Learn more below about loan assumptions, late payments, escrow payments, tax statements and other common mortgage questions about Nationwide loans.
When is my mortgage payment considered late?
Your payment is due in our office on or before the due date, which is generally the first of each month. Payments are considered late the following day. We typically allow 15 days between the due date and the assessment of a late charge. This should provide enough time for such things as mail delays, weekends and holidays.
What if my mortgage payment is postmarked before the late charge assessment date?
We don’t look at the postmark date. The date we receive your payment is the date we use to determine whether a late charge is assessed. All payments are processed the day they are received. Any payments received on or after the late payment date noted on your coupon will be assessed a late charge. (Quite often, the date noted on the coupon is the 17th day of the month.)
What should I do if I receive a tax statement?
Many tax authorities will mail an informational copy of the real estate tax statement to the homeowner, as well as to the mortgage company. Generally, Nationwide doesn’t require you to mail real estate tax statements to our office for payment. But there are some statements tax authorities don’t forward to us. In special cases we’ll need your help getting the statement. If you receive a statement for any of the following, please forward it to our office by mail (Nationwide, P.O. Box 182049, Columbus, Ohio 43218-2049) or fax (1-800-816-9170):
- Delinquent real estate taxes
- Supplemental or additional real estate taxes
- Special assessments
Also forward tax statements if:
- You live in a homeowner area
- The tax authority won’t honor a statement request from another party
- You have a mortgage in Wisconsin or North Dakota and want to have your taxes paid by the end of year
Why did my mortgage payment amount change?
There may be several reasons. Some mortgages, such as ARM loans, provide for periodic adjustments to your principal and interest payment amount. A second reason for a change may happen after an annual analysis of your escrow account. To comply with the Real Estate Settlement Procedures Act (RESPA), you’ll get an Annual Escrow Disclosure Statement that shows any adjustment to your escrow payment based on current tax and insurance amounts.
Common reasons for escrow payment changes are:
- Your hazard insurance premiums may be adjusted if you change your insurance coverage type, or if your insurance rate is adjusted. If you have any questions about your insurance, contact your insurance agent.
- Real estate taxes may be adjusted if there are changes in the assessed value of your property, tax rate changes, or changes in exemption status. Exemption status examples include homestead, veteran and tax abatement. As the property owner, you’re responsible for filing exemptions. For more information about your taxes, contact your local taxing authority.
How are escrow surpluses/shortages handled?
If the anticipated required balance on the Annual Escrow Disclosure Statement is greater than the reserve allowed, there is an escrow surplus. A surplus of $50 or greater will be refunded within 30 days of the analysis date, if the account is current. If the required balance on the Annual Escrow Disclosure Statement is less than the reserve allowed, there is a shortage. The shortage will be divided by 12 and added to your payment for the next 12 months.
Can I pay my escrow shortage?
You may pay the shortage in full and have your new payment amount reduced by the amount of the monthly shortage (one-twelfth of the total shortage). To do this, send your check with the shortage coupon included on the escrow analysis. If you make automatic payments, we need to receive the shortage at least four business days before your normal payment withdrawal date so the payment amount can be reduced.
Can my escrow account be eliminated if I pay my own taxes and insurance premiums?
When a loan is originated, the mortgage documents specify the escrow conditions. Lenders are required to establish escrow accounts for all FHA insured mortgages. This has become a standard practice for all mortgages, including VA and conventional mortgages. The interest rates quoted to borrowers are normally based on lenders collecting escrows. Once an escrow account is established, it continues for the life of the loan.
If I want to sell my home through loan assumption, when should I contact Nationwide?
Before selling your home, contact our Assumption Department at 1-800-243-0924 or by email at email@example.com.
Should I tell you if my home suffers damage?
Yes. Your insurance company will make the loss of proceeds check payable to you and Nationwide. When you notify us, we’ll explain how we monitor the disbursement of claim proceeds to ensure your property gets repaired to its original condition.