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ESCROW

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 Mortgage Company for cancellation procedures relative to your specific loan.
I made changes to my insurance premium. Can my escrow payment be adjusted?
Please contact Arvest Mortgage Company to review your escrow account and to discuss options for adjusting the escrow payment if needed.
My insurance agent called and asked what the mortgagee clause should read for my loan?
The mortgagee clause should read:
Arvest Mortgage Company
Its Successors and/or Assigns, ATIMA
P.O. Box 399, Lowell, AR 72745
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 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 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 Mortgage Company
P.O. Box 399
Lowell, AR 72745
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.

MISCELLANEOUS

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 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.
If these conditions do not apply to your loan, please feel free to contact us.
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, 800-232-5524
What are your regular business hours?
Our regular business hours are 8.00 am to 5:00 pm CST, Monday through Friday.
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.

Example:

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%

NAME CHANGE

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. Also, please provide a copy of your new social security card or driver's license, as one of the two is required to change the name on your mortgage loan.

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. Also, please provide a copy of your new social security card or driver's license, as one of the two is required to change the name on your mortgage loan.

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. Also, please provide a copy of your new social security card or driver's license, as one of the two is required to change the name on your mortgage loan.

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.

PAYMENTS

Can a payment be made by telephone?
Yes, you may call one of our Customer Service Representatives at 800-232-5524 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.

We can withdraw funds from an Arvest Bank on both a checking and savings account. However, if the institution is not an Arvest Bank only a checking account is eligible for payment by telephone. A fee will be charged for this service.
Can I make a payment with a credit card?
Arvest Mortgage Company does not offer this payment method at this time.
Can I make my payment at Arvest Bank?
Yes, you may drop off your Arvest Mortgage Company loan payment at any Arvest Bank location. Please be sure to include your loan coupon with your check if at all possible. If you do not have a loan coupon, please write your loan number on your check and be sure to tell the bank associate that you are making an Arvest Mortgage Company mortgage payment.
How can I change my automatic draft information?
Arvest 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 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 Mortgage Company at 800-232-5524, or you may fax your request to 479-757-8922. In addition, if you choose you may request the payoff quote online. Arvest 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 Mortgage Company wants to assist you whenever possible. Please contact us at 800-232-5524 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 800-232-5524 to request a new coupon book, or you may request it online. A small fee will be charged for a replacement coupon book. 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 800-232-5524, if you are unsure about your loan.
Where do I mail my loan payment?
Please mail your loan payment and coupon to:
Arvest Mortgage Company
P.O. Box 1095
Lowell, AR 72745
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.
Does Arvest Mortgage Company offer "Skip a Payment?"
Arvest Mortgage Company does not participate in "Skip a Payment." If you are experiencing a financial hardship or foresee difficulties in the near future with making your monthly payment, please contact us at 800-232-5524. We want to assist you whenever possible and encourage you to contact us at the earliest indication of a potential problem with your payment.
What is the Bi-Weekly Payment Drafting Program?
The Bi-Weekly Payment Drafting Program may reduce the term of the loan and the amount of interest you pay over the life of the loan. This program will automatically draft your account for one-half of your regular monthly payment every two weeks, or 26 times a year. Regular payments are applied to your loan monthly. Twice a year, an additional one-half payment will have accumulated. Arvest will apply this one-half payment as a principal only payment. By applying the two extra half payments to principal each year, your loan may amortize more quickly, resulting in less interest due, fewer payments, and an accelerated payoff date.

HARDSHIP ASSISTANCE REQUEST

If I want to discuss the best option available, who do I contact?
You should contact Asset Preservation at 800.232.5524 extension 1470. An associate can discuss all available options and help you to evaluate your current financial situation.
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 Mortgage and we can request a copy of your transcript.
How can I check the status of my request for hardship assistance?
When you return a Borrower Response Package, you will be assigned a specific contact. You may contact this person for additional information or find out the status of your request for assistance by logging onto myArvest . The assigned personnel will contact you if additional information is needed or once your review is complete.
What are the requirements for the Home Affordable Modification Program?
The initial qualifications for the program are as follows:
  1. Owner occupied one-to-four unit home
  2. Freddie Mac or Fannie Mae loan
  3. First lien mortgage originating before January 1, 2009
  4. Have an unpaid principal balance that is equal to or less than:
    1. 1 unit: $729,750
    2. 2 units: $934,200
    3. 3 units: $1,129,250
    4. 4 units: $1,403,400
  5. Current monthly mortgage payment (including taxes, insurance, and homeowners association dues) greater than 31% of your monthly gross (pre-tax) income.
  6. Documented financial hardship
Do I need to have a third party to help me apply for a modification?
No. We can work directly with the borrower(s) on all modification requests at no cost to you.
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 and specific investor. 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. Depending on who your investor of your loan is the interest rate may change from an adjustable rate mortgage (ARM) to a fixed rate or it may remain an ARM.
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.
Are modification terms negotiable?
No. Investor-specific guidelines are followed for each review so modifications are non-negotiable.
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?
Some investors allow traditional modifications on investment properties and some do not. Once a packet for a modification is submitted this would be reviewed by the underwriter to see if your specific investor would allow a modification on your investment property.
Will I Be Evaluated for the Federal Home Affordable Modification Program (HAMP) When I Submit My Borrower Response Package?
If your loan is backed by a government sponsored enterprise (GSE) and it is determined that you are not eligible for a refinance, reinstatement, repayment, or forbearance plan based on the information you provide, we will evaluate you for participation in the Home Affordable Modification Program (HAMP). If you are not eligible for HAMP, we will evaluate you for a non-HAMP loan modification.
Will It Cost Money to Get Help?
No, Arvest Mortgage will not charge a fee for a modification on your loan. In some cases you may be responsible to pay the recording costs required to record the modification at your local county courthouse. 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 specific contact that will contact you within 3 business days from the receipt of your Borrower Response Package (BRP). In the event that your BRP is incomplete, the assigned personnel will contact you and you will be sent an incomplete notice listing the items that need to be returned to complete your packet for review. Within 30 days of the BRP being complete, we will let you know what option is available to you.

NOTE: If your loan has a Foreclosure Sale Date scheduled, we may be unable to offer a viable option to you

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.
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!
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 repayment plan, trial modification or disposition plan and comply with all requirements of the agreed upon plan. All workouts will require a signed letter being received by Arvest Mortgage showing your acceptance of the assistance options and terms offered.
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?
Yes. We are required by law, through the Fair Credit Reporting Act, to report all delinquent information truthfully and accurately. As a result, any delinquency can have an effect on your 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.
How do I appeal the decision of my hardship assistance request?
Please download the Appeal Form and follow the instructions included in the form.
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