- Are supplemental bills(interim, added assessments, occupancy, etc) included with my escrow?
- If the bill is a supplemental bill(interim, added assessments, occupancy, etc), those are not included in your escrow account. If Arvest Central Mortgage Company pays the supplemental bill on your behalf, your monthly payment may increase as this will cause an escrow shortage. If you still wish us to pay the supplemental bill, please fax the bill to ATTN: Tax Department at 501-716-6036 or email to firstname.lastname@example.org along with a signed request to have the bill paid by Arvest Central Mortgage Company on your behalf.
- Can PMI ever be removed from my loan and if so, when?
- PMI may, under certain specific conditions, be cancelled. These conditions are dependent on the type of loan, age of loan, occupancy of the property, etc.. Therefore, please contact Arvest Central Mortgage Company for cancellation procedures relative to your specific loan.
- I made changes to my insurance premium. Can my escrow payment be adjusted?
- Arvest Central Mortgage Company can run a new escrow analysis for you.
- My insurance agent called and asked what the mortgagee clause should read for my loan?
- The mortgagee clause should read: Arvest Central Mortgage Company
Its Successors and/or Assigns, ATIMA
801 John Barrow Rd. Ste. 1,Little Rock, AR 72205
- My insurance agent said that I could lower my premium if I raised my deductible. Can I do this and if so what are the deductible limits?
- Generally, you can raise your deductible to lower your premium. The maximum deductible allowed is now 5% of the total dwelling coverage amount. For example, if you have $100,000 for your dwelling coverage, you would be allowed up to $5000 as a maximum deductible.
- What do I need to do if I want to change hazard insurance companies?
- Please contact the Insurance Department at Arvest Central Mortgage Company to provide them with the name and phone number of your new insurance agent and/or company. If your loan is escrowed, your new insurance policy will be paid from your escrow account. It is important that you forward any refund from your previous insurance company to Arvest Central Mortgage Company to reduce or prevent a shortage in your escrow account.
- What does it mean to have force placed insurance coverage?
- Force placed insurance coverage is an insurance policy placed on your property by the lender if your regular insurance policy has lapsed. This type of insurance protects your property and the lender's interest in your property. We encourage you to seek insurance coverage with a company of your choice, because this type of insurance coverage is typically more expensive and it does not cover the contents of the property.
- What is an escrow account?
- An escrow account is a fund established for the collection and payment of property taxes, hazard insurance, and mortgage insurance premiums. Escrow payments are conveniently collected as a part of your monthly loan payment. The balance builds as monthly payments are collected, and it is reduced as we pay your property taxes, hazard insurance, and mortgage insurance premiums.
- What is MIP (mortgage insurance premium)?
- FHA insured mortgages generally require mortgage insurance. Mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages.
- What is PMI (private mortgage insurance)?
- PMI can enable a borrower to buy a home if the down payment at the time of purchase is less than 20%. It protects lenders and others against financial loss if borrowers default.
- Where should I send my insurance refund check when I receive one?
- Please forward your refund checks to Attn: Insurance Department
Arvest Central Mortgage Company
801 John Barrow Rd. Ste. 1
Little Rock, AR 72205
- Why would my escrow account have a shortage?
- A shortage will occur in the escrow account if the actual amount paid out in property taxes and / or hazard insurance is more than what was projected to be paid.
- Will my escrow payment change and, if so, how often?
- An annual escrow analysis is performed on a predetermined annual date. The analysis reviews your prior escrow disbursements, deposits, and current escrow balance to determine if a surplus or deficit exists. Based on these factors, a new escrow payment is calculated.
- Why is my insurance claim check made payable to me and Arvest Central Mortgage Company (ACMC)?
- The insurance claim check is made payable to ACMC since the servicing rights of your mortgage loan is held by us.
- What will I need to do with the insurance claim check in order to begin repairs?
- If your Replacement Cost Value (RCV), according to your Insurance Adjustor's Itemized Repair List, is greater than $20,000.00 please ensure that they are endorsed by all parties
on the back and send it to ACMC for processing. Once ACMC receives the insurance claim check, the check will be deposited in a loss draft account. If your investor requires the
claim check to be deposited, please allow up to 7 business days to process a disbursement from the loss draft account. ACMC will disburse an initial claim check
made payable to both the borrower and contractor, as applicable, once the following items are received
- Hazard Claim Affidavit completed and signed by borrower(s)
- Contractor's invoice and /or any proof of repairs
- Copy of contractor's license
- Copy of contractor's evidence of general liability insurance
- Copy of Insurance Adjustor's report
- Copy of contractor's W-9
- My second lienholder is listed as a payee on my insurance claim check and they require a letter for ACMC in order to endorse the check. How do I request this?
- You may contact our Hazard Claim team at 1.800.366.2132. ACMC will mail a letter to you that you can provide to your second lienholder.
- Why does ACMC not allow me to do my repairs?
- ACMC services your loan on behalf of your investor, whom requires a licensed contractor to complete the repairs. This also ensures that the repairs will adhere to all applicable building codes regulations that govern residential repairs and reconstruction.
- Why are inspections required?
- ACMC requires inspections to ensure that all repairs are being completed and that the property is restored back to its original blueprint.
- Who should I contact to schedule an inspection? Is there any cost associated with the inspection?
- You may contact our Hazard Claim team at 1.800.366.2132. ACMC will order an inspection from an independent third party at no cost to you. Please allow up to ten (10) business days for ordering and processing.
- My mortgage is delinquent, can I use part of my claim check monies towards my loan balance?
- No, all insurance claim funds must be used towards repairing the property.
- Am I allowed to use my claim check towards paying off my loan?
- Yes, if you meet all criteria. You must send a signed written request with the endorsed claim check to the following address:
Arvest Central Mortgage Company
Attention: Hazard Claims
801 John Barrow Road Ste 1
Little Rock, AR 72205
- Will you send funds to pay my public adjustor and/or third parties for services rendered?
- No, the initial claim check must be used for the repairs and you are responsible for paying the public adjustor and/or third parties for services rendered.
- How can I determine the equity in my home?
- This is the difference between the current market value of your property and the principal balance of all outstanding loans on the property.
- I have another loan with Arvest Central Mortgage Company, but I cannot select it. What could cause that?
- Certain conditions may cause a loan to become inaccessible.
- The loan is more than 65 days past due.
- The loan has been inactive for more than 2 years.
- Another borrower has assumed the loan.
- Is it possible to obtain information about my loan after hours?
- You have two options
- Access your account online,
Occasionally it is necessary to take the system down for normal maintenance. When warranted, we will perform this maintenance between 12:00am and 4:00am on Sunday and Thursday mornings or as needed.
- Call our automated phone line by dialing our regular toll free number, 800-366-2132
- Access your account online,
- What are your regular business hours?
- Our regular business hours are 7.00 am to 8:00 pm CST, Monday through Friday and 8:00 am to 2:00 pm Saturday.
- What is the LTV?
- The LTV, or loan-to-value ratio, is calculated by dividing the current principal balance of the loan by the lesser of the sales price or
appraised value of the property.
Current Principal Balance $80,000 $80,000 $80,000 Sales Price (if applicable) $100,000 $120,000 n/a (refinance) Appraised Value $105,000 $120,000 $105,000 Current LTV 80% 67% 76%
- I have recently changed my name. How can I change this on my mortgage loan?
Marriage - If you have recently married, we can change your name on our system upon receiving your signed request, along with a copy of your marriage certificate, and a signed W-9 Taxpayer Identification Form. You may obtain a W-9 at http://www.irs.gov/pub/irs-pdf/fw9.pdf or you may contact us to obtain a copy.
Divorce - If you have recently divorced and have taken a new name, we can change your name on our system upon receiving your signed request, along with a recorded copy of your divorce decree and/or other legal paperwork which references the name change. We will also need a signed W-9 Taxpayer Identification Form, which can be obtained at http://www.irs.gov/pub/irs-pdf/fw9.pdf or by contacting us to have a copy mailed to you.
If you have changed your name for any other reason, we can change your name on our system upon receiving your signed request, along with the legal paperwork documenting the name change, and a signed W-9 Taxpayer Identification Form. You may obtain a W-9 at http://www.irs.gov/pub/irs-pdf/fw9.pdf or you may contact us to obtain a copy.
- I have recently divorced and was awarded the property in the divorce. How can I have my ex-spouse's name removed from the loan?
- The only way to be removed from liability on the Note would be for the spouse who was awarded the property to refinance or assume the loan with release of liability (Not all mortgage loans are assumable). However, we can remove a party's name from the mailing records of the mortgage upon receiving either party's signed request, along with a recorded quitclaim deed, and a recorded copy of the divorce decree and property settlement, if applicable. Both parties will receive any and all correspondence relating to late payments, therefore we will need the current mailing address for the party whose name is being removed from the regular mailing records. If the party who was awarded the property is not listed as the primary borrower, we will need a signed W-9 Taxpayer Identification Form to move them to the primary borrower position. You may obtain a W-9 at http://www.irs.gov/pub/irs-pdf/fw9.pdf or you may contact us to obtain a copy.
- One or more of the borrowers on a loan is deceased. Can their name be removed from the loan?
As long as there is another borrower still living, we can remove a name from the mailing records, upon receiving written request from the surviving borrower, along with a copy of the death certificate. If the surviving borrower is not listed as the primary borrower, we will need a signed W-9 Taxpayer Identification Form to move them to the primary borrower position. You may obtain a W-9 at http://www.irs.gov/pub/irs-pdf/fw9.pdf or you may contact us to obtain a copy.
If there are no surviving borrowers, we will need a copy of all death certificates, along with legal documentation indicating who will be responsible for the property. Upon receiving proper documentation, we will make a notation to the loan as to who has authorization to make inquiries and change requests.
- Can a payment be made by telephone?
- Yes, you may call one of our Customer Service Representatives at 800-366-2132 and request a payment by phone. The representative will need the following information: The name of the institution from which the funds will be withdrawn, the routing number, account number, and check number.
There will be a $10.00 fee to make a payment over the phone with a representative. You can also call our automated system by dialing 800-366-2132 and make a payment; you will be charged $5.00 for this service.
- Can I make a payment with a credit card?
- Arvest Central Mortgage Company does not offer this payment method at this time.
- How can I change my automatic draft information?
- Arvest Central Mortgage Company will need a written request stating all required changes 10 days prior to your next draft date. If the request is incomplete or is not received 10 days prior to your next draft date, this may result in a delay in making the requested changes in time for your next draft.
Alternatively, you may make the changes online.
- How can I stop/cancel my automatic draft?
- Arvest Central Mortgage Company will need a written request stating all required changes 10 days prior to your next draft date. If you are wanting to cancel your draft, please include the date you are expecting the last draft. However, if you are requesting a temporary stop on your automatic draft please include the date you expect your last draft and the date you expect your draft to reinstate. If the request is incomplete or is not received 10 days prior to your next draft date, there maybe a delay in processing the requested changes.
Alternatively, you may make the changes online.
- How can I obtain a payoff quote on my loan?
- For payoff quotes, please contact Arvest Central Mortgage Company at 800-366-2132, or you may fax your request to 501-716-5763. In addition, if you choose you may request the payoff quote online. Arvest Central Mortgage Company will subsequently mail or fax you the written payoff quote. We do not provide verbal payoff quotes. Certified funds are required for payoffs, and funds received after 4:00 p.m. will be posted the next business day.
- If I am currently experiencing financial difficulties or foresee difficulties in the near future and cannot make my monthly mortgage payment, what do I need to do?
- Arvest Central Mortgage Company wants to assist you whenever possible. Please contact us at 800-366-2132 at the earliest indication of a potential problem with your payment.
- What if I lost my coupon book?
- Please contact our Customer Service Department at 800-366-2132 to request a new coupon book, or you may request it online. In the meantime, you may make your payment without a coupon by simply writing your loan number on your check.
- When are my payments considered late?
- Your payment is considered late the day after the due date each month. However, late fees will not be assessed until after the grace days have expired. Please review your promissory note or you may call 800-366-2132, if you are unsure about your loan.
- Where do I mail my loan payment?
- Please mail your loan payment and coupon to:
Arvest Central Mortgage Company
P.O. Box 8025
Little Rock, AR 72203-8025
- Why would my monthly payment change?
- There are several reasons why a payment may change. First, if your payment includes escrow, the escrow portion of your payment can fluctuate due to increases or decreases in your property taxes and / or insurance premiums each time an escrow analysis is run on your account.Second, if you have an ARM (adjustable rate mortgage) loan, the interest rate can increase or decrease, which can cause your payment to change. Please review your note for calculation method and change frequency.Finally, if your loan is an "Interest First" product type, your billed payment may change if you have made additional payments to principal during the "interest" period of the loan. In addition, your payment will change when your loan moves from the interest only phase to the regular amortization phase of principal and interest payments.
Hardship Assistance Request
- If I want to discuss the best option available, who do I contact?
- You should contact a Homeowners Assistance Counselor at 800.366.2132 extension 5609. A counselor can discuss all available options and help you to evaluate your current financial situation.
- Are escrow accounts required on all modification requests?
- Yes. All mortgages that are serviced by Arvest Central Mortgage Company are required to have an escrow account once modified.
- How long will an escrow account be required once my loan is modified?
- An escrow account will be required for the life of the loan. The modification is designed to make your payment more affordable and the escrow account allows for money to be set aside every month to pay your insurance premium and tax installments when they are due. This prevents you from having to pay a large sum of money all at once.
- Do I have to provide my current tax returns?
- Some investors require the most recently filed tax return and proof of extension request (if applicable) when considering a borrower for a loss mitigation option. If you do not have a copy of your current tax return, you may submit the IRS Form 4506-T or IRS Form 4506-TEZ to Arvest Central Mortgage Company and we can request a copy of your transcript.
- How can I check the status of my request for hardship assistance?
- When you return the Borrower Response Package, you will be assigned a Single Point of Contact (SPOC) that you may contact to check on statuses. The (SPOC) will also contact you once information is available or additional information is needed.
- Do I need to have a third party to help me apply for a modification?
- No. Arvest Central Mortgage Company can work directly with the borrower on all modification requests. If you choose to have a third party act on your behalf you may send in a signed written authorization allowing Arvest Central Mortgage to discuss your loan and any options available.
- Is the interest rate fixed for the life of the loan once it is modified?
- The modification terms offered vary based on your current financial analysis. Modifications are aimed to lower your monthly payment through capitalization of delinquent interest and any fees and cost. Rate reduction may be utilized by means of a fixed or step rates. Term extension is another possible option. Term extension and principal deferral may be other possible options based on investor guidelines.
- Will my payment change after the modification is complete?
- Your monthly payment can change based on a new yearly escrow analysis or if you have a step rate modification and the rate is scheduled to adjust.
- What is a step rate modification?
- In a step rate modification, the initial interest rate is lower than the current market rate to allow for affordable payments and allows the borrower time to increase their income. The rate will gradually go up to a pre-determined rate each year until it reaches the fixed market rate.
- What happens when I reach the final step for the rate change and can not afford the payment?
- Once your rate has adjusted to the fixed rate and you are unable to make the payment, you should contact a Homeowners Assistance Counselor at 800.366.2132 extension 5609. A counselor can discuss all available options and help you to evaluate your current financial situation.
- Are modification terms negotiable?
- No. Modification terms are non-negotiable; however, if you feel that there was an error in the calculation of your current income and expenses, you may submit documentation that supports the discrepancy. We can not guarantee that you will be offered new modification terms but we will review the information submitted.
- Do you offer principal forgiveness?
- No. At this time, we do not offer any principal forgiveness.
- Can I request a modification on an investment property?
- Yes. You may submit a traditional modification request for an investment property.
- How long does a property need to be listed in order to be reviewed for a short sale?
- There is no minimum timeframe for a property to be listed if a viable offer is submitted. However, the property must be listed at fair market value (FMV) and with a licensed realtor (with active listing agreement) prior to consideration for short sale.
- How long does a property need to be listed in order to be reviewed for a Deed in Lieu (DIL)?
- Most investors require that the property must be listed for at least 90 days as a prerequisite for DIL.
- Does a loan have to be delinquent to request a short sale?
- Some investors require a loan to be delinquent to be reviewed for a short sale. A current borrower must show that they are in imminent risk of defaulting on their mortgage to be reviewed for a short sale.
- Does a loan have to be delinquent to request a deed in lieu (DIL)?
- Loans submitted for DIL must be delinquent. If the borrower is current on their mortgage, a short sale must be attempted prior to being considered for a DIL.
- Will It Cost Money to Get Help?
- Some private investors require modification fees that are paid from an approved modification trial period plan payments. There should never be a fee from a qualified counselor to obtain assistance or information about foreclosure prevention options. However, foreclosure prevention has become a target for scam artists. Be wary of companies or individuals offering to help you for a fee, and never send a mortgage payment to any company other than the one listed on your monthly mortgage statement or one designated to receive your payments under a state assistance program.
- What Happens Once I Have Sent the Borrower Response Package to You?
You will be assigned a Single Point of Contact (SPOC) who will contact you within three business days of receipt of your Borrower Response Package. The SPOC will contact you to confirm that we have received your package. Within five business days of receipt of your request, we will send you a notice of incompleteness in the event there is any missing information or documentation that you must still submit. We cannot guarantee that you will receive any (or a particular type of) assistance.
Within 30 days of receipt of a complete Borrower Response Package, we will let you know which foreclosure alternatives, if any, are available to you and will inform you of your next steps to accept our offer. However, if you submit your complete Borrower Response Package less than 37 days prior to a scheduled foreclosure sale date, we will strive to process your request as quickly as possible, but you may not receive a notice of incompleteness or a decision on your request prior to sale. Please submit your Borrower Response Package as soon as possible.
- What Happens to My Mortgage While You Are Evaluating My Borrower Response Package?
- You remain obligated to make all mortgage payments as they come due, even while we are evaluating the types of assistance that may be available.
- Will the Foreclosure Process Begin If I Do Not Respond to the Borrower Solicitation Package?
- If you have missed four monthly payments or there is reason to believe the property is vacant or abandoned, we may refer your mortgage to foreclosure regardless of whether you are being considered for a modification or other types of foreclosure alternatives.
- What Happens if I Have Waited Too Long and My Property Has Been Referred to an Attorney for Foreclosure? Should I Still Contact You?
- Yes, the sooner the better!
- What if My Property is Scheduled for a Foreclosure Sale in the Future?
- If you submit a complete Borrower Response Package less than 37 calendar days before a scheduled foreclosure sale, there is no guarantee we can evaluate you for a foreclosure alternative in time to stop the foreclosure sale. Even if we are able to approve you for a foreclosure alternative prior to a sale, a court with jurisdiction over the foreclosure proceeding (if any) or public official charged with carrying out the sale may not halt the scheduled sale.
- Will My Property be Sold at a Foreclosure Sale If I Accept a Foreclosure Alternative?
- No. The property will not be sold at a foreclosure sale once you accept a foreclosure alternative, such as a forbearance or repayment plan, and comply with all requirements. All workouts will require a signed letter being received by Arvest Central Mortgage showing your acceptance of the assistance.
- Will My Credit Score Be Affected by My Late Payments or Being in Default?
- The delinquency status of your loan will be reported to credit reporting agencies as well as your entry into a Repayment Plan, Forbearance Plan, or Trial Period Plan in accordance with the requirements of the Fair Credit Reporting Act and the Consumer Data Industry Association requirements.
- Will My Credit Score Be Affected if I Accept a Foreclosure Prevention Option?
- While the affect on your credit will depend on your individual credit history, credit scoring companies generally would consider entering into a plan with reduced payments as increasing your credit risk. As a result, entering into a plan with reduced payments may adversely affect your credit score, particularly if you are current on your mortgage or otherwise have a good credit score.
- Is Foreclosure Prevention Counseling Available?
- Yes, HUD-approved counselors are available to provide you with the information and assistance you may need to avoid foreclosure. You can use the search tool at http://www.hud.gov/offices/hsg/sfh/hcc/fc/ to find a counselor near you.
- I Have Seen Ads and Flyers From Companies Offering to Help Me Avoid Foreclosure for a Fee. Are These Companies on the Level?
- Foreclosure prevention has become a target for scam artists. We suggest using the HUD Web site referenced in question 13 to locate a counselor near you. Also, please refer to the attached document called “Beware of Foreclosure Rescue Scams” for more information.
- How do I appeal the decision of my hardship assistance request?
- Please download the Appeal Form and follow the instructions included in the form.