Where should I send my payment?

You can send your payment to:

Trustcorp Mortgage Company
Attn: Customer Service Department
P.O. Box 149
South Bend, IN 46624

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How does a bi-weekly mortgage work?

A bi-weekly mortgage requires payments every two weeks or, in other words, 26 payments a year. This results in one additional monthly payment per year which is applied to the principal balance of the mortgage. Compared to a mortgage with twelve monthly payments each year, a bi-weekly mortgage reduces the interest expense paid on the mortgage enabling a mortgagor to pay off their debt more quickly.

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Why was my loan sold?

The sale of mortgages from one lender to another is a common practice in today’s mortgage market as a means to increase the availability of mortgage funds. When we sell loans we are able to reinvest those funds back into the areas we serve. In this way we can provide financing for others in our community just as we have done for you.

Why was my loan selected?
Groups of loans are selected for sale based on like characteristics. This includes loan type (FHA, VA, Conventional), interest rate and the term of the loan. When you closed on your loan you were grouped with other loans containing similar characteristics.

Can you remove my loan from the sale?
Unfortunately no. Under the terms of our agreement, once a group of loans is selected for sale the entire group must be sold.

My loan officer told me my loan would not be sold, that’s why we used you for our lender.
While it has always been our goal to retain servicing on new loans and build our servicing portfolio, the sale of your loan has always been an option.

What did we do wrong?
You have done nothing wrong. Groups of loans are selected for sale based on similar loan characteristics. Loans are not selected on an individual basis. The transfer of loans is a common practice in today’s mortgage market and is not a reflection on any customer.

Will any terms of my mortgage change?
Absolutely not. The terms of the note and mortgage you signed at closing cannot change. You also have certain rights that are fully explained in the letter that you received.

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What are escrow accounts and how much do I need in my escrow account?

Escrows payments are additional amounts paid each month for the purpose of paying the taxes, insurance, and other payments associated with home ownership. Your lender is responsible for the timely disbursement of escrow funds to pay the these bills as they come due. Usually, a mortgage company collects funds for placement into the mortgagor’s escrow account with the mortgagor’s periodic payment for principal and interest. An escrow account has sufficient funds if there is enough to pay all bills when they come due. It is common practice for mortgage companies to hold an reserve amount for a mortgagor. The reserve can provide the funds necessary to pay any increases in amounts due.

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What is escrow analysis?

Escrow Analysis occurs once each year. At this time we review your real estate and insurance bills to ensure that the escrow portion of your monthly payment is sufficient to keep your tax and insurance bills current and paid in full.

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Why did my payment increase?

Our analysis is based off of the most recently paid bills from your escrow account. The most common cause for an increase is due to an increase in your real estate taxes or your homeowners insurance.

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What is an Escrow Shortage?

An escrow shortage occurs when there is an insufficient balance in your escrow account to meet your tax or insurance obligation when it becomes due.

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Can I pay my shortage in full and have my payment lowered?

Yes. You may pay your shortage in full and we can reduce your monthly payment to reflect that the shortage has been paid. Or you may pay the shortage back, interest free, over the course of the next 12 months with the elevated payment.

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When will I receive my refund?

If the balance in your escrow account exceeds an amount permitted by regulation, you will receive a refund for the excess as noted on your statement.  You will receive your refund check within 30 days from your most recent analysis.

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