RIHousing Mortgage Customers

Struggling to Make Your Mortgage Payments?

FAQs

Loan Servicing
Q. What is an amortization schedule?

A. An amortization schedule provides you with a list of equal loan payments calculated to pay off debt at the end of a fixed period, including accrued interest on the outstanding principal balance. As a customer of Mortgage Servicing Solutions you can obtain an amortization schedule of your mortgage loan through our Mortgage Servicing Solutions Customer Care Net site or by contacting our customer service department. There may be a nominal fee for this service.

Q. What is an ARM?

A. An ARM, or Adjustable Rate Mortgage, is a loan that has an interest rate that is adjusted periodically based upon a pre-selected index.

Q. What is a loan assumption?

A. An assumption is an agreement between the buyer and seller in which the buyer takes over (assumes) payment on an existing mortgage from the seller. Depending on your existing loan type, your mortgage may be eligible for assumption.

Q. What payment options does RIHousing offer?

A. We offer the following payment options for customers:

Web Payments

No fee charged for payments made between the 1st and 10th day from due date, during normal business hours Monday through Friday until 5:00 PM EST
$5 fee charged for payments on or after the 11th day from due date

Automatic Payments

No fee charged for automatic recurring monthly payments scheduled on the 1st or 5th of each calendar month
One-time payments: select payment date(s); a nominal fee

Payment by Mail (Please note that we accept personal checks, cashier’s checks, and/or money orders only.)

To mail your payment, send it to:

Loan Servicing
RIHousing
44 Washington St.
Providence, RI 02903-1721

Pay by Phone
No fee charged for payments made between the 1st and 10th day from due date, during normal business hours Monday through Friday until 5:00 PM EST
$5 fee charged for payments on or after the 11th day from due date

Customer Service Supported Pay by Phone
$10 fee charged for payments made between the 1st and 10th day from due date
$15 fee charged for payments on or after the 11th day from due date
***Credit card and/or debit card payments are not accepted

This fee structure does not contain all fees that may be charged for services rendered. Fee structure subject to change.

Q. What is an automatic payment?

A. An automatic payment is a helpful tool for bills that remain constant each month like a mortgage payment, car loan or student loan. Also known as an “automatic draft,” it is a preauthorized debit from your designated bank account to pay a loan payment. Mortgage Servicing Solutions offers two kinds of auto drafts:

  • monthly scheduled auto draft
  • flexible one-time auto draft

The monthly Automatic Clearing Housing (ACH) draft is offered free of charge and the payment is drafted from your designated account on either the 1st or 5th of each calendar month. The one time ACH draft allows customers to select the day they wish to make their payment. This option can be accessed through this website for a nominal fee.

If you are interested in either option, contact our Customer Service Department at 844-694-5193 for more details.

Q. Why are my taxes included in my monthly payment?

A. In accordance with the terms of you loan documents, your originating lender may require that each property escrow an amount adequate to cover the quarterly or annual payment. Payments are disbursed by Mortgage Servicing Solution to the appropriate municipality.

Q. What do I do with a bill I received for my property taxes?

A. We include your property tax in the escrow portion of your monthly mortgage payment. To calculate this portion of your monthly payment, we divide the total amount paid in taxes for the previous tax year by 12, and add this to your monthly payment.

Generally, we automatically receive an electronic copy of your property tax bill directly from your city or town. If you receive your property tax bill directly from your city or town, please contact us to confirm that we have received one, too. If you have any questions regarding the amount of your property tax bill, contact your city or town’s tax assessor’s office.

Q. What is a prepayment?

A. A loan prepayment is an option contained in a loan which permits the borrower to make payments in advance of their due date.

Q. What is refinancing?

A. Refinancing is obtaining a new mortgage loan on a property already owned.

Q. What specific paperwork do I need if I’m selling or refinancing my home?

A. The first step in selling or refinancing your home is to request a payoff statement, which will detail the total amount due on the mortgage. If you received a down payment assistance loan, you will need to request a payoff statement for that loan as well.

When you contact us, please include the following information:

  • Authorization from you to release loan information to a third party
  • Payoff effective date
  • Your loan number
  • Instructions regarding where you want the payoff quote to be sent

Fax the request to 844-694-5191 or mail it to:

Servicing Department
RIHousing
44 Washington Street
Providence, RI 02903-1721

Q. How do I get a payoff?

A. You may obtain a loan payoff by contacting our Customer Service Department at 844-694-5193 between the hours of 8:30 a.m. and 5:00 p.m. Monday through Friday. Every effort will be made to provide you a loan payoff within one business day of your request. Third party payoff requests must be made in writing and contain borrower’s written authorization. There may be a nominal fee charged for a facsimile payoff. We do not provide verbal payoff quotes.

Q: What is a principal curtailment?

A: A principal curtailment is an unscheduled additional payment to the current outstanding loan balance. This additional amount may reduce the life of your loan. The account must be current for the curtailment to be allowed.

Q. I’m having trouble keeping up with my mortgage payments. Is there anything I can do?

A. Yes. The first step is to contact us so we can help. The sooner you notify us, the more options you will have. Depending upon your individual needs and situation, we may be able to modify your loan in a way that makes making your monthly payments less strenuous.

Again, reaching out to us at the first sign that you might miss a payment will make all the difference in our ability to help. Also, it is important that you read and respond to all mailings we send you, as soon as they arrive. You can contact us at 844-694-5193.

If you did not find the answer to your question, please contact us at servicinginfo@rihousing.com or 844-694-5193.

 

Understanding your escrow account
Q. What is an escrow account and why do I need one?

A. An escrow account is an account held by RIHousing into which the homeowner deposits monthly pre-determined payments of real estate tax, insurance and mortgage insurance. Each year, in accordance with Federal Law, RIHousing performs an analysis of your escrow account to determine the amount to be collected for future deposits. An escrow account is an easy way to manage property taxes and insurance premiums for your home. When we open an escrow account for your mortgage, we use it to make payments on your behalf for real estate taxes and premiums for insurance required to protect the property, such as homeowners insurance. To make those payments, we collect escrow funds as part of your monthly mortgage payment.

Q. How does my escrow account work?

A. We apply a portion of your monthly mortgage payment to your property taxes and homeowners insurance and, if applicable, mortgage insurance. This portion is placed into an escrow account until the tax and insurance payments are due.

Q. How is my monthly escrow amount determined?

A. To determine your escrow payments, we estimate the amount we will have to pay over the next 12 months for your real estate tax and homeowners insurance bills. We base this estimate on information from your loan closing documents, your taxing authority and insurance company, or your previous tax and insurance bills. We then divide the estimated amount by 12 (months) and add the result to your monthly payment.

Q. Will my monthly escrow amount change over time?

A. It may if your taxes and insurance premiums change. On an annual basis we conduct an escrow analysis where we compare the initial escrow amount estimated by the lender to the actual amount paid in taxes to your city or town and premiums to your insurance company. If there is a difference, we will adjust your monthly escrow payment.

If your monthly mortgage payment amount changes due to an escrow adjustment, the new monthly mortgage payment amount will go into effect with the payment after the analysis has been completed. Once a year, we will mail you a statement summarizing this analysis.

Q. What happens if there are more escrow funds than needed?

A. If you have paid more into your escrow account than we had to pay out of it, you will have an escrow overage. If your overage amount is more than two months’ worth of escrow payments, we will send you a refund check with the overage amount. Additionally, your monthly escrow payment amount will be adjusted to reflect the actual amount paid.

Q. What happens if there is a shortage of escrow funds?

A. If you have paid less into your escrow account than we had to pay out of it, you will have an escrow shortage. We will adjust your monthly escrow payment amount to reflect the actual amount paid. If your account is short, we will let you spread the additional payments over the next 12 months. We conduct an escrow analysis annually to make sure we’re collecting the right amount to cover your projected taxes and insurance premiums. If these payments increase or decrease, we’ll recalculate your escrow payment. This is separate from the calculation to determine whether you have a shortage or overage, so your payment amount could increase even if you pay your shortage in full.

Q. Can I delete my escrow account and pay my own taxes and insurance?

A. RIHousing does not allow the deletion of customer escrow accounts.

Q. How can I keep up-to-date on my escrow account?

A. Any changes to your escrow payment amount will appear on the escrow account disclosure statement you receive each time we review your account. You can also find out more by logging into your mortgage account via our RIHousing Customer CareNet portal.

 

Homeowners Insurance

 

Homeowners insurance pays for losses and damage to your property if something unexpected happens, like a fire or burglary. Your homeowners insurance may also cover the contents of your home and provide personal liability coverage. Standard homeowners insurance doesn’t cover damage from earthquakes or floods, but it may be possible to add this coverage.

Homeowners insurance also protects your lender’s financial interest in the property. This is why lenders require proof of homeowners insurance.

Choosing your insurance provider is up to you, as long as the provider is licensed and authorized to do business in your state, and the policy meets the property insurance requirements for your loan.

Q. Do I need insurance coverage?

A. In accordance with the terms of your loan documents, RIHousing requires that each property financed with RIHousing funding maintain insurance coverage that is adequate to protect the insured from specified losses such as fire, windstorm, and water damage.  RIHousing requires insurance policy deductible’s not exceed $2,500 for each individual policy.

Q. What do I do with a bill I received for renewal of my homeowners insurance?

A. If your homeowners insurance isn’t part of your homeowner association dues, the annual premium is included in the escrow portion of your monthly payment. If you receive a bill at renewal, please contact us at servicinginfo@rihousing.com or 844-694-5193 to confirm that we also received a copy and we will pay the bill from your escrow balance.

Q. How and when can I change my homeowners insurance? How do I let you know I am changing my homeowners insurance?

A. You can change your insurance company at any time. The new company will need to verify proof of insurance to us and send us a bill. They may fax it to us at 844-694-5191 or mail it to:

Servicing Department
RIHousing
44 Washington Street
Providence, RI 02903-1721

You must cancel your insurance through the old company and have them send a refund of your pro-rated premium amount to us, at the address above, to be applied to your escrow account.

Please note: If it is close to your renewal time when you choose to change insurance companies, please contact us so that we do not mail a payment to your old insurance company.

 

Struggling to Make Your Mortgage Payments?

If you are having trouble making your mortgage payments, reach out today. The sooner you notify us, the more options you will have.

Depending upon your individual needs and situation, we may be able to modify your loan in a way that makes making your monthly payments less strenuous.