Mortgage account management

See the U.S. Bank Applicable Mortgage Servicing Fees PDF.

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. (Terms and Conditions) 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 and 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.

Read about our mortgage assistance programs.

A billing statement is sent once a month. Please pay the amount indicated on the statement. Additional funds may be included to be applied toward the principal balance, escrow/impound account, late charges or other fees. You must designate how the additional funds are to be applied in the area provided. Always include your loan number on the check and allow at least seven (7) business days for mailing.

Do not send correspondence with the mortgage payment. Our payment processing centers only handle the application of mortgage payments and the additional funds indicated above. Any other funds or correspondence must be mailed to our Correspondence Address located on the front of your billing statement. You may also view important U.S. Bank contact information. Your loan number should be referenced on all correspondence for quick and efficient processing.

Escrow minimum balance is the minimum amount you need to maintain in your account to cover any unexpected tax and/or insurance increase. The minimum balance varies by state, but it is calculated to be not more than two months of escrow payments.

No, not all mortgage loans require an escrow account. To see if your loan qualifies for an escrow removal, contact our customer service center at 800-365-7772.

If your property is damaged, please contact your insurance company and file a claim with them. Once you have the estimate from your insurance company, contact us at 855-205-6693 to start the claim process. We’ll give you step-by-step instructions based on the size of your claim. We’ll also work with you to get your claim check endorsed and, if needed, deposited into an escrow account to disburse funds as repairs occur.

Tax amounts may change due to the tax rate established by your taxing authority, as well as the taxable value of your property.

We’ll pay your property taxes if you have a U.S. Bank mortgage loan with an escrow account. If you are in receipt of a regular tax bill, it’s not necessary to contact us as we’ll make the payment from your escrow account by the stated due date.

However, if you have a non-escrowed account, you are responsible for payment of your taxes. If you are unable to pay your taxes, contact us at 800-365-7772 for your escrow initiation options. Please be advised that if payment is not made by the tax due date, U.S. Bank Home Mortgage may pay and establish an escrow account to protect our interest in the collateral.

If your taxing authority sends a delinquent, supplemental, corrected, added or interim tax bill, and you want us to make your payment from escrow, send it to the contact information below:

U.S. Bank
PO Box 21948
Eagan, MN 55121-4201

Please be advised, payment of this bill may cause a shortage in your escrow account. Some taxing authorities offer "early pay" discounts. If you qualify for one of these discounts, U.S. Bank will always pay your taxes to take advantage of these discount dates.

Dates may vary when tax documents are mailed or available online. Find more information on when to expect your tax documents.