Frequently Asked Questions about Your Mortgage Loan
Where do I send my mortgage payments?
Please detach the correct coupon and mail it with your check or money order payable to Mortgage Center. Be sure to write your account number on the check or money order. Do NOT send cash. Mail all payments to:
Mortgage Center L.C.
P. O. Box 2171
Southfield, MI 48037-2171
For your convenience in making timely payments and to avoid late charges, automatic payment deductions from checking or savings accounts are available. Please call our Member Service Department at (800) 454-0356 for more information, or click here to print the application.
What should the mortgagee clause read for my loan?
Mortgage Center LLC
ISAOA
PO Box 2171
Southfield, MI 48037-2171
What should I do if I want to make additional principal payments?
If you have a payment coupon, complete the appropriate box and send with your regular payment. Otherwise, mail your additional payment to:
Mortgage Center L.C.
P. O. Box 2171
Southfield, MI 48037-2171
Be sure to include your account number on the check (please do NOT send cash), and indicate that you would like the extra payment applied to principal. If you have more questions about making an additional principal payment, contact our Member Service Department at (800) 454-0356.
Where do I send written inquiries?
Mortgage Center
Attn: Member Service Department
P. O. Box 2171
Southfield, MI 48037-2171
What should I do if I have a change of address?
If your address changes for any reason, you should notify us in writing to: PO Box 2171, Southfield, MI 48037-2171 or servicing@mortgagecenter.com. Please check your mortgage documents. Moving out of the property may necessitate paying off your loan. Many of the first time homeowner programs require that the borrower reside in the property.
What is an Escrow Account?
An escrow account is established for most loans where deposits are made monthly and are used at a later date for payment of real estate taxes, homeowner insurance and any mortgage insurance that may be required for the loan.
What is an Escrow Analysis Statement?
Each year the escrow account is analyzed to determine what the future needs may be. The most recent disbursement figures are used to forecast future tax and insurance payments. As a result, your payment may increase or decrease depending on the amount of money needed to pay these expense items. This method of analysis is known as the Aggregate Analysis.
When are my taxes paid?
Taxes are paid quarterly, semi-annually, or annually, depending on your particular tax district.
What should I do if I receive my tax bill?
If you have an escrow account and you receive your tax bill, write your loan number on the bill and fax it to (248) 208-0629, or mail it to:
Mortgage Center L.C.
Attn: Tax Service Department
P. O. Box 2171
Southfield, MI 48037-2171
What types of insurance can be required on my mortgage loan?
- Homeowner Insurance
- Flood Insurance
- RBP-FHA Risk Based Premium
- MIP-FHA Mortgage Insurance Premium
- PMI-CONV Private Mortgage Insurance
Can I cancel my conventional Private Mortgage Insurance (PMI)?
PMI can be cancelled under certain circumstances. Please contact our office for loan specific information if you have an insured conventional loan.
Can I cancel my FHA Risk Based Premium/Mortgage Insurance Premium Insurance?
The term that you are required to pay RBP/MIP insurance was established at closing. This insurance is not optional and remains in place for the period defined in your documents.
What should I do if I receive a notice of cancellation on my Homeowner Insurance Policy?
All homeowner insurance policies are generally paid two weeks prior to the premium due dates. If you receive a cancellation notice from your insurance company, please contact our Insurance Department at (800) 454-0356.
Note: Insurance coverage must be in force at all times. If you are changing insurance companies coverage must begin on or before the cancellation date of the previous policy. If coverage is not in force within the allotted time period, we will obtain coverage for you (this forced place insurance may be at a higher premium).
What if I want to change my homeowners insurance company?
If changing at renewal time, please provide us with a copy of your new declarations page and the name and telephone number of your new company/agent.
If changing between renewal dates & we have already disbursed your annual insurance premium. The premium must be prepaid by you and evidence provided to our Insurance Department identifying the new company/agent, amount paid, term, and evidence that Mortgage Center L.C. is added to the Loss Payee Clause.
How do I request payoff information?
Your written authorization is required to release payoff information. Please fax written payoff requests, along with your authorization, to (248) 208-0629, or mail it to:
Mortgage Center L.C.
Attn: Payoff Department
P. O. Box 2171
Southfield, MI 48037-2171
When will you mail my year-end statement?
Year end statements will be mailed by January 31st. However, it is our intention to have these delivered much sooner for your convenience. For faster access, you can view your loan on line by clicking here. Year end statements (1098) will be available online after year-end statements are processed, usually by January 3rd.
What if I have any other questions?
Please contact our Member Service Department at (800) 454-0356.
Equal Housing Lender