Mortgage FAQs

You can make a principal-only payment (also known as a prepayment) at any time, provided that:

• Your mortgage loan is current
• You have no outstanding late charges or other charges

Payments can be made on a non-recurring basis through internal transfers on WESTconsin Online or the Mobile App, as well as by calling the Service Center at (800) 924-0022 or visiting your local office.

We do not charge a prepayment penalty.

• Mail a check to WESTconsin Credit Union indicating that that the funds are for a principal-only payment.
• Visit an office location and let us know that you would like to make a principal-only payment.
• Call our service center at (800) 924-0022 and request to make a principal-only payment.

You may be able to cancel your Private Mortgage Insurance. To determine if you are eligible, please call our Mortgage Servicing team to discuss your options. We are available Monday through Friday from 8:30 a.m. to 5 p.m. CST. Our contact information is (800) 924-0022 ext. 7200 or mortgageservicing@WESTconsincu.org.

We generally require our members to escrow for property-related expenses such as property taxes, hazard insurance, flood insurance, and private mortgage insurance. We may approve a waiver for the requirement to escrow for property taxes and/or hazard insurance (flood insurance and private mortgage insurance are not eligible for an escrow waiver).

To be eligible for a waiver:

• Your principal balance must be less than or equal to 80% of the original value. “Original value” is defined as the lesser of the sales price or the appraised value at the time of loan consummation.
• No late payments in the last 12 months
• No payment 60 or more days past due in the last 24 months

If the escrow waiver is approved, you will be responsible for paying hazard insurance premiums and property taxes on time. Escrow waivers can be revoked if payments are not timely.

An escrow account can help you budget for annual property-related expenses, such as property taxes and hazard insurance. Rather than pay for these items in one or two lump-sum payments, you can make smaller monthly payments along with your mortgage payment into an escrow account. We will then use the money in your escrow account to pay your property taxes and/or hazard insurance for you. At this time, we do pay dividends on your escrow account.

If you currently do not have an escrow account and would like more information, please contact our Mortgage Servicing team. Our team will need your property-related expenses to analyze the projected activity of the account and to inform you of how much you need to pay into the escrow account each month. An initial deposit to your escrow account may be required at the time it is set up.

If you have an escrow account, we will pay your property taxes, hazard insurance, flood insurance, and/or private mortgage insurance for you. Check your most recent Escrow Account Disclosure to determine which items we will pay on your behalf.

Generally, you do not need to provide us with the invoice or bill for these items; however, if you do receive a homeowner’s insurance notice of premium due, let us know right away.

Each year we analyze the amounts that you paid into your escrow account and the amounts that we paid out of your escrow account. We will adjust your total mortgage payment amount to account for any changes, whether a decrease or increase. Your new mortgage payment amount will be updated annually after the escrow analysis each year.

If we owe you an escrow refund in excess of $50, it will be deposited into your -0000 savings account that is associated with your mortgage loan shortly after the escrow analysis is completed.

Multiple disclosures may be included with your Annual Escrow Account Disclosure Statement.

• Copy of Previous Year’s Projection – This is a summary of the transactions we thought were going to occur in your escrow account during the last year. We used it to determine last year’s escrow payment. You can compare this disclosure to what actually transpired in your escrow account, which is listed on the Account History disclosure.
• Account History – This is a summary of the actual activity in your escrow account. This is like a bank statement. Review it carefully to make sure that it shows the correct amounts of deposits and withdrawals. The last few months of history will show estimated deposits and withdrawals, since they have not yet occurred at the time of the escrow analysis.
• Projections for Coming Year – For most people, this contains the most important information from the escrow analysis. This disclosure shows our summary of the transactions we think will occur in your escrow account during the upcoming year. Importantly, it also indicates what your new escrow payment will be April 1st, and how we determined that amount.

If you make a large principal reduction to your mortgage loan, you may be able to re-amortize the loan for a lower monthly payment.

In general, making a large principal reduction will shorten the amount of time it will take to pay off your mortgage, while keeping the monthly payment the same. A re-amortization will re-calculate your monthly payment to a lower amount, while still ensuring you pay your loan off by the original maturity date.

Re-amortization happens naturally during the adjustment phase of an adjustable-rate mortgage (ARM). For this reason, we generally do not allow additional unscheduled loan re-amortizations during this phase.

Since Easy Equity loans (also known as Home Equity Lines of Credit or HELOCs) have minimum monthly payments that are not based on the interest rate, they are not eligible for re-amortization.

Due to a life event change, during the term of your loan, you may wish to remove one or more borrowers from liability for the mortgage debt. This is called a “release of obligor.”

The remaining borrower(s) will have to show that they are able to repay the mortgage loan on their own. We may need to review documents such as paystubs, W-2s, tax returns, assets, and credit history in making this determination.

To begin this process, we recommend that you speak with a Mortgage Loan Originator for more information. Click here to find the contact information for our Mortgage Loan Originators.

There are a number of reasons why you might need to release a portion of land or property from the mortgage. Some common reasons include selling or gifting a part of the land, or trading land with neighbors, or for government use. The requirements to release a piece of the property from the mortgage can vary from loan to loan.

• A property valuation or appraisal may be required to assess the value of the remaining property
• A recorded Certified Survey Map (CSM) may be required when subdividing an existing parcel
• A legal description of the property to be released will be required
• The principal balance of your mortgage may need to be paid down

Since each case is reviewed individually, you will work with an assigned servicing processor who can guide you through each step.

Collateral Modification Request Handout

An easement is used for a third party to access your land. There may be a number of reasons why you might need to grant or release an easement on your property. The requirements to grant or release an easement can vary from loan to loan.

• A property valuation or appraisal may be required to assess the value of the property with the proposed changes
• A recorded Certified Survey Map (CSM) may be required to show the location of the easement
• The mortgage principal balance may need to be paid down

Since each case is reviewed individually, you will work with an assigned servicing processor who can guide you through each step.

Collateral Modification Request Handout

p>A mortgage may be paid in full at any time.

To request a mortgage payoff, call our servicing staff at (800) 924-0022 ext. 7200 or email mortgageservicing@WESTconsincu.org. Be sure to include your account number and suffix and the expected payoff date in your request. Please allow up to seven (7) business days to process your request.

The payoff quote will give an expiration date.

You will receive a copy of the recorded satisfaction of mortgage and a copy of the final escrow analysis, if applicable.

We offer multiple ways to do this!

Will you make your payment from your WESTconsin Credit Union Account?
You can schedule and manage recurring mortgage payments through your WESTconsin Online account. If you would rather, contact us by phone at (800) 924-0022, or email us at mortgageservicing@WESTconsincu.org to set up an automatic payment.

Will you make your payment from another financial institution account?
Login to your WESTconsin Online account to schedule a recurring loan payment from another financial institution today! If you would rather, contact us by phone at (800) 924-0022, or email us at mortgageservicing@WESTconsincu.org to set up an electronic funds transfer from your financial institution to your mortgage loan.

Let us help you!

If you anticipate trouble making your mortgage payment, please contact us at LossMitigation@WESTconsincu.org, or call (800) 924-0022.

If you are in the midst of refinancing your first mortgage with another lender and you also have an Easy Equity (HELOC) or second mortgage on your home with WESTconsin Credit Union, your lender may require that the Easy Equity or second mortgage be subordinated to the new first mortgage. Generally your lender will take care of submitting the subordination request and all required documentation to us on your behalf. You can direct your lender to contact our Mortgage Servicing department for more information.

When you receive a check for an insurance claim on your property, it is typical to see that we are also listed as a payee on the check. Our responsibility is to make sure that your home is repaired and/or that the collateral value is not affected.

In the event you have an insurance claim, contact us with copies of the documentation from the incident, including claim information from the insurance agent and we will guide you through the process and help get your insurance money in your hands.

Our Homeowner's Insurance Claim Handout

Please let us know right away if you are the new owner of property that has a WESTconsin Credit Union mortgage lien. The most common transfers of ownership are due to a death or divorce. Please be prepared to provide documentation regarding the ownership change, such as a death certificate, divorce decree, or recorded deed.

For questions regarding mortgage loan rates, applying for a new mortgage loan, or your current mortgage application, please contact a Mortgage Loan Originator.

• For questions regarding your current WESTconsin Credit Union mortgage loan, contact Mortgage Servicing at (800)924- 0022 ext. 7200 or mortgageservicing@WESTconsincu.org

Box 2 should reflect the beginning loan balance as of January 1st of the tax year listed on the 1098 form. For more information, refer to the IRS instructions printed on your 1098 form or visit https://www.irs.gov/instructions/i1098