A: Yes, you have the ability to choose any homeowner’s insurance carrier as long as it maintains either a B or better policyholder rating, or a 6 or better financial rating as published in the A. M. Best Company’s Insurance report. If you do change your carrier, please notify us by sending a copy of your insurance declaration page to the address below. Some carriers may require a full year premium to be paid at time of the change. LenderFi P.O. Box 1194 Springfield, OH 45501-1194

A: If you have a government loan or loan with private mortgage insurance (PMI), your insurance premium must be collected and paid via an escrow account with us. To request an escrow account deletion, please send in a written request and our Escrow department will review your account for deletion. Please be advised, certain requirements must be met to qualify for escrow account removal. LenderFi 500 S Broad ST, Suite 100A Meriden, CT 06450

A: If your property is within Flood Zone A or V, then federal law requires you to maintain and provide proof of flood coverage.

A: Yes, the terms of your loan require you to maintain adequate insurance coverage continuously. Adequate is defined as an amount equal to the remaining loan balance or the insurance value of your property, whichever is less.

A: Federal law gives you the right to request deletion of PMI once the loan-to-value (LTV) ratio reaches 80%. This may occur through normal payment activity or a larger principal reduction. Proof of value will be required. PMI deletion does require a good pay history. No payment may be 30 days late in the past 12 months, and no payments may be more than 60 days past due in the last 24 months. Automatic PMI deletion will occur once your LTV reaches 78% through normal payment activity. In this instance, proof of value is not required. We are also required to follow the guidelines established by the investor of your loan. If you feel you qualify for PMI deletion based on the information above, please send a written request to our correspondence address.

A: Mortgage Interest Statements, also known as Tax Form 1098, will be issued no later than January 31st of the following calendar year. Please contact our Customer Care department at (855) 824-1513 if an additional copy is needed or click on the Documents tab to print a copy.

A: The IRS has stated in Publication 936 that late charges paid must be shown as interest paid.

A: No, LenderFi issues monthly statements for your loan. Statements will be mailed to you immediately upon the receipt of any monthly payment or fee related activity. You can opt out of receiving mailed statements by enrolling in paperless statements. This will allow you to receive all statements through our secure online portal.

A: Yes, a notification letter stating that your loan has been paid in full will be mailed within 10 business days of receipt of your payoff funds. In addition, the Note and Security Instrument (Mortgage or Deed of Trust) to the property will be sent to you within the time frame required by your state.

A: LenderFi reports the month-end status of your account to the Credit Bureaus. The payment status of an account at month end is what LenderFi reports to the Credit Bureaus. LenderFi considers any payments received and reports the status of the account as of month end. If a scheduled payment is not received by the last business day of the month by 11:00PM ET, the payment will be reported as received 30 days past due. LenderFi offers a variety of ways to assist in making payments easier for our Borrowers. Review options on our portal or call us to lean more at (855) 824-1513.

A: We offer several options based on individual circumstances: 1. Refinance. If you have not been 30 days past due in the last 12 months, you may qualify for a refinance. Click here to get started. 2. Work out a repayment plan to get back on track. Call us today to explore this option at (855) 824-1513 . 3. Request mortgage assistance by applying for a loss mitigation workout option (loan modification, forbearance, short sale and deed-in-lieu of foreclosure). Click here to get started.

Need Mortgage Assistance?

We get it, life happens. If you’ve hit one of life’s speedbumps and are struggling to pay your mortgage, we're here to help you get back on track. Always remember, you are part of the Happinest family, and you're never in this alone.

There are several options available to homeowners going through this.

First things first: our dedicated, compassionate, and expert Customer Care Team Members at 855-824-1513 are always standing by to hear from you. They’re there to help find the solutions that are right for you that will help you get back on track.

The most important thing to remember is don’t delay: the sooner you call us, the more we’re able to help you come up with a plan and next steps.

If you’ve been impacted by COVID-19, please visit our COVID Information Hub here. Streamline options and other special programs may be available to you.

 

YOUR OPTIONS

Our goal is to explore all solutions that will help you keep your home—including repayment plans, refinancing, and loan modification.

Also, we participate in certain government programs that help homeowners who are going through challenging times.

There may be some instances when the only viable solution is for a homeowner to leave their home. In these cases, we may be able to help avoid the foreclosure process with a short sale or "Deed-In-Lieu" agreement. As your servicer, we are here for you and will continue to work with you in order to provide the assistance you need during this difficult time.

And as always, our Customer Care Team Members are available to discuss your options with you and help you determine the solution that’s right for you. Call 855-824-1513. Remember, the sooner you call us, the more we can help you.

REPAYMENT PLAN

Did you fall behind on your payments due to a temporary hardship, like an unexpected medical bill? We understand, life happens. If that’s the case, but now you’ve recovered and are able to pay your amount due each month, you may be a candidate for a repayment plan.

This is a great option if you qualify. This means that instead of owing it all at once, your late amount due will be spread over a manageable timeframe until you’ve paid it all off. This will mean a small increase in your future monthly payments until you are all caught up.

A LOAN MODIFICATION

Are you facing a long-term hardship? If so, a good option for you may be modifying your loan so it has more manageable terms.

The difference between refinancing and loan modification is this: When you refinance you replace your existing loan with a new one. While a loan modification keeps your existing loan but changes its terms.

If you qualify for loan modification, it could help in a few different ways. First, we’ll see if we can reduce your monthly payment. Another option is that we may be able to lower your interest rate. And lastly, there’s the option to extend the loan's time frame—this might lower your monthly payments.

A SHORT SALE

Unfortunately, it’s possible there isn't a financially viable way for you to keep your home. Or maybe, you've made the choice to leave, based on current circumstances. If this is the case, you don’t necessarily have to go through a foreclosure (which is always difficult).

Here are some other options:
A short sale is when, pending on the approval from your lender, you sell your home for less than you owe on the mortgage.

If you're approved and able to sell your home, any sales proceeds will be applied toward your mortgage debt.

This is a good option because a short sale can have less of a negative impact on your credit score than a foreclosure.

Once we’ve discussed your options with you and agree that a short sale is the best way for you to go, your realtor will need to begin the process.

A DEED-IN-LIEU OF FORECLOSURE

A Deed-In-Lieu of foreclosure is an arrangement where you voluntarily turn over ownership of your home to the lender to avoid the foreclosure process. And it can have less impact on your credit score than a foreclosure.

A Deed-In-Lieu also gives you more time to arrange your move and transition to your new residence.

If and when the time comes, call our Customer Care Team Members at 855-824-1513, and they will help walk you through the process.

Additional information can be found on our Mortgage Help page here

 

 

Programs to help you

There are also lots of outside agencies that are great sources of potential help. If you think you might qualify, we’re more than happy to get you in touch with them.

IF YOU’VE BEEN IMPACTED BY COVID-19, HOMEOWNER ASSISTANCE FUNDS MAY BE AVAILABLE

FINANCIALLY IMPACTED BY COVID-19? Homeowners with financial hardships who have been impacted by COVID-19 can apply for assistance with their mortgage payments, property taxes, and other housing costs. Learn more about the program at www.consumerfinance.gov/haf or by calling (800) 569-4287.

¿HA SIDO AFECTADO FINANCIERAMENTE POR EL COVID-19? Los propietarios de vivienda con dificultades financieras que han sido afectados por el COVID19 pueden solicitar asistencia con sus pagos de hipoteca, impuestos a la propiedad y otros costos de la vivienda. Obtenga más información sobre el programa en http://www.consumerfinance.gov/haf o llamando al (800) 569-4287.

MILITARY

First and foremost: thank you for your service. It’s not easy to be on active duty and have to wonder if you’re falling behind on your mortgage or losing your home. Don’t worry, we’re here to help.

Under the Servicemembers Civil Relief Act, active duty U.S. military members are eligible to receive certain financial relief and protections.

If your loan originated before your active duty military service, you may be entitled to protection from foreclosure during your active service and up to 12 months following it.

Also, if you have a high interest rate, you may be eligible to lower it to 6%.

YOU MAY BE ELIGIBLE FOR SCRA BENEFITS

• The SCRA covers all active-duty service members, reservists and members of the National Guard while on active duty.

Think you may qualify for protection and benefits under the SCRA? Please send a copy of your active duty orders to:

LENDERFI
500 S. Broad Street, STE 100A
Meriden, CT 06450

Or fax them to 888-214-4255

We'll be sure to let you know if we need any additional information.
Click here to learn more about SCRA benefits.