Will ServiSolutions provide the figures for the initial escrow setup at closing?
No. Participating originators are responsible for calculating the initial escrow amounts.
How will funding summaries be delivered to the originators?
Funding summaries will be provided via email on Mondays and Wednesdays prior to the issuance of the wire.
How will ServiSolutions remit payments to the originator?
Originators are required to establish a designated bank account and execute the Funding Authorization Form to allow funds to be remitted to the originator.
To what address should final documents be submitted?
7460 Halcyon Pointe Drive, Suite 200
Montgomery, AL 36117
How should the Mortgagee Clause be addressed?
ServiSolutions, a division of the Alabama Housing Finance Authority
P.O. Box 242967
Montgomery, AL 36124-2967
What is the MERS ID# for Alabama Housing Finance Authority, dba ServiSolutions?
Are there ServiSolutions forms that have to be signed at closing?
Yes. Please refer to the Program Documents pertinent to each HFA found in the menu on the left hand side of the page.
How do lenders submit the closed loan file?
Closed loan files are uploaded electronically to the appropriate HFA’s online reservation system. Each state’s HFA has specific instructions for file upload. Contact the applicable HFA for file upload instructions.
Does ServiSolutions get the original documents?
The original note(s) should be overnighted to ServiSolutions once the file has been electronically submitted. Lenders should follow the Final Document Transmittal to submit original final documents. The original note(s) and final documents should be mailed to ServiSolutions at 7460 Halcyon Pointe Drive, Suite 200, Montgomery, AL 36117.
Who submits the closed file for MIC?
Lenders are responsible for obtaining the MIC within 120 days of closing.
Who submits the upfront funds to pay MI/PMI?
The originating lender submits upfront funds to pay MI/PMI. After an escrow account is established, the servicer is responsible for monthly escrow payments.
Should borrowers expect a coupon booklet or a monthly statement from ServiSolutions?
ServiSolutions will provide monthly statements to the borrowers.
Can borrowers make monthly payments online?
Borrowers may access their account online through Customer CareNet. Initial setup of User ID and Password is required prior to completing a payment online for the first time. Borrowers may establish a monthly draft OR make a one-time online payment. There is a $3 fee per transaction for one-time online payments.
What are the different ways borrowers can make their monthly mortgage payments?