, by Ditech.
The Original Value Method compares the outstanding balance of your mortgage loan against the original value of the property. Under the Original Value Method, the property’s current value (a) must be at least equal to the original value, but (b) may be verified by either a BPO, a certification of value, or an appraisal that is ordered, and directly received, by Ditech.
Use the chart below to determine the LTV requirements that apply to cancelling PMI under Fannie Mae guidelines.

			Property Type
Method	Loan Originated	Lien Type	1-Unit Primary	2-4 Unit Primary	2nd Home	1-4 Unit Investment
Original Value	Before July 29, 1999	First	LTV has reached 75%†   LTV has reached 80%‡	LTV has reached 70%	LTV has reached 75%†   LTV has reached 80%‡	LTV has reached 70%
		Subordinate	Combined LTV reaches 70% of the property value at the time the subordinate lien was originated	Combined LTV reaches 70% of the property value at the time the subordinate lien was originated	Combined LTV reaches 70% of the property value at the time the subordinate lien was originated	Combined LTV reaches 70% of the property value at the time the subordinate lien was originated
	On or after July 29, 1999	First	LTV is first scheduled to reach 80% or actually reaches 80%	LTV has reached 70%	LTV is first scheduled to reach 80% or actually reaches 80%	LTV has reached 70%
		Subordinate	Combined LTV reaches 70% of the property value at the time the subordinate lien was originated	Combined LTV reaches 70% of the property value at the time the subordinate lien was originated	Combined LTV reaches 70% of the property value at the time the subordinate lien was originated	Combined LTV reaches 70% of the property value at the time the subordinate lien was originated
Current Value		First	Loan originated less than two years ago:  LTV is 75% or less IF you have made improvements to the property that have increased its value. Loan originated between two and five years ago:  LTV is 75% or less Loan originated more than five years ago:  LTV is 80% or less	LTV is 70% or less	Loan originated less than two years ago:  LTV is 75% or less IF you have made improvements to the property that have increased its value. Loan originated between two and five years ago:  LTV is 75% or less Loan originated more than five years ago:  LTV is 80% or less	LTV is 70% or less
		Subordinate	LTV is 70% or less	LTV is 70% or less	LTV is 70% or less	LTV is 70% or less

† applies only to loans delivered under a negotiated contract that prohibits the cancellation of PMI until a specified term has elapsed
‡ applies to loans not delivered under a negotiated contract that prohibits the cancellation of PMI until a specified term has elapsed
Freddie Mac
Freddie Mac offers two methods for determining whether PMI may be cancelled on your loan: the Current Value Method and the Original Value Method. The Current Value Method compares the outstanding balance of your mortgage loan against the current value of the property. The Original Value Method compares the outstanding balance of your mortgage loan against the original value of the property. Under either Method, the LTV ratio and/or current value must be verified by a BPO or appraisal that (a) includes an interior and exterior inspection and (b) is ordered, and directly received, by Ditech.
Use the chart below to determine the LTV requirements that apply to cancelling PMI under Freddie Mac guidelines.

	Property Type
Method	1-Unit Primary	2-4 Unit Primary	2nd Home	1-4 Unit Investment
Original Value	LTV has reached 80%	LTV has reached 65%	LTV has reached 80%	LTV has reached 65%
Current Value	Loan originated less than two years ago:  LTV is 80% or less IF you have made substantial improvements to the property that have increased its value. Loan originated between two and five years ago:  LTV is 75% or less Loan originated more than five years ago:  LTV is 80% or less	Loan originated less than two years ago:  LTV is 65% or less IF you have made substantial improvements to the property that have increased its value. Loan originated more than two years ago:  LTV is 65% or less	Loan originated less than two years ago:  LTV is 80% or less IF you have made substantial improvements to the property that have increased its value. Loan originated between two and five years ago:  LTV is 75% or less Loan originated more than five years ago:  LTV is 80% or less	Loan originated less than two years ago:  LTV is 65% or less IF you have made substantial improvements to the property that have increased its value. Loan originated more than two years ago:  LTV is 65% or less

State Laws
If your property is located in California, Minnesota, New York, or Washington, the laws of those State may give you the right to remove PMI even if you were unable to do so under the HPA or investor guidelines. If after reviewing the information below you think you qualify to cancel PMI based on your LTV and other requirements, click here to access our Authorization for Appraisal/BPO form. Complete the form and send it to us along with your written request to cancel PMI to:
• e-mail: @ditech.com
or
• mail: Ditech Financial LLC
L1000 – Escrow Department
345 St. Peter Street
St. Paul, MN 55102
or
• fax: 480-383-0632
California
If your property is located in California and your loan is not owned by an institutional third party, such as Fannie Mae or Freddie Mac, you may be eligible to cancel PMI under California law if you meet all of the following conditions:

• Your loan originated on or after January 1, 1991;
• Your loan is secured by an owner-occupied, one- to four-unit, residential real property;
• The date of your Note is at least two years prior to the date of your request to cancel PMI;
• Your monthly payments of principal, interest and escrow were current at the time of your request to cancel PMI;
• You have a good payment history (i.e., none of your monthly payments has been more than 30 days past due over the 24-month period immediately preceding the request);
• No notice of default has been recorded against the property as a result of your nonmonetary default during the 24-month period immediately preceding the request; and
• The LTV is not more than 75% of either (a) the sale price of the property at origination (provided that the current fair market value of the property is equal to or greater than the original appraised value used at the origination date) or (b) the current fair market value of the property as determined by an appraisal.

Minnesota
If your property is located in Minnesota, you may be eligible to cancel PMI under Minnesota law if you meet all of the following conditions:

• The LTV is not more than 80% of the current fair market value of the property securing the loan;
• You have a good payment history (i.e., none of your mortgage payments has been 30 days or more past due within the past 12-month period or 60 days or more past due within the past 24-month period);
• Your loan originated at least 24 months prior to the date of your request to cancel PMI; and
• Your property is owner-occupied.

New York
If your property is located in New York, you may be eligible to cancel PMI under New York law if you meet all of the following conditions:

• Your loan is secured by a first lien on real estate; and
• The LTV is 75% or less of the appraised value of the property at origination.

Washington
If your property is located in Washington and your loan is not owned by an institutional third party, such as Fannie Mae or Freddie Mac, you may be eligible to cancel PMI under Washington law if you meet all of the following conditions:

• Your loan originated on or after July 1, 1998;
• Your loan is at least two years old;
• The LTV is (A) not more than 80% of the current fair market value of the property securing the loan and either (a) if your loan was made to purchase the property, is less than 80% of the lesser of the sales price or the appraised value of the property at origination, or (b) if your loan was not made to purchase the property, is less than 80% of the appraised value of the property at origination;
• Your monthly payments of principal, interest and escrow were current at the time of your request to cancel PMI;
• You have a good payment history (i.e., none of your monthly payments has been more than 30 days past due over the 12-month period immediately preceding your request to cancel PMI); and
• You have not been assessed more than one late penalty over the past 12-month period.

To learn more about PMI and PMI cancellation, visit the Understanding Private Mortgage Insurance or PMI page.
 

What is “seasoning” and how does it apply to PMI?

Seasoning is a mortgage industry term that describes loans that have been in good standing for a reasonable amount of time, usually 2 years. If Fannie Mae or Freddie Mac owns your mortgage, seasoning requirements most likely apply to you.

In general, you may not be able to cancel private mortgage insurance (PMI) if your mortgage seasoning is less than two years unless other requirements are satisfied. However, your lender or servicer may waive seasoning or other requirements in some situations.

1. Lower LTV: For mortgages seasoned between 2-5 years, the required loan-to-value or LTV ratio must reach 80% or less.
2. Property Improvements: Substantial improvements to the property have increased the market value.
3. Code Compliance: Improvements must conform to local zoning and building codes.

Read more about PMI

What is an amortization schedule?

An amortization schedule is a timetable for payment of a mortgage. It shows the amount of each payment applied to interest and principal, and the remaining balance based on the loan terms.

What is private mortgage insurance (PMI)?

Private mortgage insurance (PMI) is an insurance policy. The borrower pays PMI when the loan-to-value (LTV) percentage of their property is 80% or higher. This coverage protects the lender or servicer from financial loss in case of default.

Do you have other questions about PMI? To learn more, visit our Understanding Private Mortgage Insurance or PMI page in the Mortgage Topics in Depth section of the website.

What’s the difference between Private Mortgage Insurance (PMI) and FHA Mortgage Insurance Premium (MIP)?

MIP or Mortgage Insurance Premium is part of the FHA mortgage insurance program only. FHA self-insures their loans using these funds. FHA borrowers can choose to pay an upfront premium (usually financed) or an annual premium paid in monthly installments.

MIP cancellation rules may have changed recently. Please check the Single Family Upfront Mortgage Insurance Premium (MIP) page on the FHA website for the latest information.  As of January, 2015:

• 30-year FHA mortgages predating June 3, 2013: In general, MIPs will automatically terminate for these loans if they meet two conditions. The loan must have reached 78% LTV and the MIP needs to have been paid for at least 60 months.
• 15-year FHA mortgages that predating June 3, 2013: MIP automatically drops from these loans once they reach 78% LTV. For loans with FHA case numbers assigned on or after June 3, 2013—and with greater than 90% LTV at origination—MIP will remain in effect. For any loans under 90% LTV at origination, MIP is required for 11 years.
• Mortgages with an FHA case number assignment date on or after June 3, 2013: FHA insurance can be terminated by the servicer or holder if the mortgage is paid in full before the maturity date.

To learn about different kinds of FHA loans, visit the FHA loans website.

Learn more about private mortgage insurance

How are rates determined?

Rates are determined by a combination of factors such as:

• How much money you put down at closing
• Your credit rating
• The value of the property
• The loan amount
• Discount points, if any

I don’t understand this charge on my statement. Can you explain your fee schedule?

While late fees are easy to understand, other charges that appear on your statement may not be so clear. Each loan is different, but most include potential fees for certain services or processing costs that the servicer incurs.

Visit our Common Fees and Costs page for general information on common, non-state-specific fees and costs that could be associated with a mortgage loan account.

What are closing costs?

Closing costs vary and are determined by mortgage type and where you live. These typically include lender fees and third party fees, such as for an appraisal and title insurance. Click here for a list of closing costs.

What are discount points?

Amount charged to reduce the interest rate on a loan. Discount points are typically paid at closing and generally calculated to be a percentage of the total loan amount.

What are the differences between estimate costs and actual costs?

Actual loan costs may be different from estimated costs outlined in the Loan Estimate. This is because the final closing costs are determined by factors that can change (i.e., moving the closing date, which can change the estimated prepaid interest costs).

What is a rate lock?

A rate lock is a promise by the lender to hold a certain interest rate for a specific time (usually 30, 60 or 90 days) based on the information you have provided. While a locked rate is not affected by the ups and downs of the interest rate market, a new agreement may be required if there are changes to the appraisal amount, loan-to-value ratio or other information verified during the loan process.

What is prepaid interest?

Prepaid interest is interest you pay from the day you close your loan to the first day of the next month. If you close on the 20th of a 30-day month, you'll pay 10 days of prepaid interest before you make your first mortgage payment.

What is the difference between interest rate and annual percentage rate (APR)?

The interest rate is the amount the lender charges you for borrowing money. The APR reflects the "true cost" of your loan over its entire term, and includes the total of the interest rate on your loan plus any other charges like prepaid interest, closing costs and mortgage insurance premiums.

What is TRID?

TRID is an acronym for TILA (Truth in Lending Act) RESPA (Real Estate Settlement Procedures Act) Integrated Disclosure. For most closed-end loans, two new forms replace the old Good Faith Estimate (GFE), Settlement Statement (HUD-1), and TILA Disclosure. The first form, the Loan Estimate, is designed to provide disclosures that will help you understand the key features, costs, and risks of the mortgage loan for which you are applying. We will provide you a Loan Estimate no later than three business days after you submit your loan application. The second form, the Closing Disclosure, is designed to provide disclosures that will help you understand all of the costs of the transaction. We will provide you a Closing Disclosure at least three business days before you close your loan.

What's included in my monthly mortgage payment?

For most borrowers, each monthly mortgage payment goes toward the following:

• Principal: the total outstanding balance of the loan
• Interest: the amount the lender charges you to borrow the money
• Taxes: are levied on the property by the local government
• Insurance: protects the owner and the lender from losses caused by fire and other destruction

Will I have to pay for private mortgage insurance (PMI)?

Generally, if your loan amount is more than 80% of the home's appraised value, you will be required to have PMI. This protects the lender if you default on your loan.

Can I get cash out of my home by refinancing?

If you're a ditech Customer, you can find the answer in your SmartWatch report. To view your report now, log in to MyAccount.

Can I reduce my loan payment by refinancing?

If you're a ditech Customer, you can find the answer in your SmartWatch report. To view your report now, log in to MyAccount.

Can I refinance if I've had "bad credit" in the past?

Possibly. Your credit score is only one of the factors taken into account when you apply for a refinance loan. We also look at your employment history, income, debt and cash reserves.

Can I refinance if my home has gone down in value?

Even if your current mortgage balance is more than your home is worth, you may still be able to refinance and lower your monthly payment. Contact a Home Loan Specialist today to talk through your options.

Can I refinance my current manufactured home loan?

We offer the choice of an FHA loan or a conventional mortgage of up to 30 years for the purpose of refinancing an existing manufactured home. ditech’s manufactured home loans cover both the home and the home site.

Can I refinance or assume the mortgage as a widow/widower?

Many homeowners refinance after the death of a spouse or co-borrower. If you plan to refinance, submit a certified copy of your spouse’s death certificate with your County Recorder’s office, if the office has not already recorded it.

Taking this step will not affect the existing mortgage, but it does permit you to seek refinancing under your name. As a full-service mortgage company, we do offer refinancing options. Please visit the Home Refinance page to explore all your refinancing options, or call us at 1-800-700-9212.

To learn more about loan assumptions, visit our Assuming a loan page.

Can I save on interest by refinancing?

If you're a ditech Customer, you can find the answer in your SmartWatch report. To view your report now, log in to MyAccount.

Do I need to get an appraisal when I refinance?

It depends, but in many cases, an appraisal is required. Learn more about appraisals.

Do I qualify for a VA loan?

If you are a military service member, veteran or surviving spouse of a veteran, you may be eligible for a VA loan.

Do I qualify for the Home Affordable Refinance Program (HARP)?

You may be eligible for HARP if your mortgage is owned by either Fannie Mae or Freddie Mac and you are current with your mortgage payments. Call 1-800-700-9212 now to find out if you qualify for HARP.

What are the benefits of refinancing?

You can refinance to lower your principal & interest (P&I) payment, pay off your loan sooner, get cash out of your home, or switch from an adjustable rate to a fixed rate. Get started now – call a Home Loan Specialist at 1-800-700-9212.

What are the closing costs involved in refinancing?

Closing costs vary and are determined by mortgage type and where you live. These typically include lender fees and third party fees, such as for an appraisal and title insurance. Click here for a list of closing costs.

What if I've fallen behind on my payments?

We can help you find a program that fits your particular situation and see if you qualify for a refinance or loan modification. Call a Home Loan Specialist at 1-800-700-9212.

What is a cash-out refinance mortgage?

Cash-out refinancing is borrowing money from the equity in your home based on its current value. For example, if your home is valued at $100,000 and your current mortgage balance is $50,000, you could take $20,000 cash out when you refinance and have a new mortgage balance of $70,000.

I’m on active duty in the military. Can ditech help me with my account?

If you’re a military service member, or the spouse or dependent of a servicemember, we want to ensure you receive all protections to which you may be entitled.

Active duty servicemembers in the Army, Navy, Air Force, Marine Corps, or Coast Guard, or commissioned officers in the Public Health Service or National Oceanic and Atmospheric Administration, or those recently discharged, may be subject to provisions of by the Servicemembers Civil Relief Act (50 USC App. §§ 501-597b).

We’re here to help. Learn more about SCRA here.

How does SmartWatch Work?

The answers in your SmartWatch report are based, in part, on your current ditech loan and your home's estimated value (determined using a statistical model with third-party valuation data). Your SmartWatch report shows you if you can reduce your loan payment by refinancing (and by how much), if you can get cash out and much more.

Is SmartWatch Free?

Absolutely. It's one more way we help Customers like you choose the right home loan.

What is SmartWatch?

SmartWatch is ditech's new online tool that provides personalized answers to questions you may have about refinancing your current home or purchasing your next home.

To see your SmartWatch report, visit MyAccount and click on "SmartWatch".
 

How can I contact you about my subordination request?

Wondering about your ditech subordination request status? Please allow us 10-15 business days to process your subordination package before you contact us at 1-800-643-0202.

How long will it take ditech to process the subordination request?

Generally, it takes 10-15 business days after we receive a complete subordination package. Submitting an incomplete package will delay the process. We’ll notify you if there are issues with your ditech subordination package.

What are ditech’s requirements and fees for submitting a subordination request?

To obtain requirements specific to your home loan, enter your ditech account number in our online subordination tool.

Depending upon the state in which you reside, there may be a $200.00 processing fee and a $100.00 re-processing fee. Please refer to the ditech subordination requirements for your loan for more specific information and any exceptions to the processing fees.

Where should I send my ditech subordination package?

Send your ditech subordination package via U.S. mail to:

Ditech Financial LLC
Subordination Department
2100 East Elliot Road, Bldg 94, T-316
Tempe, Arizona 85284

Please note: We do not accept packages delivered via fax or courier.

How do I notify Ditech when a customer passes away or an ownership interest is transferred?

Call Customer Service at 1-800-643-0202, between 8 a.m. and 12 p.m. (EST) Monday through Friday, between 8 a.m. and 5 p.m. (EST) Saturday or between 1 p.m. and 5 p.m. (EST) on Sunday or write to Customer Service at:

Ditech Financial LLC
Customer Service
PO Box 6172
Rapid City, SD 57709-6172

We’re here to assist you.

• Please have available and provide the account holder’s full legal name and Social Security number, plus any account numbers and other information you may know.

How do I request to modify or assume the loan?

For information about assuming the loan or our loan modification process call Customer Service at 1-800-643-0202, between 8 a.m. and 12 p.m. (EST) Monday through Friday, between 8 a.m. and 5 p.m. (EST) Saturday or between 1 p.m. and 5 p.m. (EST) on Sunday or write to Customer Service at:

Ditech Financial LLC
Customer Service
PO Box 6172
Rapid City, SD 57709-6172

For more information review the Assuming A Loan page here and Loan Modification Programs page here.

What documents will Ditech ask for?

It depends on how/why the ownership is transferring and the laws of the state for our customer’s residence.

• If the transfer was due to a deceased customer we may request a deed, a will, court issued letters, or an affidavit of heirship. A death certificate will be required.
• If the transfer was due to a divorce or separation we may request a divorce decree, separation agreement, property settlement agreement, or deed conveying the property.
• If the transfer was due to a family transfer we may request a conveyance document, marriage certificate, or birth certificate.
• If it is a transfer to a living trust we may request a trust declaration or conveyance document.

**All circumstances require photo identification.

Once we receive verbal or written notification, a letter will be sent outlining the documentation required to be confirmed as a Successor in Interest on the account. The list will be specific to the type of transfer and property state.

What is a Successor in Interest?

A successor in interest is a person to whom full ownership or an ownership interest in a property securing a mortgage loan is transferred.

If the transfer falls into one of the following categories the “new owner” may have certain rights with respect to the mortgage loan as a Successor in Interest:

• Transfers by devise (will), descent or operation of law on the death of a joint tenant or tenant by the entirety;
• Transfer to a relative resulting from the death of a borrower;
• Transfer where the spouse or children of the borrower become an owner of the property;
• Transfers to a spouse resulting from a decree of dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement
• Transfers into an inter vivos trust in which the borrower is and remains the beneficiary.

What should I expect if I am confirmed as a Successor In Interest?

If the documents submitted confirm your identity and ownership interest as a Successor in Interest, you will be added to the account and you will be entitled to certain information about the loan. This will not impact credit reporting for you, unless you assume the loan.

You will receive a Confirmation Letter, an Acknowledgement Form and a Bankruptcy Information Form.

Confirmation Letter Explains:

• We have confirmed your identity and ownership interest in the property
• You are not liable for the debt unless you assume the mortgage loan
• Your Lender has a security interest in the property and a right to foreclose, if applicable
• You have the right to receive certain notices and communications about the loan if we are not providing them to a borrower or another entitled party
• To receive notices and communications you must sign and return the Acknowledgement Form

Acknowledgement Form Confirms:

• Your request for notices and communications
• You understand that receipt of the communications do not make you liable for the debt, unless you assume the loan
• You understand there is no time limit to return the Acknowledgement Form

You will not receive regular communications from Ditech if you choose not to return the Acknowledgement Form. However, you may still request information about the loan by submitting a written Request for Information or Notice of Error to:

Ditech Financial LLC
Customer Service
PO Box 6176
Rapid City, SD 57709-6176

Bankruptcy Information Form

This form is not required to be returned. If you are in bankruptcy, we request that you fill out and return this form to us to assist in being able to send you the appropriate correspondence and communications.

How do we protect your personal information?

• We confirm your identity with confidential access codes before we ever allow access to your online accounts.
• We use technologies such as firewalls (which protect systems from intrusion) and 128-bit encryption (scrambling of information) to provide identity protection.
• We train our employees to protect your Personal Information and we are continually enhancing our security tools and procedures.

When is the ditech website down for maintenance?

Every Sunday night, ditech performs secure weekly maintenance and back-up of our databases and systems, which includes the MyAccount section of the website. Please be advised that your online account will not be accessible between 9:00 p.m. CST Sunday night and 7:00 a.m. CST Monday morning. This weekly maintenance is necessary to protect our Customers' data and ensure the systems are running smoothly.

Which Internet browsers work best with this site?

An outdated or incompatible browser can cause websites to load slowly or display incorrectly. To ensure the best experience on ditech.com, we designed our website to support most popular browsers. Check your Browser Compatibility with the Ditech website.

Can I deduct mortgage interest or real estate taxes?

For information about deducting mortgage interest or real estate taxes, consult a tax advisor or your tax preparer, or go to www.IRS.gov.  You can also call the IRS at 1-800-829-1040 for tax help.

How can I obtain copies of a previous year’s 1098 tax forms?

Your 1098 forms are archived in your secure online account. You can access them by logging in to your account.

Login to MyAccount

You may also contact Customer Service department for this information at 1-800-643-0202 between 8 a.m. and 12 p.m. (EST) Monday through Friday, between 8 a.m. and 5 p.m. (EST) Saturday or between 1 p.m. and 5 p.m. (EST) on Sunday. For more about downloading documents, visit our Downloading Documents page.

How many 1098 forms will I receive?

If you paid more than $600 in mortgage interest to any company, that company should provide you with a Mortgage Interest Statement, or IRS Form 1098.

You may receive more than one 1098 if:

• you made payments to more than one company last year,
• you refinanced last year, or
• your loan servicing was transferred from one servicer to another during the year.

My 1098 shows that I paid a different amount of mortgage interest this year than last year. Is that right?

A few things can affect the amount of interest you pay on your mortgage in a year. Your interest rate could change, the number of payments you made in a calendar year could change, or, as your loan matures, more of your monthly payment is applied to principal than interest.  Any one of these, or any combination of them, would result in a different amount of interest paid.

What is escrow and how does it affect me?

An escrow account holds funds paid by you, the homeowner, that will eventually pay certain property related expenses. This includes, but is not limited to, taxes and/or homeowners’ insurance premiums.

An escrow account helps ensure property expenses are paid, so it's part of your regular payment amount. As taxes and other expenses can change, so can escrow. So, learn more about how escrow works. Visit our Understanding Escrow page in the Mortgage Topics in Depth section of the website for more information about your escrow account and what it does.

Will I receive year-end tax and interest information?

If you paid more than $600 in interest the past year, you may receive a 1098 tax form depending on account type and account status. These forms will be mailed out prior to January 31st. You may need this information for tax preparation.