Q: Can I change my insurance company?
A: Yes, you have the ability to choose any homeowner’s insurance carrier as long as it maintains either a B or better policyholder rating, or a 6 or better financial rating as published in the A. M. Best Company’s Insurance report. If you do change your carrier, please notify us by sending a copy of your insurance declaration page to the address below. Some carriers may require a full year premium to be paid at time of the change. EPM P.O. Box 1194 Springfield, OH 45501-1194
Q: Can I pay my own insurance?
A: If you have a government loan or loan with private mortgage insurance (PMI), your insurance premium must be collected and paid via an escrow account with us. To request an escrow account deletion, please send in a written request and our Escrow department will review your account for deletion. Please be advised, certain requirements must be met to qualify for escrow account removal. EPM 500 S Broad ST, Suite 100A Meriden, CT 06450
Q: Do I have to carry flood insurance on my home?
A: If your property is within Flood Zone A or V, then federal law requires you to maintain and provide proof of flood coverage.
Q: Do I have to carry insurance on my home?
A: Yes, the terms of your loan require you to maintain adequate insurance coverage continuously. Adequate is defined as an amount equal to the remaining loan balance or the insurance value of your property, whichever is less.
Q: How can I delete Private Mortgage Insurance (PMI)?
A: Federal law gives you the right to request deletion of PMI once the loan-to-value (LTV) ratio reaches 80%. This may occur through normal payment activity or a larger principal reduction. Proof of value will be required. PMI deletion does require a good pay history. No payment may be 30 days late in the past 12 months, and no payments may be more than 60 days past due in the last 24 months. Automatic PMI deletion will occur once your LTV reaches 78% through normal payment activity. In this instance, proof of value is not required. We are also required to follow the guidelines established by the investor of your loan. If you feel you qualify for PMI deletion based on the information above, please send a written request to our correspondence address.
Q: When will I receive my year end statement?
A: Mortgage Interest Statements, also known as Tax Form 1098, will be issued no later than January 31st of the following calendar year. Please contact our Customer Care department at (855) 670-4941 if an additional copy is needed or click on the Documents tab to print a copy.
Q: Why are late charges included on my Mortgage Interest Statement?
A: The IRS has stated in Publication 936 that late charges paid must be shown as interest paid.
Q: Will I receive a coupon book?
A: No, EPM issues monthly statements for your loan. Statements will be mailed to you immediately upon the receipt of any monthly payment or fee related activity. You can opt out of receiving mailed statements by enrolling in paperless statements. This will allow you to receive all statements through our secure online portal.
Q: Will I receive notification that my payoff was received?
A: Yes, a notification letter stating that your loan has been paid in full will be mailed within 10 business days of receipt of your payoff funds. In addition, the Note and Security Instrument (Mortgage or Deed of Trust) to the property will be sent to you within the time frame required by your state.
Q: How are my mortgage payments reported to the Credit Bureaus?
A: EPM reports the month-end status of your account to the Credit Bureaus. The payment status of an account at month end is what EPM reports to the Credit Bureaus. EPM considers any payments received and reports the status of the account as of month end. If a scheduled payment is not received by the last business day of the month by 11:00PM ET, the payment will be reported as received 30 days past due. EPM offers a variety of ways to assist in making payments easier for our Borrowers. Review options on our portal or call us to lean more at (855) 670-4941.
Q: If I am unable to make my payment, what are my options?
A: We offer several options based on individual circumstances: 1. Refinance. If you have not been 30 days past due in the last 12 months, you may qualify for a refinance. Click here
to get started. 2. Work out a repayment plan to get back on track. Call us today to explore this option at (855) 670-4941 . 3. Request mortgage assistance by applying for a loss mitigation workout option (loan modification, forbearance, short sale and deed-in-lieu of foreclosure). Click here
to get started.