Mortgage FAQs Navigating mortgage servicing, payments, and escrow accounts made simple. Get answers to your questions here. Mortgage Servicing: Escrow My escrow account has a shortage, how can I make a payment to my escrow account? You can make an escrow only payment through our Quick Pay system, or by visiting one of our banking centers. Why did my mortgage payment change? Your mortgage loan payment may have changed due to an increase or decrease in your annual insurance premium or property tax bill. Each year we are notified by your insurance company and county treasurer of your bill amount and we will adjust the escrow amount included in your total monthly payment to ensure we are collecting enough to pay your insurance and tax bill. Your monthly loan payment can also change if you have an Adjustable Rate Mortgage (ARM) loan (please reference your promissory note for details). What is escrow analysis? Escrow analysis is performed every 12 months on mortgage loans with escrows (tax and insurance) accounts associated with them. Our clients receive a detailed notice that breaks down the activity in their escrow account over the past 12 months, along with a projection for the next 12 months' activity. It is at this time that a new payment is set for the client for the following 12 months. If it is determined that a client has too much in their escrow account, they will receive a refund check for that overage in the mail in the 2 weeks following the analysis. If it is determined that a client has too little, the shortage will be spread over the next 12 months and the client’s payment will reflect this increase. The client will also be given the option to pay for that shortage or deficiency up front to mitigate that portion of increase in their monthly payment. What is the minimum balance required on an escrow account? In order to mitigate a potential shortage in your account due to rising real estate taxes and property insurance, we keep a cushion in your escrow account. Therefore, the minimum balance required in an escrow account is two months' of escrow payments, also knows as a "cushion". Does Bank of Jackson Hole pay interest on escrow accounts? We do pay interest on escrow accounts in certain states. We do this in accordance with the Real Estate Settlement Procedures Act (RESPA) and applicable state laws. What do I do if I receive a tax bill or insurance invoice in the mail? If your loan has an escrow account, then these bills are for your information only. Your tax and insurance bills will be paid with the funds in the escrow account by the bank. If you do not have an escrow account set up on your loan, these payments will be your responsibility. If my monthly payment changes and my payment is set up to automatically withdraw from my checking account, do I need to update my automatic payment? If you have ACH set up, this payment will automatically update and pull correctly. If you have any other form of payment, you might need to manually update the payment amount. Mortgage Servicing: Payments How can I make my mortgage payment? Log into Online Banking. Select a one-time transfer or setup a recurring transfer from your Bank of Jackson Hole account. Set up a recurring ACH transfer from any financial institution and email it to our Mortgage Servicing team at MortgageServicing@nbhbank.com. Go to our free online payment service that offers you a fast and convenient way to pay your Bank of Jackson Hole loan directly from any checking or savings account. Our site provides two payment options — make a one-time payment or set up recurring payments to be drafted on the 1st of each month. We also provide a convenient phone payment option. Just call 877.877.0397. Visit us in person at one of our banking centers. Can I set up Online Banking for my mortgage loan? Yes! Go to the homepage, or click "Sign In" in the top right corner of this page, then click "New Online Banking User? Click Here" in the Online Banking login box. Check the radial circle for "Loan Account" during set up. Within online banking, you can make a loan payment from a Bank of Jackson Hole account, review your online statements, elect to have e-statements sent to you, and view your loan activity. When will I receive my first mortgage statement? Monthly mortgage statements are generated 14 days before the next payment is due. The delivery timeframes of the United States Postal Service (USPS) are unpredictable, so we can't guarantee when you'll receive it. For faster receipt, you can sign up for online statements through our Online Banking. Can I make an extra principal payment? Yes, you can. Simply identify the additional funds in your payment to go to principal. If principal only, add a zero in the payment line. How do I get a payoff statement? You can email your request to LoanPayoffRequests@nbhbank.com, along with a signed authorization to release the information. We cannot provide a payoff by phone. Can I use a personal check to pay my loan off? Yes, you can pay off your loan with a personal check. What happens after I pay my loan off? Once we receive your final payment we will send a Release of Deed to be recorded with the county clerk. Once we receive the recorded Release of Deed back from the County we will send you a copy, along with your original note marked "paid". This process usually takes no longer than 90 days. I received a late notice and I want to discuss my payment options. What do I do? Please contact our Loss Mitigation team at 866.505.1468 to make arrangements. When is my payment considered late? And will I be charged a late fee? A late fee will be assessed the evening of the 16th day. We are unable to change your due date. I received notification that my mortgage was recently sold. What does this mean? The transfer and sale of mortgages is a common practice in the mortgage industry. It fulfills the need of investors and makes funds available for other homebuyers. A sold mortgage means we have sold the rights to collect the monthly payment. Everything about the loan stays the same except for the company you send your monthly payment to.
