Mortgage Servicing

Home Loans Frequently Asked Questions

expand +How do I contact OneWest Bank Mortgage Servicing, a division of CIT Bank, N.A. regarding questions about my mortgage?
E-mail:

To e-mail OneWest Bank Mortgage Servicing, please log into your mortgage account via the gold button at the top right of the screen. When sending e-mail, please include your loan number, names on the loan and the property address.

Phone:

Call us toll-free at 1.800.781.7399. Using your touch-tone phone, our Automated Information System is available 24 hours-a-day, 7 days-a-week to provide information about your loan. Automated instructions will prompt you to enter your account number and last four digits of your Social Security number.

The Automated Information System provides the following information:

  • Our mailing address
  • Answers to general account inquiries
  • Information about insurance, mortgage insurance and real estate taxes
  • Adjustable-rate mortgage (ARM) information
  • Information about year-end taxes and interest

If you would like personal assistance during the call, press 9 to speak with an agent. Our customer service representatives are available Monday – Friday, 8:00 a.m. – 9:00 p.m., EST.

Mail:

Please include your loan number on all information sent to our office.

OneWest Bank Mortgage Servicing
P.O. Box 4045
Kalamazoo, MI 49003-4045

Lockbox Overnight
1820 East Sky Harbor Circle
South Phoenix, AZ 85034

expand +What is the mailing address for OneWest Bank Mortgage Servicing?

Payments 
Please include your mortgage loan number on payments and correspondence submitted to OneWest Bank Mortgage Servicing. Checks should be made payable to "OneWest Bank Mortgage Servicing.” If you need additional information unavailable on our website, please contact us at 1.800.781.7399 or e-mail us by logging into your mortgage account via the gold navigation bar at the top of this screen.

Regular Mail:
OneWest Bank Mortgage Servicing
Loan Servicing
P.O. Box 78826
Phoenix, AZ 85062-8826

Overnight mail:
OneWest Bank Mortgage Servicing
Attn: Cashiering
6900 Beatrice Drive
Kalamazoo, MI 49009-4045

Please note that payments received after 4 p.m. daily, on weekends or on a holiday will be processed on the next business day.

All other Correspondence
OneWest Bank Mortgage Servicing
P.O. Box 4045
Kalamazoo, MI 49003-4045

expand +What is your customer service phone number?

Call us toll-free at 1.866.258.8181. Using your touch-tone phone, our Automated Information System is available 24 hours-a-day, 7 days-a-week to provide information about your loan. Automated instructions will prompt you to enter your account number and Social Security number.

The Automated Information System provides the following information:

  • Our mailing address
  • Answers to general account inquiries
  • Information about insurance, mortgage insurance and real estate taxes
  • Adjustable-rate mortgage (ARM) information
  • Information about year-end taxes and interest

If you would like personal assistance during the call, press 9 to speak with an agent. Our customer service representatives are available Monday Friday, 8:00 a.m. 9:00 p.m., EST. For insurance inquiries, call us toll-free at 1.866.258.8181.

expand +How do I make payments?

OneWest Bank Mortgage Servicing offers several convenient ways for you to make your monthly mortgage payment.

Pay online

Make recurring or one-time payments via any checking account online with no additional service fee. Payment will be posted the same day if paid before 10 p.m. EST, Monday Friday.

To pay or view your monthly mortgage statements online, log into your mortgage account via the gold navigation bar at the top of this screen and select View Bill/Make Payment.

Pay by mail

Make a one-time payment with any checking account either by standard or overnight mail with no additional service fee. Payments are posted depending on delivery time.

Regular mail:

OneWest Bank Mortgage Servicing
Loan Servicing
P.O. Box 78826
Phoenix, AZ 85062-8826

Overnight mail:

OneWest Bank Mortgage Servicing
Home Loan Servicing

Attn: Cashiering
6900 Beatrice Drive
Kalamazoo, MI 49009-4045

Please include your mortgage loan number on payments and correspondence submitted to OneWest Bank Mortgage Servicing. Checks should be made payable to "OneWest Bank Mortgage Servicing”. If you need additional information unavailable on our website, please contact us at 1.800.781.7399 or e-mail us by logging into your mortgage account via the gold navigation bar at the top of this screen..

Pay by phone

Make a one-time payment with any checking account, and designate when your payment will post (can be same day). $20.00 service charge for phone payments.

To pay by phone, call our toll-free Automated Information System at 1.800.781.7399 from a touch-tone telephone. You will be required to enter your loan number and the last four digits of your Social Security number.

Pay in person

Make a one-time payment with any checking account, in addition to other transactions with your OneWest Bank Mortgage Servicing account, in person with no additional service fee. Payments are posted the same day.

To pay in a bank branch, visit any OneWest Bank Branch. For fast and efficient service at the branch, please have your loan number and/or payment stub with you.

Find a branch near you

expand +I am having problems making my mortgage payments. What programs are available to help me avoid foreclosure?
OneWest Bank Mortgage Servicing offers several alternatives to foreclosure. Visit our Homeowner Assistance webpage for more information on home preservation and foreclosure alternative options.
expand +How do I calculate combined loan-to-value (CLTV)?
A combined loan-to-value (CLTV) is the percentage of the property value borrowed through a combination of more than one loan. For example, adding the amount of a first mortgage and a home equity loan and then dividing by the home's value will calculate CLTV.
expand +How is the loan-to-value (LTV) calculated?
A loan-to-value (LTV) percentage is the current loan balance divided by property's purchase price or appraised value (whichever is less).
expand +What is Mortgage Insurance Premium (MIP)?

Mortgage Insurance Premium is required for FHA loans and protects a lender against some financial loss if a borrower defaults on the mortgage loan. The amount of coverage required depends on the terms and conditions of your loan.

Two types of PMI exist for FHA loans: upfront MIP and annual MIP.

PMI is different from other types of insurance purchased by a borrower and should not be confused with credit life, property or casualty insurance. Mortgagors cannot file a claim against the policy.

expand +What is Private Mortgage Insurance (PMI)?

Private mortgage insurance (PMI) is required depending on the terms and conditions of your loan. PMI protects a lender against some financial loss if a borrower defaults on the loan.

PMI is different from other types of insurance purchased by a borrower and should not be confused with credit life, property or casualty insurance. Mortgagors cannot file a claim against the policy.

expand +Can I cancel Mortgage Insurance Premium (MIP)?

Mortgage Insurance Premium (MIP) may be canceled when certain conditions are met. If your loan was closed on or after January 1, 2001, FHA's annual insurance premiums will be automatically canceled under the following conditions:

  • If the term of the loan is over 15 years, the premiums will be automatically canceled when the LTV reaches 78%, provided the premiums have been paid for the last 5 years.
  • If the term of the loan is 15 years or less, the premiums will be automatically canceled when the LTV reaches 78%, regardless of the length of time you have paid annual MIPs.

You may also request to have MIP canceled in the event you make principal curtailments (i.e. prepayment of principal amount) such that the LTV is reduced to 78%, provided that:

  1. It has been at least five years since your loan closed (unless loan has original term of 15 years or less).
  2. You have not been more than 30 days delinquent on your mortgage payment during the previous twelve months.
  3. You submit your request in writing.

FHA loans closed before January 1, 2001 are not eligible for MIP cancelation until the loan is paid in full.

expand +Can I cancel private mortgage insurance (PMI)?

Private mortgage insurance (PMI) may be canceled when certain conditions are met. These conditions are specific to your loan, the federal law and state statutes governing where the property is located.

Automatic Termination is conducted when the LTV reaches 78.0%, meets the standard requirement listed below, and applies only to single-family primary residences or second homes.

The following is a list of some, not all, of the possible conditions for canceling PMI:

  • a minimum number of consecutive monthly mortgage payments (may vary from 24-60 months);
  • a loan less than 2 years old (can be considered as the increase in value to meet an 80% LTV);
  • a loan between 2 and 5 years old with a 75% LTV or less of the current property value subject to a new appraisal verification;
  • a loan more than 5 years old with an 80% LTV or less of the current property value subject to a new appraisal verification;
  • a loan 80% of the original property value or purchase price;
  • for multi-unit and non-owner-occupied property, a loan with 65-75% LTV based on current or original property value; or
  • a good payment record with no delinquencies during the 24 months preceding your request for PMI cancelation.

Your request for PMI cancelation must be submitted in writing to:

OneWest Bank Mortgage Servicing
ATTN: PMI Department
PO Box 4045
Kalamazoo, MI 49003-4045

Please contact us to learn which instrument (such as a new appraisal) is required to determine the current property value. Any costs associated with obtaining this information must be paid by the borrower. Some investors will only permit the cancelation of PMI based on original property value and will not consider the current property value.

If you feel you have satisfied the preliminary conditions to have your PMI canceled, please submit your written request today. Once we receive your request, we will review your account based on specific guidelines governed by your loan and the conditions set forth by your investor. We will respond in writing with a decision or options required to qualify the loan for cancelation. However, not all investors will permit the cancelation of PMI. The investors that do consider PMI cancelation follow specific guidelines which may change at any time.

expand +I made 15 months' worth of payments last year. Can I claim all of the interest paid for those payments?
By law, you may only claim a maximum of 13 months worth of payments made in a calendar year. A tax professional can help you ensure that you are claiming the correct amount.
expand +I recently sold my loan on an assumption. What interest am I entitled to claim?
That agreement was made between you and the party that assumed your loan. The date provided to your lender indicating the seller's payment date is the time stamp used to calculate interest. For example, if your last payment was made for May, we would give you credit for payments made that calendar year through May's payment. The assuming party will get credit for the interest paid from June through the end of the year.
expand +The 1098 year-end statement I received was reported in my ex-spouse's name and Social Security number. Can you correct it to reflect my information?

OneWest Bank Mortgage Servicing is required to report interest based on how the names are listed on the Promissory Note signed for the loan. Any legal documents you have should reflect who has the right to claim any interest paid.

If the co-mortgagor has transferred the title of the property to you, please forward a copy to our office:

OneWest Bank Mortgage Servicing
Attn: Correspondence/Research
PO Box 4045
Kalamazoo, MI 49003-4045

We will update your account names, and the 1098 statement for the next year will reflect this change.

expand +When will you send my year-end statement (1098)?
OneWest Bank Mortgage Servicing is required to mail your annual year-end statement by January 31st.
expand +There are multiple property owners on the loan but the interest was only reported under one Social Security number. Why aren't they all reported?
The IRS does not require us to report the total amount of interest paid under more than one Social Security number. We report it under the primary mortgagor's Social Security number. OneWest Bank Mortgage Servicing does not determine how the interest is claimed on your tax return.
expand +What is an Adjustable-Rate Mortgage (ARM)?

An Adjustable-Rate Mortgage (ARM) has an interest rate that changes periodically. The amount of the first change is based on an index. Subsequent changes depend on economic conditions and may create payment increases or decreases during the life of the loan. The ARM note stipulates how often your interest rate and payment will change, as well as the index to be used. The changed rate will be used to calculate your principal and interest payment within the boundaries of any payment rate caps that apply to your loan.

An ARM usually offers a lower initial interest rate than a fixed-rate loan. You may be able to qualify for a larger loan amount with an ARM because the credit decision can be based on current income and the first year's monthly payments, which will most likely be lower.

One disadvantage to an ARM is that an increase in interest rates may cause your monthly principal and interest payments to be higher. It is important to know that with ARMs, your payment, interest rate and Annual Percentage Rate (APR) may increase significantly over time.

expand +How is the interest rate calculated on an ARM?

Most ARMs calculate the interest rate adjustment by adding a margin to the index. The index is a published rate such as the London Inter-Bank Offered Rate (LIBOR), a weekly one-year Treasury bill (T-bill), or the 11th Federal Reserve District cost of funds.

Changes in the index may cause changes in your interest rate. The type of index to be used is determined at the time of application.

The margin is a fixed value that is added to the index to calculate the new interest rate on your loan. This value is stated in your ARM note. The result of the calculation may or may not be rounded. This factor is also outlined when your sign your ARM note.

expand +What is the ARM adjustment period?

The frequency with which your interest rate may change is called the initial note adjustment period. The most common ARM adjustment periods are every 6 or 12 months. The frequency of ARM adjustments is established at the time of application, and the terms are outlined in your ARM note.

ARM products are generally available with a fixed initial interest rate for the first 1-, 3-, 5-, 7- or 10-year period. After this period, the rate will adjust every 6 or 12 months thereafter for the life of the loan.

expand +What is an interest rate cap?

An interest rate cap limits the amount your interest rate can change at each adjustment. There are two types of interest rate caps:

  1. Periodic change caps limit the amount your rate may increase or decrease at each rate change.
  2. Life of loan caps (also referred to as the ceiling and the floor) specify the highest or lowest interest rate that can ever apply to your loan.
expand +How will I know if my taxes have been paid?
If we escrow for your taxes, the tax disbursement will be shown on your monthly mortgage statement. Look at it online, or review the statement you receive in the mail.
expand +Where do I send my real estate tax bills?

Mail:

OneWest Bank Mortgage Servicing
Attn: Tax Department
P.O. Box 4045
Kalamazoo, MI 49003-4045

expand +I do not have an escrow account and have received a supplemental tax bill. What do I do?
You should contact the taxing entity for more information regarding the bill. You are responsible for paying supplemental tax bills.
expand +I have an escrow account and received a supplemental tax bill. What do I do?

If you receive a supplemental tax bill from your taxing authority and choose to pay the bill yourself, forward a copy of the receipt of payment to our office. We will adjust your escrow account to collect for the higher tax bill so that you will not have a supplemental tax bill in the next tax cycle.

If you want the supplemental tax bill paid from your escrow account, please make a copy for your records and forward the original bill to our office at:

OneWest Bank Mortgage Servicing
Attn: Tax Department
PO Box 4045
Kalamazoo, MI 49003-4045

expand +What is an escrow account?
Mortgage escrow accounts are created so that you can pay your yearly property taxes, homeowner's insurance and mortgage insurance in monthly installments throughout the year, rather than all at once. When these bills are due, we disburse the funds from your escrow account to pay the taxes and insurance in a lump sum. If you choose to pay taxes and insurance separately, you will be responsible for timely outside payments, which may be substantial.
expand +What is lender-place insurance?
Lender-place insurance is coverage that the lender obtains (at your expense) to protect its interest in the property. Lack of evidence of current coverage or insufficient coverage are grounds for lender-place insurance. Lender-placed insurance is more expensive than regular homeowner's insurance because it is enacted without prior inspection of the home. Additionally, it does not cover personal possessions or provide liability protection.
expand +What is optional insurance?
Optional insurance can include credit life, disability or accidental death insurance. It is sold by OneWest Bank Mortgage Servicing and an independent insurance company and will be included with the mortgage payment. Optional insurance is not a requirement of the mortgage and can be canceled at any time after written authorization is received from the borrower.
expand +What type of insurance is required on my property?

If the home is owner-occupied, a homeowner's policy with extended coverage is necessary.

If the home is non-owner occupied, a fire policy is necessary. This type of policy may also be referred to as a landlord's or commercial policy. If the home is a condominium or town home, please check with your homeowner's association to verify what type of coverage the association's policy provides. Most association policies do not provide interior, structural or personal content coverage. These can be covered with a separate unit-owner's policy.

If any of the property's structures are located in a Special Flood Hazard Area, flood insurance is necessary. While not required, earthquake and/or windstorm insurance should be considered in some locations.

expand +How do I change my insurance company?
To change your insurance company, provide us with a copy of the new policy and your authorization to accept the new company. Contact the old company to cancel the old policy effective when the new policy begins.
expand +Where do I send information regarding my homeowner's insurance?

Mail:

OneWest Bank Mortgage Servicing
P.O. Box 100511
Florence, SC 29502-0511

expand +What information do I need to provide my insurance agent?

Mail your loan number and the following loss payee/mortgagee clause to your agent to the following address:

OneWest Bank Mortgage Servicing
P.O. Box 100511
Florence, SC 29502-0511

expand +How much insurance coverage do I need?
Your basic insurance coverage must be equal to the lesser of the outstanding loan balance, replacement value of the structure, or the maximum amount allowed by law.
expand +My home was damaged, and I received a check from my insurance company endorsed to OneWest Bank Mortgage Servicing. What do I do?
Please contact our insurance claims department at 1.866.258.8181 for instructions. Do NOT send your claim check with your mortgage payment.
expand +I pay my own insurance. Why do I have to provide you with insurance information?
The terms of your loan agreement require evidence of continuous insurance coverage. Therefore, we must receive proof of coverage or we may enact lender-place insurance on the property.
expand +Notice of Error and Requests for Information?

If you wish to provide a notice of error or a request for information review the instructions and write to us at the following address:

OneWest Bank Mortgage Servicing
2900 Esperanza Crossing
OneWest-99
Austin, TX, 78758

Please note that you must include the Mail Stop code (OneWest–99), to ensure your request is covered by these legal protections.

Error Notices and Information Requests must include your name, account number and a specific description of the error or a detailed list of the information being requested.

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