Payment Options

Payment Options
In most cases your payment will need to be directed to our authorized servicer in your billing statement. Each offers payments by mail (regular/overnight), check by phone, automatic draft (ACH), online via their web portal, or through your bank bill pay (make sure to specify the correct servicer). For loans not with our third-party servicer, please pay by mail or your bank’s bill pay service.

Pay by Mail
Complete and detach the payment coupon at the bottom of your monthly statement and mail your payment using the pre-addressed envelope. Don’t forget to write your loan number in the memo section of your check. If you have misplaced or did not receive your statement, please call your Sierra Pacific Loan Servicing representative to obtain the correct mailing address for your payment.

Check by Phone
Sierra Pacific Mortgage does have the ability to accept mortgage payments over the telephone. Please be prepared with your bank account and loan number and contact the Loan Servicing Department during normal business hours at 1-888-560-2280. There is a $10 handling charge for this option.

Other Payment Options
For the Initial servicing period, only the Pay by Mail and Check by Phone options are available. Approximately 60 days after your initial payments, you will be notified of additional payment options as they are made available.

Do I have the option to make additional Principal payments?
Yes, you have the option to make extra principal payments. Clearly detail the amount of the extra principal payment on your payment coupon. Your loan must be current with no outstanding fees before an extra principal payment will be applied. If the additional Principal payment exceeds $5,000, payments must be made by Cashier's Check, Money Order or Certified Funds.

Escrow Account

An escrow account (also known as an impound account) is an account established to help borrowers pay property taxes and insurance premiums, as well as mortgage insurance, wind insurance and flood insurance as required, for your mortgaged property. Deposits are made to the escrow account through monthly payments made in addition to the principal and interest amounts due.
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If an escrow account was a requirement at the time of origination, the escrow account was a condition of the loan and cannot be waived.

Insurance Information
The terms of your loan agreement require evidence of continuous insurance coverage. Therefore, we must receive proof of coverage or we my have to obtain Lender Placed Insurance on the property.
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In the event you received a property insurance cancellation notice, if you have an escrow/impound account, please contact our Sierra Pacific Mortgage Loan Servicing Department at 1-888-560-2280. If you do not have an escrow/impound account you should contact your agent to renew your policy or acquire new insurance through another company as soon as possible.
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If your insurance coverage lapsed, was cancelled, was not received or Sierra Pacific Mortgage was not named as a loss payee, please contact your insurance agent to make sure that your policy was renewed and sent to the correct address with your loan number noted accordingly.

Supplemental Property Taxes
Note that payments of supplemental tax bills may not be paid from your escrow account. Please pay any supplemental tax bills directly to the taxing authority.

Property Damage – Natural Disasters

If your home sustains insured damages, Sierra Pacific Mortgage will help you move forward with repairs. As soon as possible after damage is sustained, you should:

Contact your insurance agent:

• Your agent and insurance company will evaluate the damage to your home according to your homeowners insurance policy
  
• Your insurance claim check will be made payable to you and Sierra Pacific Mortgage

Contact the Servicing Team at SPM:

• We have dedicated representatives ready to answer your questions regarding your loan payment issues and in most cases can assist you with general insurance Carrier and Claims information. Contact us at 1-888-560-2280 between the hours of 8:00 AM and 5:00 PM Monday-Friday PST, or email us at info@spmc.com
  

If you have questions or concerns beyond your loan, we encourage you to contact the Federal Emergency Management Agency (FEMA) to learn more about housing assistance that might be available, as well as help with home repairs. Call 1-800-621-FEMA (3362), or reach them online at www.disasterassistance.gov.

IRS Reporting

Sierra Pacific Mortgage is required to mail the annual 1098 year-end statement by January 31st of each year. If you lost your 1098 interest statement, or need an additional copy at a later date, simply call the Loan Service Department during noted business hours. You can also request a replacement copy of your statement at info@spmc.com.

Sierra Pacific Mortgage reports interest under the primary mortgage’s Social Security number. Sierra Pacific Mortgage does not determine how the interest is claimed on your tax return. You should seek assistance from a tax professional to ensure you are claiming the correct amount. Sierra Pacific Mortgage does not give tax advice.

If the servicing of your loan was transferred during the calendar year, Sierra Pacific Mortgage will report interest on payments credited at Sierra Pacific Mortgage and the acquiring servicer will report on payments received during the time they serviced the loan.

Past-Due Payments and Late Fees

If a payment is not received by your due date or within the grace period as defined by your promissory note, you will be charged a late fee. This late fee will be posted to your account one day after the end of your grace period. If your grace period expires on a weekend or holiday, the late charge will not be assessed unless the payment is not received by the end of the next business day. Late charges vary according to the terms of the loan and applicable law.

Default Counseling Resources

The U.S. Department of Housing and Urban Development (HUD) sponsors non-profit homeownership counseling agencies across the country. Call 1-800-569-4287 or visit www.hud.gov for a list of HUD-approved agencies in your area. In addition, many state regulatory authorities maintain lists of non-profit homeownership counseling agencies available to borrowers in that state. The New York State Banking Department web site (www.banking.state.ny.us) can provide names of counseling agencies assisting New York borrowers. For borrowers in other states, please check regulatory websites in your state.

Transfer of Servicing

In most all cases, your loan will be placed with our authorized third-party servicer, PHH or LoanCare, LLC. In some cases, your loan may be sold to a new investor or servicer, and you will receive a written notice of transfer within the appropriate required notification period.

If your loan is transferred, none of the terms of your note or mortgage will change. Sierra Pacific or our authorized servicer will forward payments to the next servicer for up to 60 days.

• DO update your loan or account number in your records.
• DO update your new servicer’s phone number in your contacts.
• DO update your new servicer’s mailing address in your contacts.