Frequently Asked Questions (2024)

Go to https://myaccount.caliberhomeloans.com/
and click on the 'Sign in/Register' link on the top right corner

You will need your loan number and social security number.

Once you’ve completed your My App registration, you can:

• Make online payments
• Set up automatic, recurring loan payments free of charge
• Review your loan statements and payment history
• View and download PDF files of your monthly statements
• Cancel your mailed statements and switch to eStatements
• Schedule Account Alert emails

Delays can occur depending on the way your bank sends your online bill payment to us. There are three ways that your bank may do this.

1. The funds are immediately withdrawn from your bank account and a check is mailed to Caliber. Caliber will post the funds to your loan within 24 hours of receipt. However, since the check was mailed, there is a delay due to mail time between when the funds were withdrawn from your bank account and when they post to your loan.
2. A check is mailed by your bank to Caliber and funds are withdrawn from your bank account after it is deposited by Caliber. Again, mail time can delay the receipt of the check by Caliber.
3. An ACH is sent (which means no check is sent) and funds are sent to Caliber electronically and posted to your account upon receipt.

Watch the video that explains the process of how your online bill pay payment works:https://vimeo.com/250651249

Caliber Home LoansPO Box 650856Dallas, TX 75265-0856

Watch the video that explains the process of how your online bill pay payment works:https://vimeo.com/250651249

You have several options for making your next loan payment, which will not affect the recurring payments you’ve scheduled. You can:

• make a single online payment
• mail in your next payment
• pay by phone via our automated phone system
• pay by phone with one of our friendly customer service agents

You have three options for making monthly loan payments:

• Log in and pay online using your bank account
• Mail a check or money order toCaliber Home Loans, PO Box 650856, Dallas, TX 75265-0856
• Call Customer Service at800-401-6587

You can choose from several convenient payment options, including:

One-Time Monthly Payments from your bank account:

• Your payment will be automatically withdrawn and will post to your account on the date you specify.One time bank account drafts can be transacted as a same day posting and can be scheduled up to one week in advance.

Recurring payments from your bank account:

• Monthly Payments:
  You must be current in order to enroll in this draft frequency. Select one date each month that your payment will be drafted. With this option, you may include an additional principal amount to draft with your payment each month. In order to ensure a late fee is not assessed to your account, your monthly draft dates cannot exceed your contractual due date plus the number of grace period days allowed on your account. For Example: If the due date is the 1st and your account has a 15-day grace period, the draft date may be any date between the 1st and the 16th of the month. If no draft date is chosen, Caliber will set the draft date to be your contractual due date.
• Bi-Weekly Payments:
  You must be paid 1-month in advance in order to enroll in this draft frequency. Half of your monthly payment will be drafted every 2 weeks on the day of the week of your choosing, Monday through Friday. This option will reduce your principal balance faster by applying your 13th and 26th drafts each year to your principal balance. In a bi-weekly payment program, the first half of your payment will be held in a suspense account until the second half is drafted.
• Semi-Monthly Payments:
  You must be paid 1 month in advance to enroll in this draft frequency. Half of your monthly payment will be drafted each month on two dates of your choosing (Example: 1st and the 15th). The first half of your payment will be held in a suspense account until the second half is drafted to complete your total monthly payment.

Log in to your account athttps://myaccount.caliberhomeloans.comand select Make a Payment. Select Autopay and follow the prompts to schedule your payment.

If you are unable to enroll in ACH via the customer portal, please submit an inquiry attaching the ACH form.

Yes! Write your Caliber account number on a check, cashier’s check or money order payable to Caliber Home Loans and send it to the address below. Pleaseallow seven to ten daysfor your payment to arrive.

Caliber Home Loans, Inc.P. O. Box 650856Dallas, TX 75265-0856

Yes, Caliber offers two pay by phone options:

1. Our Automated Payment Line is available 24/7 at800-401-6587. Please be sure to have your account number available when calling. Please note that payments made after 5:00PM CST will post the next business day.
2. Call and speak to one of our friendly Customer Service Agents at800-401-6587during ourbusiness hours.Please note that payments made after 5:00 PM CST will post the next business day.

Here are details of each portion of a typical loan payment:

Principal:This is the portion of your payment that gradually reduces the balance that you borrowed.

Interest:The interest you pay is the cost of borrowing money. If you have a fixed-rate loan, this will not change unless you refinance. If you have an Adjustable-Rate Mortgage (ARM), your loan’s rate will adjust up or down at scheduled times – in accordance to the terms of your note.

Taxes:Most loans require an escrow account and will collect one-twelfth of your annual property tax amount in this account with each mortgage payment.

Insurance:Since your annual homeowner’s or hazard insurance premiums are only paid once a year, they’re considerably larger than most monthly bills. An escrow account that’s attached to your loan makes your tax and insurance premiums easier to manage as you pay 1/12th of each bill every month.

Mortgage Insurance:This is different than homeowner’s insurance, and is usually due if you bought your home with a small down payment. This is because most loans with less than 20% equity require Mortgage Insurance, or MI to protect your lender in case of default.

Online Payments:

• M-F before 10 PM CST: Same Day
• Sat/Sun or after 10 PM CST: Next Business Day

Mailed Payments:

• Delivered before 12 PM (noon) CST: Same Day
• Delivered Sat/Sun or after 12 PM (noon) CST: Next Business Day

Phone Payments (IVR or CSR):

• M-F Before 5 PM CST: Same Day
• Sat/Sun or after 4:59 PM CST: Next Business Day

Escrow is an odd term, but it’s easy to understand. At Caliber Home Loans, we use escrow accounts to make your life simpler and to protect you from sudden, unexpected large expenses. Here’s how it works.

Your mortgage loan finances the actual purchase of your home. However, as the homeowner, you must cover other costs in addition to the mortgage itself. That’s why almost every mortgage loan comes with an escrow account. Think of it as a sort of savings account to make sure you can cover those additional costs.

What are those other costs? There are two:

• Property taxes as required at the state and/or federal level.
• Insurance, including homeowner’s insurance and/or mortgage insurance.

Your monthly Caliber Home Loan payment consists of payment on the principal of your loan and interest charges, plus, in most cases, payment into your escrow account. The escrow portion of your monthly payment is calculated to include the funds needed to pay for taxes and insurance when they come due. These tax and insurance payments happen automatically. You do not have to keep track of these items. All you do is make your monthly mortgage payment and everything is taken care of. When the tax and insurance bills come due, your lender pays them on your behalf from the escrow account.

We establish your escrow account at the time you close your loan. Your escrow account does not require any costs that you would not otherwise have to cover as the homeowner. The escrow account makes sure you do not miss critical tax or insurance payments. In fact, the escrow account will protect you from late fees, liens on your property, or even foreclosure. And by paying into your escrow account a little each month, you avoid having to produce one big lump sum at the time the bills are due.

Sometimes, the escrow portion of your monthly payment will change. This occurs when property tax rates or insurance premiums fluctuate from one year to the next. We will conduct an analysis each year to make sure that you are paying in enough to cover the bills. Any surplus at the end of the year is applied to the next year’s expenses.

Your escrow account begins with an upfront balance when you close your loan. Part of your closing will likely be depositing money to cover the first year of taxes as well as the first six month of insurance premiums. Years later, you may have the option to remove your escrow account when your loan balance has dropped to below 80% of the home’s value.

To summarize, an “escrow account” is a protection for your peace of mind. With expenses for taxes and insurance covered, all you have to focus on is that one monthly payment.

At Caliber Home Loans, we strive to make everything about your mortgage experience as simple and clear as possible. We always look for ways to streamline the process, eliminate paperwork wherever possible, and require as little of your time as possible. Our passion is for the homebuyer. We’re here to navigate you to the best loan that works best for you so that you can savor the joy of home ownership.

In general, the short answer is yes.

Your escrow account is essentially a savings account set up to cover taxes and insurance costs related to the home you’re buying.

There are two times you’ll set up an escrow account:

• When making an offer on a home. This is a temporary account.
• When closing on the loan. This is a permanent account.

Escrow Account When You Make an Offer

When you make an offer, you will deposit earnest money into an escrow account. This is considered a “good faith” gesture that you are serious about your offer. This deposit is typically to between 1% and 5% of the purchase price. The deposit is intended to protect both you and the seller. After all, things can happen to throw the sale into question. For example, the home may not pass inspection or may not appraise for the asking amount. Or you may not be approved for financing or you have second thoughts and back out of the deal.

If the sale breaks down on your end, the deposit goes to the seller. If the sale breaks down on the seller’s end, the deposit will be refunded to you. Usually, the sale goes through and the deposit money is applied toward your closing costs.

Escrow Account When You Close the Loan

When you close on your loan, the ongoing escrow account is set up to collect the funds needed each year to pay for property taxes and home insurance. Your monthly payment includes money dedicated to the escrow account and is calculated to save enough to cover the year’s expenses.

You may not have an escrow account for the whole life of the loan, however. FHA and USDA loans require an escrow account for the life of the loan. Some loans give the homeowner the option of removing the escrow account once the mortgage loan balance has dropped below 80% of the home’s market value. In that case, the monthly payment would be reduced as the funds would no longer be collected for taxes and insurance. However, the homeowner becomes responsible for paying those expenses in full and on time. In this scenario, the homeowner would need to make sure funds were on hand, including the large annual property taxes.

Although most conventional loans not federally insured do not require an escrow account, the lender may be allowed to require one. At Caliber Home Loans, we highly recommend one, as it makes managing expenses easier for you and protects you from having to cope with large annual bills.

If you made a down payment of less than 20%, you may be required to take private mortgage insurance (PMI). This protects you from certain late fees, liens against your property, and even foreclosure if you miss these specific payments. The account helps ensure the bills are paid on time and that you have sufficient funds to do so. Your escrow account may also gather funds during the year from your monthly payments to cover this additional insurance.

If You Don’t Have an Escrow Account At Closing

If you do have an escrow account set up at closing, you will have to prepay the first year of property taxes plus six months’ worth of home insurance premiums.

Whatever type of home loan you choose, we are here to help you understand all the steps involved and to navigate you through the process. All the jargon of the financial world can be confusing, but we will make it clear and help you make sound, responsible decisions.

An escrow account is an account that’s set up to collect funds for paying your annual property taxes and/or homeowner’s insurance premiums. Other items like mortgage and flood insurance may also be included.

Confused by escrow? Watch our videos to learn more about what your escrow account is for, and how often we review it. ESCROW EXPLAINED:https://vimeo.com/231872654

• You won’t have to pay your annual property taxes or Insurance premiums yourself! Caliber will take care of this for you.
• Easier, month-to-month payments toward your annual property taxes and insurance premiums. Instead of having to produce the entire payment when due, an escrow account only requires you to pay 1/12 of these costs each month, plus any cushion amount required on your loan.

Typically, the funds in an escrow account pay for:

• Property taxes
• Homeowners/Hazard insurance premiums
• Mortgage insurance premiums if required
• Flood insurance premiums if required
• Condo unit owners’ insurance if required

An escrow account doesn’t pay:

• Interim tax bills, supplemental tax assessments, or any other fees that are not included in your property tax bill
• Homeowners’ Association (HOA) fees
• Premiums for coverage such as personal property insurance
• Utility bills

A surplus less than $50 will remain in your escrow account.

A surplus greater than $50 will be mailed to you in the form of a check if your loan is current in status when the escrow analysis is completed.

Yes. Deposit your escrow surplus check into your own account first. When making your next monthly payment, add the surplus funds for your escrow.

**For your security, please do not endorse the check to return it. This incurs risk if the check is lost or stolen before it is delivered to Caliber Home Loans.

To request that we cancel your escrow account, print and complete theEscrow Removal Authorization Form.

1. Submit online by logging into your online account and upload the completed form through your Account Management/Message Center.
2. Mail us at Caliber Home Loans, Inc., Att: Escrow Department, P.O. Box 268, Springfield, Ohio 45501

Remember to include your account number and the signatures of all borrowers on your loan. Please allow 30 days from the date of our receipt to receive a response letter.

To request an escrow account, you can:

Print and complete theEscrow Agreement Form

• Submit online by logging into your online account and upload the completed form through your Account Management/Message Center.
• Mail the completed form to us at Caliber Home Loans, Inc., Att: Escrow Department, P.O. Box 268, Springfield, Ohio 45501

Please allow approximately 45 days to process. Once approved, Caliber will inform you of your monthly escrow payments by mailing you an Escrow Analysis Statement.

Your loan can be analyzed more than once on an annual basis. Below are several examples of reasons why this may occur:

1. Caliber recently acquired your loan
2. Anniversary analysis
3. State analysis
4. Change in your annual tax and/or insurance amounts or due dates
5. Shortage spread extension request
6. Escrow was added to your loan
7. A tax or insurance refund was received
8. Completion of a loan modification
9. Your loan was reinstated

Contact our Loss Draft Department at 1-866-940-2335 to discuss details of your claim with one of our insurance specialists. They will be able to tell you how to handle the claim funds. You can also upload all of the required claim documents or track the progress of your claim by accessingwww.insuranceclaimcheck.com/calib.

Watch a short video about the Loss Draft Processhere!

Once a bill is received from your insurance company, payment will be issued within 21 days of the due date. This time frame allows for mailing and posting by your insurance company for the new term. To view recent insurance payments made on your loan, follow the steps below:

To view recent insurance payments made on your loan, login to your account and select Payment History from the menu.

This will depend on the payee on the check.

If the check is made out to Caliber Home Loansand you have an escrow account, send it to Caliber Home Loans Escrow Dept., P.O. Box 650856, Dallas, TX 75265-0856. This will prevent a future escrow shortage and also informs us that you’ve switched insurance companies.

If the check is made out to you,you may deposit it to your account. We recommend that you transfer these funds to your Caliber escrow account when making your next monthly payment to prevent a future shortage.

If you do NOT have an escrow account,keep the refund! It’s yours.

Your insurance company must provide you with a reason why your coverage was cancelled. You may contact your current insurer and ask that they reinstate coverage, or shop for new coverage from another insurer.

It’s important that you renew your homeowner’s insurance as soon as possible, as your home loan requires it. If your home becomes uninsured, Caliber will have to purchase insurance for you and bill you for it. Insurance purchased by a lender may be more expensive than your previous coverage, and may not provide you with your preferred level of coverage.

If you did not pay your insurance premium because you’re having financial difficulties, please call Customer Service at 800-401-6587 to discuss your options.

Lender Placed Insurance (LPI) is insurance coverage obtained by Caliber on your property when your retail policy has canceled or non-renewed and Caliber has not received proof of insurance from your retail carrier. If you received a lender placed insurance notice from Caliber but have your own policy, please forward proof of insurance to Caliber. Write your loan number on your insurance policy’s declarations page and send it to Caliber Home Loans, P.O. Box 7731, Springfield, OH 45501-7731. You may also fax it to 937-525-4120 or update your insurance information online at:www.mycoverageinfo.com/Caliber.

Watch a short video about the Lender Placed Insurancehere!

This is a clause in an insurance contract that entitles an IDD mortgagee (Caliber Home Loans) to be reimbursed for damage or loss to the property. This protects your lender (Caliber Home Loans) so we can ensure the damage is completely repaired and the property is brought back to its original state. An insurance claim check will have two payees - Caliber Home Loans and the borrower - on the check.

Please use the following Mortgagee Clause for Caliber Home Loans:

Caliber Home Loans, Inc.
ISAOA/ATIMA
PO BOX 7731
Springfield, Ohio 45501-7731

Mortgage insurance is NOT the same as homeowner’s insurance. Mortgage insurance makes it possible for lenders to offer financing with low down payments, as it protects them against non-payment. Your mortgage insurance costs may be added to your monthly loan payments, or you may pay it at closing.

If you have a conventional loan, you may be required to have private mortgage insurance (PMI), while FHA loans may require you to pay Mortgage Insurance Premiums (MIP). PMI and FHA MIP are paid monthly. USDA fee is paid annually.

If your mortgage is a single family, primary residence when the balance of your mortgage is first scheduled to reach 78% of the original value of the secured property (based solely on your initial amortization schedule), your monthly PMI costs will be removed from your loan. PMI also terminates automatically at midpoint of your contract terms as long as your loan is current.

Want to learn more about why you have Private Mortgage Insurance on your loan? View our PMI video for more. PMI EXPLAINED:https://vimeo.com/231872640

If you have a loan with private mortgage insurance, we follow HPA guidelines and will auto-terminate when your loan to value reaches 78% based on your original amortization schedule. However, you have the right to request PMI removal at any time.

If you have questions or would like to appeal your eligibility, please contact Caliber Home Loans at 1-800-401-6587 or send a written request to Caliber Home Loans Inc. PMI Department, P.O. Box 272556, Oklahoma City, OK 73137-2556. Please allow 30 days for us to complete our review.

A payment can be reported as 30 days past due if it is not received within the calendar month in which the payment is due. Although February only has 28 days, or 29 days in a leap year, if you do not pay February within the month, you can still be reported as 30 days past due.

Always be careful when making mortgage payments as the end of the month nears, especially on weekends. Be sure to allow time for your payment to post.

You may dispute information that Caliber furnished by submitting a dispute directly to Caliber by one of the following:

• Call us: 800-401-6587
• Mail to:Caliber Home Loans, Inc
  P.O. Box 270415
  Oklahoma City, OK 73137
• Fax us: 405-608-2003

A payment can be reported as past due if it’s received 30 or more days after your due date, even if you’re paying off your mortgage. It’s a good idea to make your payment as usual and we’ll send you a refund check if you overpay.

Your closing date may not be the day we receive your payoff. It may take additional time for your closing or title agent to send us your payoff funds.

The good through date on your payoff quote is the expiration date on the amount indicated to completely pay off your loan. It doesn't provide an extended grace period to make your normal payment.

When your credit score is low, the dream of home ownership can seem like an impossible one. You’re not alone. More than 30% of Americans have credit scores below 670, which is often the minimum score required to qualify. Loans with the most competitive rates require at least a 675.

However, there are things you can do to improve your chances of making your dream come true, even with less-than-perfect credit. If you follow the advice below, you’ll step into the mortgage lender’s office with more confidence and better odds of success.

Take actions to improve your chances of loan approval.

• Maintain steady employment
• Pay your bills on time
• Paying off existing debt
• Avoiding taking on new debt
• Save money and build a cushion for emergency situations

Do your homework. Knowledge is your friend.

Bad credit doesn’t exclude you from all mortgages, but some types of mortgage loans will be harder for you to qualify. On the other hand, two federally funded programs, FHA and USDA home loans, are friendlier to people with poor credit and have easier minimum requirements. But watch – often loans with lower qualifications come with stricter limits or other stipulations such as requiring mortgage insurance for the life of the loan.

FHA Loans and bad credit.

You may qualify for a 3.5% down payment with a credit score of 580.

VA Loans and bad credit.

VA loans have a minimum 580 credit score requirement. They offer several advantages for borrowers with bad credit:

Conventional Loans and bad credit.

What are called conventional loans are loans not insured by the federal government. They require a minimum credit score of 620. Conventional loans that also conform to the criteria set by Fannie Mae and Freddie Mac will have additional requirements. USDA loans also require a credit score of at least 620.

Know where to look for your loan.

Private lenders, credit unions, and community banks will have more flexibility in what they can offer to a borrower with poor credit. Regulated institutions, such as large banks, must follow a stricter guideline and so may not have as many loan options to offer you. Remember, though, that the leniency of a private lender usually comes with a cost, such as higher interest rates or a higher minimum down payment.

Save up for a larger down payment.

This may take longer than you’d like, but it’s the smart way to go. The worse your credit, the higher the payment you’ll have to make anyway. Plus, anything less than a 20% down payment will require the expense of private mortgage insurance. Having more cash in hand tells lenders that you’re serious and improves your chances of being offered a better rate.

Get good advice.

Reach out to a Loan Officer. Our passionate goal is to bring the dream of homeownership to as many people as possible. And that includes people with bad credit. Mortgages is all we do. Let us put you on the path to home ownership, no matter what your credit score is.

Your income is one of the primary factors mortgage companies to determine if you qualify for a loan. For every mortgage loan, there are minimum income requirements and maximum debt limits that must be met in order to qualify. No question about it, for people with low income, this presents a difficult barrier to homeownership.

But it can be done. In fact, there are some mortgages designed to work for you.

Low income qualification varies by location, so there is no hard and fast income amount that determines eligibility. Typically, the minimum requirement is based on your income in relation to your other financial obligations. Most lending companies require your housing costs take up less than 28% of your pretax income and your debt payments take up less than 36%. They have limits on how much of your monthly income goes toward debt (this is called your debt-to-income ratio, or, DTI). A DTI of 45% or less is a pretty standard threshold. Higher ratios may be allowed for people with higher credit scores and for loans carrying private mortgage insurance (PMI).

Low income status does not have to exclude you from owning your home, and it shouldn’t force you into a less than ideal mortgage.

Before you search for a home, do research on your loan.

• Get an idea of what money you’ll need.Make this your first step. Look online to find out what an average home in your area costs. Taking that as baseline, use the online mortgage calculator from Caliber Home Loans to see what a mortgage might look like for you. Remember this is an estimate and mortgage rates can change at any time.
• Figure out where you stand.Gather all of your financial information, including your current pretax income, all of your current expenses, and everything you have in savings, investments, or other assets. While you’re at it, calculate your DTI by dividing the total of all debts your owe by your pretax income. Finally, get your credit report. Low income does not automatically mean a low credit score. Most mortgages require a credit score between 580 and 670. The higher the credit score, the better your interest rate will probably be.
• Find out if you qualify for assistance.There’s a chance you qualify for down payment assistance, home buying grants, or seller-paid closing costs.
• Find out what options are available.Not all mortgages have the same requirements. Non-conventional loans (those backed by the federal government) are designed to benefit low income borrowers and usually allow smaller down payments and higher DTIs. Most conventional loans (those not backed by the government) do not have income limits, and some have extra benefits such as no credit score requirement, alternative down payment sources, or greater flexibility in income qualification.

Common mortgage programs best suited low-income homebuyers.

• FHA loans.Government-backed loans that allow a 3.5% down payment, higher DTI ratio limits, and credit scores as low as 580.
• USDA loans.Federally-insured loans specifically for low-to-medium income borrowers. Income must be below a certain threshold (115% of the average area median income). The PMI fee is only 0.35%, and certain home repairs can be included in the loan amount.
• VA loans.For qualifying active, retired, or honorably discharged military personnel and their spouses. They do not require a minimum down payment.
• HomeReady Mortgage.A conventional mortgage from Fannie Mae, one of the largest investors in mortgages. The income of every person living in the house is included, increases your DTI, and requires as little as a 3% down payment.

Get good advice.

Make sure all your homework is on the right track. Reach out to a Loan Officer for a fuller picture of what the possibilities are for you. We’re passionate about bringing homeownership to as many people as possible. We know low income borrowers face plenty of challenges, but we go above and beyond to help everyone realize their dream with a workable, financially responsible loan. We offer many mortgage loan options. We likely have one that’s right or you.

Going through a foreclosure is a brutal, depressing experience. It damages your credit and your confidence. With patience and effort, you can recover, overcome the past, and own a home again. It will take time. It will take work and discipline. If you take the right steps, you will demonstrate you are ready to take on a mortgage loan.

Steps toward owning a home again:

• Be patient.It will take time for your credit and your financial health to recover after a foreclosure. Expect it to take three to seven years for your credit to improve, barring any additional financial setbacks. Seven years is also the average waiting period required for borrowers to regain eligibility.
• Practice healthy financial habits.Everything you do to improve your credit and financial status will get you that much closer to borrowing eligibility again. Maintain steady employment and pay down as much debt as possible. Avoid taking on new debt and refrain from making large purchases. Keep up with your bills and pay them on time.
• Save your money.Use this time to build up your savings, both for emergency expenses and for your future home. Start with saving three to six months’ worth of living expenses to provide a cushion to avoid further debt. Then start saving for your future down payment. You’ll need at least a 10% down payment.
• Monitor your credit.Request credit reports from several reporting bureaus. Make sure all of the information is correct. Look for errors that can hurt your rating, such as payments applied to the wrong account, duplicate account information, or a former spouse’s debt showing up on your report.

When you’re ready to purchase a home again, look at all the options.

Different types of mortgage loans have different requirements for people who went through a foreclosure. They also have different waiting periods from the time of the foreclosure. Here are the main types of loans and their waiting periods.

FHA Loans.

These loans require a three-year waiting period that begins when the foreclosure case has ended. Typically, that would be from the date your home was sold. If your foreclosed loan was through the FHA or the VA, you will be ineligible for another federally insured loan until you have repaid the government.

Conventional Loans from Fannie Mae or Freddie Mac.

These loans require a seven-year waiting period. The longer wait is because they are not backed by the federal government. However, the wait period can be shortened to just three years if you meet the following requirements:

• Prove in writing that the foreclosure was caused by extenuating circ*mstances
• Use the new mortgage for either a limited cash-out refinance or for the purchase of a primary residence (not for a second home or investment property)
• Demonstrate that the loan-to-value (LTV) ratio of the new loan is 90%

Conventional Loan from Private Lenders.

Because private lenders set their own terms, there is no set waiting period. They vary. But usually shorter waits require a larger down payment and higher interest rate.

Be Pre-Approved Before You House Hunt.

We recommend you secure pre-approval for a loan before you begin your search for your new home. The pre-approval process will demonstrate that you have come through the foreclosure setback and are now ready to be a homeowner again.

Your 1098 may show that no taxes were disbursed for one of the following reasons:

• The taxes were paid at closing.
• The taxes were not paid from the escrow account in the year the 1098 is reporting on.
• The loan was paid off before the taxes were due.

Caliber is required to disclose to the IRS if/when we cancelled in full or a partial amount of the debt. This could have been due to one of the following:

• Short Sale
• Deed in Lieu
• REO liquidation
• Third party sale
• Loan Modification

• Regular members of the U.S. Armed Forces (Army, Navy, Air Force, Marine Corps, and Coast Guard).
• Reserve and National Guard personnel who have been activated and are on Federal active duty or who have received orders to report on a future date.
• National Guard personnel under a call or order to active duty for more than 30 consecutive days under section 502(f) of title 32, United States Code, for purposes of responding to a national emergency declared by the President and supported by Federal funds.
• Active servicemembers of the commissioned corps of the Public Health Service and the National Oceanic and Atmospheric Administration.
• Certain United States citizens serving with the armed forces of a nation with which the United States is allied in the prosecution of a war or military action.

• The SCRA states that a debt incurred by a servicemember, or servicemember and spouse jointly, prior to entering military service shall not bear interest at a rate above 6 % during the period of military service and one year thereafter, in the case of an obligation or liability consisting of a mortgage, trust deed, or other security in the nature of a mortgage, or during the period of military service in the case of any other obligation or liability.
• The SCRA states that in a legal action to enforce a debt against real estate that is filed during or within one year after the servicemember’s military service, a court may stop the proceedings for a period of time or adjust the debt. In addition, the sale, foreclosure, or seizure of real estate shall not be valid if it occurs during or within one year after the servicemember’s military service unless the creditor has obtained a valid court order approving the sale, foreclosure, or seizure of the real estate.
• The SCRA contains many other protections besides those applicable to home loans.

To request relief under the SCRA, a servicemember or spouse must provide us a written request with a copy of the servicemember’s military orders by one of the following:

• Login and submit a SCRA Protection Request through your Account Management/Message Center.
• Mail to:Caliber Home LoansAttn: Special Loans Dept.13801 Wireless WayOklahoma City, OK 73134
• E-Mail us:Special.Loans@caliberhomeloans.com

There is no requirement under the SCRA, however, for a servicemember to provide a written notice or a copy of a servicemember’s military orders to Caliber in connection with a foreclosure or other debt enforcement action against real estate. Although there is no requirement for servicemembers to alert Caliber of their military status in these situations, it still is a good idea for the servicemember to do so.

• Servicemembers and dependents with questions about the SCRA should contact their unit’s Judge Advocate, or their installation’s Legal Assistance Officer. A military legal assistance office locator for all branches of the Armed Forces is available athttps://legalassistance.law.af.mil/
• “Military OneSource” is the U. S. Department of Defense’s information resource. If you are listed as entitled to legal protections under the SCRA (see above), please go tohttps://www.militaryonesource.mil/legalor call 1-800-342-9647 to find out more information. Dialing instructions for areas outside the United States are provided on the website.

You will need to refinance your mortgage. To speak to a loan officer visit newrez.com/find-loan-officer

The following loan products arenot eligiblefor a recast:

• Federal Housing Administration (FHA) Loans
• Veterans Affairs (VA) Loans
• Government National Mortgage Association (GNMA) Loans
• Bond Loans
• Jumbo Loans
• Caliber Portfolio Loans originated on or before 7/24/18

• The loan must be paid current.
• The recast process cannot commence within 60 days from the date the loan closes.
• The recast process can only be performed once in a 12 month period.*
• A principal reduction payment of $5,000 or more is required.
• The recast process must be requested within 60 days of the principal reduction payment.
• The first monthly payment following the principal reduction payment must be made at the regularly scheduled amount; thereafter, the reduced principal and interest payment amount will be due.
• A form or application is not required to begin the recast process; however, the signed recast agreement must be received prior to executing the recast.
• A program processing fee must be paid in the amount of $250, where applicable**.

* Caliber Portfolio loans originated after 7/24/18 are limited to one recast during the life of the loan.

** A recast fee is not applicable in all states.

1. Contact Newrez Customer Service to request the mortgage recast.
2. Make a principal only payment in the amount of $5000 or greater.
3. Return signed agreement to Caliber. The signed agreement must be returned via regular mail before the due date on the agreement.
4. The recast fee must be paid prior to the execution of the recast.
5. Once both the signed agreement and recast fee received, the new principal and interest payment will be finalized. A billing statement with the new payment and a copy of the agreement will be mailed to you for your records.

1. Online at myaccount.caliberhomeloans.com
2. By Bank Wire
   

   **Please reference your id and loan number on the wire instructions.**

   Company id:Caliber Home Loans, Inc.
   Bank id:Bank of America
   Bank Address:2000 Clayton Rd., Concord, CA 94520
   Account Number:1291063793
   ABA Routing Number:026009593
3. By Check

   Payment mailing address:
   Caliber Home Loans, Inc.
   Attn: Recast
   P.O. Box 272556
   Oklahoma City, OK 73137-2556

   Overnight payment mailing address:
   Caliber Home Loans, Inc.
   Attn: Recast – Cash Operations
   13801 Wireless Way
   Oklahoma City, OK 73134

4. By Phone @ 1-800-401-6587

These types of transfers are:

1. A transfer by devise, descent, or operation of law on the death of a joint tenant or tenant by the entirety;
2. A transfer to a relative resulting from the death of a borrower;
3. A transfer where the spouse or children of the borrower become an owner of the property;
4. A transfer resulting from a decree of a dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement, by which the spouse of the borrower becomes an owner of the property; or
5. A transfer into an inter vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property.

Login and submit a request through your Account Management/Message Center. You can upload required documentation in PDF format.

• Email us your request atcalibermods@caliberhomeloans.com
• Call us at 800-401-6587, Monday - Friday, 8:00AM to 7PM CST
• By Mail: Caliber Home Loans, Inc. Attn: Successor in Interest P.O Box 24610 Oklahoma City, OK 73124
  Note: Documents submitted must have visible and legible legal markings. These include: court stamps, court filing stamps, and notary seals.

• Death Certificate
• Divorce Decree
• Decree of Legal Separation
• Deed titled to you and the borrower as joint tenants with a right of survivorship
• Deed transferring the real property to you
• Transfer-on-death deed (beneficiary deed)
• Deed titled to you and the borrower as community property
• Spousal agreement to non-probate transfer of community property at death
• Court order, decree, or other document executed or certified by a court
• Recorded and certified copy of an affidavit transferring real property of small value
• Copy of a will and some record that it was admitted to probate
• Affidavit proving that you are the borrower’s lawful heir under the laws of intestate succession
• Deed conveying the property to the Junior Lienholder
• Deed or other instrument that conveys the property into the trust
• Copy of Trust document with an Affidavit
• Certification of Trust
• Written acknowledgment potential SII will occupy the property
• Proof of occupancy
• Your photo identification
• Evidence that you are a relative of the borrower
• Evidence that the Borrower is your Parent or Spouse

Please note that required documents may differ based on the state of the property, the transfer type or your specific situation.

Once a Successor request is received, an acknowledgement letter will be sent to the mailing address acquired from the potential Successor. The letter will include the list of documents required to be confirmed on the account. Notice: You can submit the required documentation, which will be used to prove your ownership interest in the property, one of several ways. Please see below.

1. Login and upload your required documents by submitting a message in your Account Management/Message Center. Please include all pertinent contact information with your request so Caliber can reach out to you regarding any questions that may occur. Additionally, please ensure any documents you attach for submission are in either PDF or Word format. These documents will be forwarded to the appropriate department for review.
   Note:Any documents submitted must have visible and legible legal markings. These include, but are not limited to, court stamps, court filing stamps, and notary seals.
2. Via email tocalibermods@caliberhomeloans.com
3. Via Mail:
   Caliber Home Loans, Inc.
   Attn: Successor in Interest
   P.O. Box 24610
   Oklahoma City, OK 73124
4. Via Fax to 405-608-2011.

If the submitted documents are confirmed, the Successor will be added to the loan as a confirmed Successor in Interest and notified as such. This will not, however, impact credit reporting for that individual, unless they wish to assume the loan.

Confirmed Successors in Interest are entitled to the same protections and notifications as the original borrower, under Real Estate Settlement Procedures Act, Regulation X and Truth in Lending Act Regulation Z. These regulations can be found atConsumerFinance.gov.

Possibly.Whether or not you can cancel your PMI depends on several factors, such as:

• Your mortgage type (conventional, Fannie Mae, Freddie Mac, FHA/VA, etc.)
• Age of your loan
• Substantial home improvements made after the closing of your loan.
• Your payment history
• How much equity you have in your home

Your first step is to send us your requestin writing.Sign into your online account and click on your loan number to go to your dashboard. Click onHelp, click onContact Us, and choosePMI Cancellationfrom the available options underWhat is your question about?In theDetailsfield, provide a detailed description of why you want us to cancel your PMI. Then clickSubmit.

It will take about 30 days for us to review your request and get back to you.Note: PMI isrequiredfor some loans andcannotbe removed. Examples include:

• USDA loans
• FHA loans closed before January 1, 2001
• FHA loans closed after June 3, 2013
• Loans with a payment 30 or more days past due in the last 12 months.

To learn more, review our helpful article, “What is PMI?"

Probably not.If your loan has an escrow account, you donotneed to send us the bill. We receive an electronic version of your bill, and we pay it for you—beforethe due date.

Theonlyexception is if you get a delinquent, corrected, or supplemental tax bill. We’ll also pay that bill from your escrow account, but you need to send us a copy of it. Either scan the bill or take a good-quality photo and upload it through theContact Uspage in your online account.Sign into your online account and click on your loan number to go to your dashboard. Click onHelp, click onContact Us, and chooseEscrow Payment or Analysisfrom the available options underWhat is your question about?In theDetailsfield, provide a detailed description of the tax bill you received. Then click on theChoose filebutton to upload a scanned copy or a photo of the tax bill. After you select the document file, click on theSubmitbutton.

Note: If your mortgage doesnothave an escrow account, you must pay all tax bills yourself.

Sign into your online account and click on your loan number to go to your dashboard.

ClickonStatementsand then click onTaxes and Insurance. The tax amounts shown are estimates based on what we paid for you last year. We won’t know the exact amount we need to pay until we get your latest bill.

Sign into your online account and click on your loan number to go to your dashboard. Click onStatementsand then click on1098 Yearlyto view or download your most recent Forms 1098.

Federal law requires us to complete and send your Mortgage Interest Statement (Form 1098) for a given year by January 31 of the next year. After we mail your statement, we post it on our website so you can view and print it at your convenience.Note: If you’ve opted to receive only digital statements, we willnotmail you a paper copy.

To be notified when your Form 1098 is available, you can sign up for text and email notifications. From your dashboard, click on the “down” arrow beside your profile icon and selectMy Profilefrom the pull-down menu. Click onContact Preferencesand then click onNotifications.