Simplify how you manage your mortgage.

An adjustable rate mortgage (ARM) allows the lender to adjust the interest rate of a mortgage at scheduled intervals. A rate cap limits the amount the lender may increase or decrease the interest rate per each adjustment. Many ARMs also have life of loan rate caps. This represents the highest or lowest interest rate a loan may adjust to over the life of the loan. A conversion option allows the borrower to convert their ARM to a fixed rate within a given time period. If you have an ARM, review the provisions within the terms of your note.

U.S. Bank does not accept bi-weekly payments. If you make a partial payment, we will hold it in a suspense account until you remit the remainder of the payment due. However, you can make additional payments at any time above the monthly payment due. You must designate that you wish to apply the extra payment towards principal or it will be put in the suspense account and applied towards your next payment. 

Your payment may have changed for several reasons, including:

• Escrow – If your account is escrowed, then your monthly payment may change to reflect increases or decreases in your taxes and/or insurance.
• Adjustable-rate mortgage (ARM) – If you have an ARM, the interest rate charged on your mortgage may increase or decrease at a specific time and periodically as agreed upon at the inception of your loan.
• Interest-only mortgage – An interest-only mortgage allows the borrower to only pay interest on the loan for a preset, very specific amount of time. Once that time has elapsed, the borrower will be responsible for making full payments, including principal.
• Buy-down clause – If the terms of your mortgage include a buy-down clause for a specific period of time where the interest rate is subsidized by a third party, your payment could change. Over time your payments adjust so that you pay an increasing percentage of the original interest rate as defined in your note.

If you pay your monthly mortgage through Bill Pay (reoccurring bill), then you will need to update your financial institution on the new monthly payment amount to be taken from your checking or savings account. If you have set up automatic draft, you will not need to adjust the amount deducted. If you are unsure, contact your financial institution where you have your checking or savings account. Please review your note for additional information regarding payment changes.

You can make your monthly payment in five ways, as outlined below. Please note, U.S. Bank does not allow mortgage payments to be made by credit card.

1. Pay by autopay (ACH – Automatic Clearing House transaction) – Have confidence your payment will always be on time by scheduling automatic debits each month from your checking or savings account. If your debit lands on a holiday or weekend, we will credit your loan the following business day. Otherwise, payments are posted the same day. There is no fee for this service. Please visit usbank.com and log in to Online Banking. Select your Mortgage Account. You will then be directed to a new page where you can easily choose “Automatic Draft Payment Program” under Payments. Please note: new loans may require up to 30 days for audit before this option is available. You will be notified when the first payment will be drawn. Until then, please send your monthly payment with your billing statement.
2. Pay by e-bill – Avoid mail delays by making your monthly mortgage payment online by logging in to Online Banking. Every month you will receive an email notification that your bill is available for payment. There is no fee for the service. Payments made by e-bill will post the same day. If you make your payment on a holiday or weekend, we will credit your loan the following business day.
3. Pay by mail – U.S. Bank Home Mortgage will send you a monthly billing statement with a payment slip. Detach the payment slip and mail it back with your payment in the enclosed envelope. Include your mortgage loan number on your check. Please note, we will apply your payment on the day it is received. We do not consider the postmark date and we do not make adjustments for mail delays. Therefore, please allow at least seven business days for mailing. Allow ten or more days during holidays and other high-volume mailing times such as tax season. Or, consider going paperless and sign up for autopay.
   For overnight deliveries, please send your payment to:
   U.S. Bank Home Mortgage
   ATTN: Payment Processing
   4801 Frederica Street
   Owensboro, KY 42301

4. Speed Pay by phone –The Speed Pay payment method allows customers to make a payment by phone either through our automated voice response system or with the help of a customer service representative. If you pay by Speed Pay, we will credit your payment the same day (next day if made on a weekend or holiday).

   To make a payment by phone 24/7 using our automated voice response system, call 800.365.7772. You will be prompted to enter your checking or savings account number and your bank’s routing number. Upon completion, the mortgage payment will be electronically drafted from your loan the same day and you may be charged a $5 fee.

   To make a payment with assistance from a customer service representative, call 800.365.7772 Monday through Friday from 7 a.m. to 8 p.m. CT or on Saturday from 8 a.m. to 2 p.m. CT. There is up to an $11 fee if you complete Speed Pay through a customer service representative.

5. Branch pay – U.S. Bank branch offices can accept your payment. For better service at the branch, please have your billing statement available when making a payment. We will generally credit any payments you make at a branch the same day. However, some branches convert their systems to begin processes for the next day earlier than online, typically around 4 p.m. local time. Branches post any payment made after their conversion time the following business day. Also, some branches do not have the capability of posting a mortgage payment directly. These branches must forward payments to mortgage servicing. These payments may also post the following business day. If your payment will not be posted until the following business day, we will indicate as much on your receipt.

If you are having difficulty making your payment, don’t ignore the problem. Contact a Loan Counseling representative at 800.365.7900 Monday through Friday from 7 a.m. to 9 p.m. CT. and Saturday from 9 a.m. to 2 p.m. CT. We will ask you about your finances and the nature of your difficulties. We will then evaluate your situation to determine if you qualify for a workout plan. We may suggest you first agree to a payment plan for three or more months before approving you for one of these plans. Please note: U.S. Bank does not offer principal forgiveness as part of our loss mitigation program.

Workout plans include:

• Special forbearance – a temporary reduction or suspension of your payments intended to give you time to overcome your temporary financial problem. We may offer a payment plan to help you repay the missed payments.
• Mortgage modification – a permanent change to your loan that entails adding overdue payments to your loan balance. A mortgage modification will increase the interest rate and/or extend the term of your loan.
• Partial claim – an interest-free loan from the FHA insurance fund available to borrowers with FHA-insured loans. It does not need to be repaid until you pay off your first mortgage.

If your financial difficulties are permanent in nature and you cannot afford to keep your home, please call us to discuss ways to avoid foreclosure. A pre-foreclosure sale or deed-in-lieu of foreclosure could allow you to transfer ownership to U.S. Bank Home for less than full payoff.

To better understand your options please call our Loan Counseling Department at 800.365.7900 Monday through Friday from 7 a.m. to 9 p.m. CT or Saturday from 8 a.m. to 2 p.m. CT. You can also learn more by visiting homeownerconnect.org or by speaking to a HUD-approved housing counseling agency (go to hud.gov for contact information.) These services are free of charge.

Escrow accounts are maintained by your mortgage servicer to pay your property taxes and insurance. Your lender funds this account through the escrow portion of your monthly mortgage payment. Not all mortgage loans require an escrow account. If you meet certain criteria, you may have the option to not keep an escrow. To learn more about escrow, please visit our Financial IQ page. To see if your loan qualifies for an escrow removal, contact our Customer Service Center at 800.365.7772 Monday through Friday from 7 a.m. to 8 p.m. CT or on Saturday from 8 a.m. to 2 p.m. CT.

An escrow shortage occurs when there are insufficient funds in the account to cover all escrow paid expenses. It is a common occurrence that is most typically caused by an unexpected increase if your property taxes and/or insurance. If at any time you have an escrow shortage, U.S. Bank will use corporate funds to continue paying your tax and insurance bills on time. An escrow analysis will be performed annually and your monthly mortgage payment will be adjusted to reflect the higher escrow needs so as to avoid another shortage. Additionally, you may either repay U.S. Bank for funds used to cover your shortage in full or increase your payment to cover the shortage over the course of 12 months. To learn more about escrow, please visit our Financial IQ page.

Less frequently, you may experience an unexpected decline in your taxes and/or insurance, leaving you with excess funds in your escrow account. This results in an escrow overage. If you have an overage, you will be refunded and we will also adjust your future escrow requirements accordingly.

Please do the following if you wish to change insurance companies:

1. Ensure there will not be any lapse in coverage. You must maintain continuous insurance coverage throughout the life of your loan.
2. Provide notice of the change at least 30 days prior to the current policy’s expiration date.
   By mail:
   U.S. Bank National Association
   Its Successors and/or Assigns
   C/O U.S. Bank Home Mortgage
   PO Box 7298
   Springfield, OH 45501-7298
3. By online:
   
   www.mycoverageinfo.com
   (use the U.S. Bank universal pin number: USB515)

If you have questions concerning your tax bill, contact your local taxing authority.

You should receive your Mortgage Interest Statement (Form 1098) from U.S. Bank Home Mortgage by January 31. You may also obtain this information 24/7 through our automated voice response system at 800.365.7772. Or, consider going paperless. Please visit usbank.com and log in to Online Banking. Select your Mortgage Account and then click on Statements and Documents. Choose Mortgage Interest Statements from the dropdown list. If your loan was with U.S. Bank Home Mortgage for the entire year, then the statement will include all account activity from January 1 through December 31. If we acquired your loan during the year, the statement will usually only cover the time period we serviced your loan.

Responsibility for paying property taxes depends on whether or not your mortgage is escrowed.

Escrowed accounts – If your mortgage loan has an escrow account, then U.S. Bank Home Mortgage is responsible for paying your property taxes on time. We will typically receive your tax bills directly from the taxing authority. However, there are exceptions. If your taxing authority sends a tax bill to you and your loan is escrowed, please send it to us immediately at the address or fax below. You will be responsible for any penalties or fees assessed if you delay.

Non-escrowed accounts – If you have a non-escrowed account, then you are responsible for payment of property taxes on time. You will be responsible for any penalties for a late payment. You must submit proof of payment to us every year.