Borrower Frequently Asked Questions

 

Q: How do I get online access to my account?

A:  Please contact our Customer Service team at (800) 646-3445 or email your request to [email protected]. Once your request is received, we will email an acknowledgment when access is set up.

Q: How do I update my account information (not a modification of the terms, only contact information)?

A: Please submit changes in writing either by mail, email or fax. Once received the information will be updated on the account and an email acknowledgement will be sent when completed.

Q: How do I add someone to my account?

A: We need either verbal or written authorization to provide account information to a party other than the borrower. Adding someone as a borrower to the note however requires a modification.

Q: When will I receive my Payment Statement?

A: Payment Statements are sent out approximately 2 weeks prior to your due date.

Q: How is my Payment Statement sent to me?

A: Payment Statements are sent out by mail and\or email depending on the delivery options set on your account. If you do not know your delivery method you may email our Customer Service Team at [email protected] or contact our office directly at (800) 646-3445.

Q: How can I make my payment?

A: To insure proper processing of your payments, please make payments to Note Servicing Center, identify your account number on your check and include your payment statement stub in the envelope.  You may send payments to our office by USPS, Fed Ex or UPS.  Payments are credited to your account on the day received, not the day you place it in the mail or with the carrier service.  You may also make your payment online at www.noteservicingcenter.com and clicking on “Make a Payment”.  There you can make your payment by credit card, debit card, or set up your auto-withdrawal from your checking or savings account, with a convenience fee.

Payment remit Address is:

Note Servicing Center

P.O. Box 1380

Suisun City, CA  94585

 

Q: How can I get setup on ACH Withdrawal (Automatic draft from my bank on the same day, monthly)?

A: Complete the Authorization for Automatic Withdrawal form and return to our office by mail, fax or email and we will setup your account with ACH. This is a no cost option.

Q: When will my payment be sent to my lender?

A: Payments are released as follows upon receipt:

  • Checks – 10 days
  • ACH (In Office) – 5 days
  • EFT\CC (Secure Instant Payments) – 7 days
  • Money Orders/Grams/Cashier’s Checks – the next business day

 

Q: I sent my payment through my electronic bill pay, why has my payment not posted to my account yet?

A: When funds are paid through your own electronic bill pay, we will receive physical checks in the mail. They will be posted on the same day received.

Q: How do I wire a payment?

A: Please contact our Customer Service team at (800) 646-3445 or by email at [email protected] to request our wiring instructions. Please note, there is a $30 wire fee.

Q:  How are payments applied towards an account?

A: Payments are applied as follows:

  1. Regular Payment Amount Due – This may be Interest/Impound/Other Fees/Principal (The total amount due on your payment statement).
  2. Unpaid Interest Charges
  3. Late Fees
  4. Unpaid Charges
  5. Principal
  6. You may also designate how additional funds are to be applied.

 

Q: Why do I have a late charge?

A: Your payment was received after your grace period.

Q: Can I change my payment date and/or my grace period?

A: Any change to the terms of the note requires a modification. This would have to be done through your lender and signed by both the borrower(s) and the lender(s).

Q: What is the unpaid interest charge on my account?

A: The unpaid interest charge on your account could be any of the following:

  • The monthly payment was not enough to cover the interest portion of the payment.
  • Your prorated interest based on the closing date of your loan.
  • Default interest

 

Q: What are the unpaid charges or other amounts?

A: Unpaid charges are other monies owed but not yet collected on the account. Please contact our office for a detailed breakdown.

 

Q: Who pays the escrow (Property tax & or Homeowners Insurance)?

A: If we collect impounds/escrow, Note Servicing Center sends the payments. Always forward a copy of your tax bills or insurance statements to Note Servicing Center when received. If we do not have an impound established, the responsibility is the borrowers unless the note states differently.

Q: Can I cancel my escrow account?

A: Your escrow account may only be cancelled with the approval of your lender.  We would need to receive confirmation in writing by both parties.

Q: Why did I not receive my 1098?

A: We require a completed W-9 with your EIN or TIN on file. If this account/TD (trust deed) is held in your IRA, we do not generate a 1098. If this account/TD is an LLC (Limited Liability Company) we do not generate a 1098. If the amount of interest paid is under $600.00, we do not generate a 1098. If your account falls into any of these categories, we can generate a statement of account (history) for you to furnish to your tax preparer when a 1098 has not been processed for you.

Q: How do I get a Verification of Mortgage (VOM)?

A: Request a VOM online or by email at [email protected]. We will need the borrower’s authorization, if not requested from the borrower. Once we receive the request, we notify the borrower of the payment necessary to process the VOM. The fee for a VOM is $35.00.

 

Borrower Payoff Questions

 

Q: How do I payoff my mortgage or request a payoff?

A: Demands for Payoff need be requested online at www.noteservicingcenter.com/demand-payoff-request/. There is a $30.00 Demand fee charged for each demand ordered. Your Demand for Payoff will include wiring instructions. You may, however, mail your payment into our office. If payment is mailed, please ensure the payment is received by the payoff date or includes the per diem rate indicated on the Demand for Payoff as we process the payments on the date received.

Q: When will I receive the Demand for Payoff I requested on your website?

A: Once your request is submitted, our office prepares the Demand for Payoff calculation and submits it to your lender for approval. Once your lender approves the Demand for Payoff, we will email the Demand for Payoff to you or the title company requesting on your behalf. Our office has 7 business days to provide a Demand for Payoff on consumer loans (owner occupied) and 21 days on business (non-owner occupied) loans. If a Rush Demand has been requested, then we will provide the Demand for Payoff within 2 business days after the request was submitted.

Q: Where can I find the payoff amount for my loan?

A: Payoff amounts are not available to view online or on your statements. You may view your principal balance online, on your monthly statements, or contact our office by phone or email to request the balance. Please be advised the payoff amount will be different than your principal balance.

 

Q: Is there a charge to receive a Demand for Payoff?

A: Yes. There is a $30 Demand for Payoff fee which is included in the payoff amount. If multiple Demands for Payoff are requested each Demand for Payoff fee will be added as an unpaid charge to your account. A rush request can be submitted for an additional fee of $25. This will expedite your request to be released within 2 business days.

Q: Can someone other than myself request a Demand for Payoff on my account?

A: Yes, however they will need to provide an Authorization to Release Information signed by you. This is not a document generated by our office, this would be generated by the requesting party’s office and signed by the borrower.

Q: Why does the lender have to approve the Demand for Payoff?

A:  Although we are the loan servicer, we take direction from the lender. Therefore, the demand for payoff needs approval prior to forwarding to the requestor.

Q: Will I have a prepayment penalty if I pay my loan off early?

A: Some loans do have a prepayment penalty, if there is it will be outlined in the Promissory Note.  

Q: Why is my payoff amount different than my principal balance?

A: The payoff amount is the principal balance, interest, payoff fees, and any unpaid charges on the account.

Q: Why do I have payoff fees?

A:  The payoff fees are used to process the reconveyance and record it with the county. The most common fees are:

  • Demand Fee: Paid to NSC for preparing payoff amount.
  • Wire Fee: Most loans are paid off by wire so there is a wire fee included in the payoff amount.
  • Reconveyance and Recording Fee: These fees are forwarded to your lender so they can reconvey the loan and pay the county the recording fee.
  • FedEx Fee: This fee is forwarded to your lender so they can send the reconveyance to the county via FedEx or other tracking method.
  • Your broker may have additional fees per your signed Commercial Loan Agreement or Promissory Note.

 

Q: If I mail my payment will I still be charged the wire fee?

A: No. If we receive a check to payoff your loan, we will not include the wire fee.  

Q: I made my payment yesterday. It is not reflected on the Demand for Payoff. Do I need to request a new Demand for Payoff? Is there an additional fee?

A: You do not need to request a new Demand for Payoff, however if you would like to request a new demand there is an additional $30 Demand Fee. If you do not request a new Demand for Payoff and the account is overpaid, you will receive a refund of the overpaid amount.

Q: I already paid my payment, why am I being charged interest for the same date?

A: Interest is paid in arrears. This means your principal and interest payment will pay the interest for the 30-day period immediately preceding your payment due date.

Q: Why are there late fees on my Demand for Payoff? My payment isn’t due yet.

A:  If you are requesting a Demand for Payoff after your due date and grace period, accrued late charges will show on the Demand for Payoff because it assumes you are not making a payment until you pay off the loan. If you make your payment on time the late fees will not be charged at payoff.

Q: What happens if I overpaid my mortgage on a Demand for Payoff?

A: You will receive a Payoff Overage Surplus check. These checks are scheduled to be printed 15-20 days after the payoff funds have been received.  

Q: How soon will my mortgage be released or deed of trust be reconveyed after payoff?

A: Once the loan pays off, your lender has 30 calendar days to send the original documents to the county to have the loan reconveyed, or to have the lien released.