Frequently Asked Questions
What do I do if I have had a loss claim on my property?
Pivot Servicing Group (PSG) has been advised that you have experienced a loss to your property. Your insurance company should make all “Loss Drafts” (LD) payable to you, the policy holders, and Pivot Servicing Group/Pivot Lending Group/another payee (the payee noted in the Mortgagee Clause in your policy) so all insurance LDs need to be sent to PSG. We deposit the check(s) into a “Loss Draft” line item under your loan. Our policy for all losses is to not release funds for an individual repair (roof/paint/etc.) until the repair is complete and passes final inspection (if applicable, but required for all roof repairs). To ensure that we are able to release insurance claim funds promptly, the following documents need to be completed and returned to PSG: Borr Loss Draft 8-9-17
How is my mortgage payment determined?
With a mortgage, the monthly payment is the payment required to totally pay down the borrowed principal over the course of a number of equal payments. The determining factors in the calculation of the payment are the borrowed amount, the term of the loan (the number of months of the loan are used in the calculation – i.e. a 15-year loan = 180 months and a 30-year loan =360 months), and the annual interest rate. A portion of each payment goes to principal and interest – in the early years of the payments, a greater portion of the payment goes to interest than to principal and the opposite is true as the mortgage gets closer to being paid in full.
Can I make additional principal payments on my mortgage?
Yes, you can make additional principal payments on your mortgage. The more principal you pay, the faster you will pay off your mortgage and you will pay less interest since you will pay your mortgage off quicker. Check your loan documents for pre-payment penalties.
What does Escrow mean and how is it determined?
In general, escrow is money held by a third-party on behalf of the other two parties in a transaction. When applied to mortgage payments, escrow is the typically the portion of the payment held by a third-party to pay the property taxes and/or homeowners insurance to ensure funds are available to pay the taxes and insurance when they are due. The timely payments of both protect the note holder and the borrower. The escrow portion of the mortgage payment is determined by taking the annual tax and/or insurance amount, the timing of the payment of each, and the amount of cushion required by the mortgage servicer (typically two months of each). Most servicers then use a software program that calculates the monthly escrow needed to meet the obligations. Since the annual taxes and/or insurance change annually, your total mortgage payments will most likely change on an annual basis.
If I am having problems making my mortgage or lease payment, what are my options?
If you fail to make your mortgage payments in a timely manner, you put yourself at risk of incurring late payment fees, legal fees, and/or the potential for forclosure if you fail to cure your payment delinquency. If you would like counseling or assistance you may contact the U.S. Department of Housing and Urban Development (HUD). For a list of homeownership counselors and/or counseling organizations in your area, go to http://hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call 800-569-4287.
How do I change my mailing address?
To change your mailing address or any of your personal information, either login to your account and make the changes online, email us the changes or call us with your changes.
What do I do if I want to request information or register a complaint with PSG?
We value your feedback and are happy to provide any additional information you may require. All feedback and inquiries should be sent via our Contact Us.