Mortgage FAQs

Payments can be made on a recurring or non-recurring basis through WESTconsin Online or the Mobile App, as well as by calling the Service Center at (800) 924-0022, or visiting your local office. You can also mail a check or emailing mortgageservicing@WESTconsincu.org and indicate how you want the funds applied, such as regular monthly payment, principal-only payment, or escrow payment. You can use your WESTconsin Credit Union account or make a payment from another financial!

A mortgage may be paid in full at any time. We do not charge a prepayment penalty. Once the mortgage is paid in full, you will receive a copy of the recorded satisfaction of the mortgage and a copy of the final escrow analysis, if applicable. To request a mortgage payoff, call (800) 924-0022 or email mortgageservicing@WESTconsincu.org. Be sure to include your account number and suffix and the expected payoff date in your request. Please allow up to seven (7) business days to process your request. The payoff quote will give an expiration date.

What is an escrow and how is it used?

An escrow account helps budget for annual property-related expenses, such as property taxes and hazard insurance. Rather than pay for these items in one or two lump-sum payments each year, you can make smaller monthly payments along with your mortgage payment into an escrow account that we then use to pay for those property-related expenses. Check your most recent Escrow Account Disclosure to determine which items we will pay for on your behalf.

Each year we analyze the amounts that you paid into your escrow account and the amounts that we paid out of your escrow account. We will adjust your total mortgage payment amount to account for any changes, whether a decrease or increase. Your new mortgage payment amount will be updated annually after the escrow analysis each year.

Escrow disclosures

Multiple disclosures may be included with your Annual Escrow Account Disclosure Statement.

• Copy of Previous Year’s Projection – This is a summary of the transactions we thought were going to occur in your escrow account during the last year. We used it to determine last year’s escrow payment. You can compare this disclosure to what actually transpired in your escrow account, which is listed on the Account History disclosure.
• Account History – This is a summary of the actual activity in your escrow account. This is like a bank statement. Review it carefully to make sure that it shows the correct amounts of deposits and withdrawals. The last few months of history will show estimated deposits and withdrawals, since they have not yet occurred at the time of the escrow analysis.
• Projections for Coming Year – For most people, this contains the most important information from the escrow analysis. This disclosure shows our summary of the transactions we think will occur in your escrow account during the upcoming year. Importantly, it also indicates what your new escrow payment will be beginning April 1 and how we determined that amount.

Escrow waivers

We generally require our members to escrow for property-related expenses, such as property taxes, hazard insurance, flood insurance, and private mortgage insurance. We may approve a waiver for the requirement to escrow for property taxes and/or hazard insurance (flood insurance and private mortgage insurance are not eligible for an escrow waiver).

To be eligible for a waiver:

• Your principal balance must be less than or equal to 80% of the original value. “Original value” is defined as the lesser of the sales price or the appraised value at the time of loan consummation.
• No late payments in the last 12 months.
• No payment 60 or more days past due in the last 24 months.

The requirements to release a piece of the property from the mortgage can vary from loan to loan. Each case is reviewed individually, so you will work with an assigned servicing processor who can guide you through each step, but you may need:

• An easement, which is used for a third party to access your land. There may be a number of reasons why you might need to grant or release an easement on your property but vary from loan to loan.
• A property valuation or appraisal to assess the value of the remaining property.
• A recorded Certified Survey Map (CSM) if subdividing an existing parcel.
• A legal description of the property to be released.

To pay down the principal balance of your mortgage.

Only those eligible can cancel. To determine your eligibility, contact the Mortgage Servicing team at (800) 924-0022 ext. 7200 or mortgageservicing@WESTconsincu.org.  

Due to a life event change during the term of your loan, you may remove one or more borrowers from liability for the mortgage debt.

The remaining borrower(s) will have to show that they are able to repay the mortgage loan on their own. We may need to review documents such as paystubs, W-2s, tax returns, assets, and credit history in making this determination.

To begin this process, we recommend that you speak with a Mortgage Loan Originator for more information.

When you receive a check for an insurance claim on your property, it is typical to see that WESTconsin Credit Union is also listed as a payee on the check. Our responsibility is to make sure that your home is repaired and/or that the collateral value is not affected.

In the event you have an insurance claim, contact us with copies of the documentation from the incident, including claim information from the insurance agent, and we will guide you through the process and help get your insurance money in your hands.

We are here to help! Contact us at lossmitigation@WESTconsincu.org or call (800) 924-0022.

Box 2 should reflect the beginning loan balance as of January 1 of the tax year listed on the 1098 form. For more information, refer to the IRS instructions printed on your 1098 form or visit the IRS’ website.

For questions regarding mortgage loan rates, applying for a new mortgage loan, or your current mortgage application, please contact a Mortgage Loan Originator.

• For questions regarding your current WESTconsin Credit Union mortgage loan, contact Mortgage Servicing at (800)924- 0022 ext. 7200 or mortgageservicing@WESTconsincu.org