During which month are escrows accounts disbursed? • Property Taxes: Distributions for property taxes are typically made in November. • Insurance: Homeowners, flood, wind and optional insurance policy escrow distributions are based on the renewal date of the policy.
Will ServiSolutions provide the figures for the initial escrow setup at closing? No. Participating Originators are responsible for calculating the initial escrow amounts.
Can borrowers make monthly payments online? Borrowers may access their account online through the Customer CareNet module. Borrowers may establish a monthly draft OR make a one-time online payment. Initial setup of User ID and Password is required prior to completing a payment online for the first time. There is a $4 fee per transaction for one-time online payments.
What are the different ways borrowers can make their monthly mortgage payments? • Hand Delivery: 7460 Halcyon Pointe Drive, Suite 200 Montgomery, Al 36117 • US Mail: P.O. Box 242928, Montgomery, Al 36124-2928 • Western Union: Code name : SERVISOLUTIONS (Western Union fees will apply) • Automatic Draft: No Fee • One-time Draft: $4 per transaction • Pay-by-Phone: $8
How will reports be delivered to the Originators? All Originator reports will be delivered to the Originators through ServiSolutions' secured FTP site.
How will ServiSolutions remit payments to the Originator? Originators are required to establish a designated bank account and execute the Authorization to Credit/Debit Bank Account Form to allow funds to be remitted to the Originator by ACH. Payment remittance will be sent to the Originator on the business day following the 10th and 25th of each month. If the dates are on a weekend or a ServiSolutions-recognized holiday, remittances will be made the following business day.
What original loan documents should be submitted to ServiSolutions by the Originator? No original documents should be submitted to ServiSolutions. Only copies should be submitted to ServiSolutions.
Should borrowers expect a coupon booklet or a monthly statement from ServiSolutions? ServiSolutions will provide monthly statements to the borrowers.
In Alabama: 866.339.2432In Washington: 855.819.8081
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ServiSolutions is a department of the Alabama Housing Finance Authority.
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866-339-2432 | P.O. Box 242967 | Montgomery, AL 36124-2967
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