1100 Caughlin Crossing, Suite 1A Reno, NV 89519
During these unprecedented times, we are all impacted by COVID-19 in some way. We hope that you and your family, friends, and colleagues are safe and well, and are taking the necessary precautions to stay that way.
CALL VOLUMES & RESPONSE TIMES
We are experiencing higher than normal call volume for our Loan Advisors and Service agents. We appreciate your patience as we work to connect with every new loan applicant and our existing customers who have questions. In some cases, responses may take several days.
If you are able to make your mortgage payment, please continue to do so.
If you have been impacted by COVID-19 and are unable to make your payment or are concerned about your future ability to do so, start by going to our Sign In page. There you can properly identify your loan servicing team, access information about your account, and identify options that may be available to assist you.
We’re here to help answer questions, including those about payment options in the context of COVID-19. Available options will depend upon the type of loan a customer has and other factors that must be considered on a case-by-case basis.
Customers should not stop making mortgage payments until they have been approved for an alternate plan. These are not payment forgiveness programs. They will require any paused payments to be repaid in full at the end of the program completion.
We want our customers to stay in their homes and we will work with each affected customer to determine the best options to support that goal. Here we share some common terminology to enhance your understanding of loss mitigation programs (plans that may allow customers to modify payments).
Forbearance: When the owner/investor allows a customer to temporarily pause paying on a mortgage or to temporarily pay at a reduced rate. The customer will have to repay any missed payments after the forbearance period (either in lump sum or in adjusted payment amounts over a period of time). For example, if your normal monthly payment is $1,000 a month and you enter into a 3 month forbearance, you will owe $3,000 at the end of the forbearance period. If you cannot repay the amount at the end of the forbearance, there may be negative credit reporting reported unless you enter into an arrangement to pay what is owed.
Deferral: A period of time during which a customer does not have to pay interest or principal on their loan. The principal and interest might be added to the end of the loan in the form of a lump sum balloon payment or the maturity date of the loan might be extended by the number of months that have been deferred.
Loan Modification: A change made to the terms of an existing loan. It may involve a reduction in the interest rate, an extension of the length of time for repayment, a different type of loan, or any combination of the three. The modification will be reported to credit reporting agencies.
ROLE OF THE MORTGAGE SERVICER
In most cases, mortgage loans are owned by a government agency or other investor, and mortgage servicers are responsible for collecting payments, sending funds to the owners/investors, and managing escrow accounts, among other services. Options available to customers who are unable to make payments are governed by the owners/investors and in most cases are not within the discretion of servicers.
NEW OR REFINANCE LOANS IN PROCESS
If you applied for a loan with us and have not yet closed, you should continue working with the same Loan Advisor you have to this point via email, phone, etc. We are open for business and your team remains the same. We are working to ensure all closings will take place as scheduled.
We appreciate the trust you place in us. Thank you for being part of our family of companies!