FirstBank OnBoarding Manual - Flipbook - Page 66
MORTGAGE SERVICING FAQ
No.
Question / Topic
10)
• Does FirstBank take bi-weekly
payments?
• Does FirstBank take short
payments?
• How does my borrower set up
ACH payments?
MONTHLY
In order to ensure a late fee is not
assessed to your account, your eligible
monthly draft cannon exceed your
contractual due date plus the number
of grace period days allowed on your
account. For example, if the due is
the 1st and the loan has a 15-day
grace period before the late charge is
assess, the draft date can be between
the 1st and 16th of the month.
BI-WEEKLY
• Draft must be between the 1st and
15th of the month.
• Once your draft date is selected,
each subsequent drat will be taken
every two weeks.
• Subservicer will hold the first
half of your payment in suspense
account each month until the
second half is drafted.
• If the borrower’s loan is current,
and they make a phone payment
with an Agent, with an active
bi-weekly draft, the payment will
default to principal, unless the
borrower specifically requests the
funds to be applied to unapplied.
• The draft will remain intact,
unless terminated by the
borrower.
Answer
Yes. FirstBank does accept Bi-Weekly
payments. Refer to Automatic
Payment Program Authorization
Form, aka Automatic Withdrawal
Request Form.
Additional Notes
Refer to: Setting Up and Editing
Recurring ACH (Word Doc)
Refer to: Instructions to Make a
Payment on the Website (Word Doc)
Link: https://www.shellpointmtg
.com/helpful-tips/frequently-askedquestions/shellpoint-mortgageservicing-forms/
Borrower must complete Automatic
Payment Program Enrollment Form.
Borrower should not send payments
without completing the forms. Funds
sent without the completed forms are
subject to being misapplied.
1) Payments received, that do not
fulfil the full payment obligations
are subject to being applied to
an unpplied (suspense) account,
unless specific instructions are
provided by the borrower.
• Funds will remain in unapplied,
until enough funds are received
to apply a full payment.
• Funds directed to the borrowers
unapplied (suspense) account,
do not advance the mortgage
payments. Borrower responsible
for late fee or negative credit
reporting, if funds received,
do not meet the full mortgage
payment obligations.
2) Borrower to complete the
Automatic Payment Progam
Enrollment Form.
• Return form to:
Shellpoint Mortgage Servicing
PO BOX 10826
Greenville, SC 29603
Note: If late charges appear
for borrowers on ACH, they are
encouraged to contact Customer Care
directly at 1-855-354-3471 for support.
65
Onboarding Manual
Confidential. Property of FirstBank. Not for Distribution.
