How does buying a home compare to renting?
Purchasing a home enables you to receive tax benefits while building equity that you can cash out in the future. Owning a home also gives you the opportunity to truly personalize your space.
Should I prequalify before I find a property?
Yes! Prequalifying first can help you save time and effort before you get too far into the process. You will know upfront how much home you can realistically afford. It also lets real estate agents and sellers know that you’re a serious buyer, which can be an advantage when making an offer.
How does a lender determine how much I can afford?
Your lender will consider a number of factors when determining your maximum loan amount. Some of these include your debt-to-income ratio (how much of your monthly gross income goes toward paying debts), cash available for down payment and closing costs, and credit history.
What is an appraisal?
An appraisal compares the current market value of the home you’d like to buy with other homes in the area that have recently been sold. A recent appraisal is necessary to confirm the property’s current value.
What is an interest rate lock?
This is a guarantee that the interest rate you select for your mortgage loan will not change between the offer and closing and will be the rate used to set your monthly payment. Your loan must be process and close before the rate expiration date.
What are closing costs?
These are the fees and charges due at the closing of a real estate transaction. Both buyers and sellers pay various closing costs. A buyer's closing costs generally include (but aren't limited to):
What documents will I receive at closing?
At closing, you’ll sign and receive copies of all legal documents that are recorded and filed for the property you’re purchasing. In addition, you will receive information regarding your monthly mortgage payment and servicing information for your new loan.
What is mortgage insurance (MI)?
This is an insurance policy that protects the lender in case of default, allowing them to approve a loan they might not have otherwise. MI can make buying a home with less than 20% down possible. If you're required to pay for MI, it's typically included in your total monthly payment, your closing costs due at closing, or both.
Based on the loan program, MI can be paid in different ways:
What is homeowners insurance?
Homeowners insurance, also known as hazard insurance, is a policy that covers damages to your home, your belongings and accidents as outlined in your policy.
Is homeowners insurance required at closing?
Yes, proof of homeowners insurance will be required before you can close your home.
How do I know which loan program to choose?
Your loan officer will work with you to determine which loan product benefits you. They will review your current finances and future financial goals. Your loan officer will also consider factors like your target monthly mortgage payment and how long you plan to live in the home.
What is the difference between a fixed-rate and adjustable-rate mortgage?
A fixed-rate mortgage has an interest rate and payment that stay the same over the life of the loan. With an adjustable-rate mortgage, the rate can either increase or decrease, based on market factors. The monthly payment can also go up or down based on the rate adjustment.
What is a balloon mortgage?
A balloon mortgage has a fixed-rate payment for the first 5 to 7 years of the loan, then a lump sum payment of the loan balance is due at a specified date when loan matures.
What is a conventional mortgage?
A conventional mortgage is a home loan that is not offered or secured by a government entity (like FHA or VA). Conventional mortgages typically conform to the loan limits set by the Federal Housing Finance Administration (FHFA) and are eligible for purchase by Fannie Mae and Freddie Mac (the two government-sponsored enterprises that guarantee the majority of mortgages in the U.S.). Unlike government loans like FHA, VA, and USDA, conventional loans can be used for more property types (primary residences, second homes, and investment properties). In addition to the popular 30-year fixed conventional loan, there are also more choices for loan structure including 15-year or 20-year terms and adjustable-rate mortgages.
What is a jumbo mortgage?
This is a loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA) and is ineligible to be purchased Fannie Mae or Freddie Mac. Jumbo loans can come with maximum limits up to several million dollars. Luxury homes or properties in highly expensive markets are typically financed with jumbo mortgages.
My loan just closed. What do I need to do next?
First, welcome to your next chapter with Cornerstone! Our commitment to you
extends far beyond closing day—we strive to make you happy for the life
of your loan and beyond. We love making it easy to manage your mortgage so
you can focus on the fun parts of owning your home.
Please look out for a welcome letter from us, which will be a great resource for you. The letter includes your account details, how to register your account online, and an overview of some of the options and services we offer to help make homeownership easy. The letter will also provide our contact information.
Where can I find my loan information?
We offer 24/7 access to your loan information when you register on our
website, CHLServicing.com,
or on the Cornerstone Home Lending mobile
app for Apple and Android. Click here
for information and how to register.
Once you log in, go to My Loan to see an overview of your loan, including
balance, interest rate, payoff date, and more.
Where can I find my loan number?
Keep your loan number handy because it is the
primary way we identify your loan. Here’s how to find it:
If you recently closed your loan with Cornerstone: You will receive a welcome letter from us in the mail, which will include your new loan number. Check the right-hand side under INFORMATION YOU NEED—the Servicing Loan Number listed there will be your new loan number moving forward.
If your loan is transferring to Cornerstone from another servicer: In our welcome letter mailed to you, your Cornerstone loan number is provided on the first page under INFORMATION YOU NEED. If you have not yet received our welcome letter, check the Notice of Transfer letter mailed to you by your previous servicer—it may include both your previous loan number and your new Cornerstone loan number. If you have questions or need assistance, call Cornerstone Customer Care after your transfer date at 866.500.0756. We’re excited to serve you!
When will I receive my first billing statement?
If you recently closed on your loan with Cornerstone, we will send you a
billing statement before your first payment is due.
If your loan is transferring to Cornerstone, please check the welcome letter mailed to you around your transfer date for information.
When is my mortgage payment due?
Your payment due date will be included on your billing statement each
month, and you can see your due date anytime online. When you log into
your account at CHLServicing.com
or the Cornerstone Home Lending mobile
app, your payment amount and due date will be one of the first things you
see both on your main dashboard and in the Payment section. Need help
finding your payment due date? Call Customer Care at 866.500.0756.
How can I make my monthly mortgage payments?
We offer a variety of payment options—you can choose the option that is most convenient for you!
Please see our
Payment FAQs
for information.
How do I set up autopay?
You can set up recurring monthly ACH drafts by phone or online in a few quick steps:
If you would like to set up budget drafts, meaning recurring ACH drafts every two weeks, please call Customer Care at 866.500.0756.
How will you communicate with me?
We can communicate with you in a variety of ways—email, secure messaging on our
website and app, by phone, and by mail. You can set your communication preferences
online or call Customer Care at
866.500.0756. We’ll be happy to help!
How to set your communication preferences online:
How can I contact you?
Any time you have questions or need assistance, we’ll be happy to help!
Here are a few ways to contact Cornerstone Customer Care:
Can I access my loan online?
Yes, we offer 24/7 access to your mortgage loan online! For details and
how to set up your account online, see our
Online Access FAQs. To register
online now, visit CHLservicing.com
or our free and easy-to-use
Cornerstone
Home Lending
app for the best experience on a mobile device.
Need assistance? Call Customer Care at 866.500.0756. We’ll be happy to help!
Can I opt out of receiving paper statements in the mail?
Yes! You can opt out of paper statements by signing up for Paperless Statements.
Once you are enrolled, we’ll send you an email each time a statement is
ready to view online.
Signing up for Paperless Statements online is quick and easy. Here’s how:
When will I be assessed a late fee?
A late fee is assessed if your payment is not received by the end of the grace period.
The grace period, which is detailed in your Note, is the number of days after your due
date when a late fee will not be charged. If you make your payment after the grace
period ends, a late fee will be assessed.
When will I receive my 1098 statement for tax purposes?
Cornerstone sends these statements by January 31st each year. Click here for more information. If
you are enrolled in paperless statements, we'll notify you by email when your statement is ready to view online. Otherwise, we will mail
a paper copy to the mailing address you have provided.
My loan is transferring to Cornerstone. What does this mean?
If you’ve received a notice that the servicing of your mortgage loan will transfer to
Cornerstone, rest assured, the terms of your loan will not change due to the transfer.
On your transfer date, Cornerstone will begin servicing your loan moving forward. As your new loan servicer, we will:
To Cornerstone, loan servicing means so much more—we strive to make homeowners happy for the life of their loan. We’ll go the extra mile to provide the best experience, combining Cornerstone’s 34-year tradition of superior customer care with our investment in the best people and technologies in the industry. We offer an array of services, account options, and tools designed to make managing your mortgage easy and convenient. We’re excited to serve you!
Will you send me more information about my loan transferring to Cornerstone?
Yes! After your transfer date, we will send you a welcome letter with details
about the transfer, how to make payments, our contact information, and other
important information. Please look out for this letter as it will be an important
resource as your loan transfers to Cornerstone.
In the meantime, browse our New Customer FAQs for information.
I received a letter from Cornerstone about my loan being transferred to a new servicer.
What does this mean?
Beginning on the transfer date specified in the letter, Cornerstone will no
longer handle your mortgage payments or any aspects of your loan.
Beginning on your transfer date, your new servicer will collect and process your payments. Your escrow account, if you have one, will be transferred with your loan—your new servicer will pay your tax and/or insurance bills and manage your escrow account moving forward.
Around your transfer date, your new servicer will send you a welcome letter with additional details about the transfer, how to make payments, their contact information, and other important information. Please look out for this letter, as it will be an important resource for you as your loan transfers to your new servicer.
Will the terms of my loan or interest rate change?
No. Rest assured, a loan servicing transfer will not affect the terms of
your loan. This includes your interest rate.
Will my loan number change?
Whether your loan is transferring to or from Cornerstone, you will
likely be assigned a new loan number by your new servicer. Your new
loan number will be provided in a welcome letter mailed to you along
with other information relevant to the transfer of your loan.
I already made my next payment to my previous servicer. Do I need to resend
the payment to my new servicer?
Your previous servicer will process and apply any payments received prior
to your transfer date. Payments received by your previous servicer on or
after your transfer date will be forwarded to your new servicer and
credited to your loan. During the 60-day period following the
effective date of the loan servicing transfer, a loan payment
received by your old servicer on or before its due date may not
be treated by the new servicer as late, and a late fee may not
be imposed on you.
If your payment is forwarded by your previous servicer, it may take a couple of days for your payment to appear on your bank statement—in general, it takes a few days for servicers to bring new loans into their system and begin processing payments. However, as long as you sent your payment on time to either your previous servicer or new servicer, it should not be considered late.
Will my autopay drafts continue after the transfer?
Please check the notice of transfer letter sent by your previous servicer
and/or the welcome letter sent by your new servicer for information
about your autopay settings.
I have a one-time payment scheduled to draft on or after my
transfer date. Will it still occur?
Please check the notice of transfer letter sent by your prior
servicer and/or the welcome letter sent by your new servicer
for information about your one-time payment.
Where can I find past statements and other documents sent by my previous servicer?
Depending on your previous servicer and how much time has passed since your
loan transferred to us, you may still have limited access your prior online
account to view and download past documents. If you have tried logging into
your previous servicer's website without success and need to access
documents sent by your prior servicer, we may be able to help! Please
contact Cornerstone Customer Care.
If your loan transferred from Cornerstone's New Jersey Servicing Center in August 2022, you can log into your previous account here to view and download past documents. Your previous online account will be available through April 2023. Now that your loan has transferred to Cornerstone Customer Care, you can manage your mortgage online and access up-to-date information and statements at CHLServicing.com or via the Cornerstone Home Lending mobile app. To learn about setting up your account online, click here for a video and FAQs.
After my loan transfers to a new servicer, will Cornerstone
still be able to help me with my loan?
We strive to be your mortgage partner for life, and we’ll always
be a resource for you. Your new servicer will be your new contact
for the ongoing management of your mortgage loan, as they will
have direct access and capabilities to help with the ongoing
management of your loan. However, please reach out to your
Cornerstone Loan Officer with general questions or
if you’re thinking about taking out a new loan, refinancing,
or otherwise. We’ll be happy to help!
How can I make payments to Cornerstone?
We offer a variety of quick and easy payment options. Choose the way
that is most convenient for you:
Overnight funds should be mailed to the following address:
Cornerstone Home Lending
Can I receive my monthly statements electronically instead of by mail?
Yes! You can opt out of paper statements by signing up for Paperless Statements.
Once you are enrolled, we’ll send you an email each time a statement is ready
to view online.
Signing up for Paperless Statements online is quick and easy. Here’s how:
What is autopay?
Autopay, meaning recurring monthly ACH drafts, allows you to pay
your loan automatically each month from your checking or savings
account. You may also opt for
budget drafts
if you would like to
split your monthly payment into two recurring drafts every 14 days.
Autopay gives you peace of mind because your mortgage can be automatically drafted each month—you won’t have to write and mail a check or remember to make your payment online.
If you do not already have autopay set up on your account and would like to enroll, you may do so online (instructions below) or by calling Customer Care at 866.500.0756. Signing up is quick and easy, there is no fee to enroll, and you’ll get to choose the day your payment will draft. You will also have the option of adding additional principal payments, while enrolling, which may help you pay off your loan sooner than scheduled and save you money in the long term by reducing the amount of interest you will pay over the life of your loan.
How can I set up autopay?
You can set up autopay on our website or app in a few simple steps:
Next, you will receive an email from us confirming your request has been submitted.
Please note:
Can I split my monthly payments into two payments?
Yes, after you have made your first payment to Cornerstone, you can
opt to set up budget drafts, meaning automatic ACH drafts from your
checking or savings account every 14 days.
To set up budget drafts or for more information, please call Cornerstone Customer Care at 866.500.0756. We’ll be happy to help!
Can I make payments through my bill pay service?
Yes, you can make your payments through a third-party bill pay service such
as your bank, government allotment, biweekly bill pay service, etc.
Typically, you will need to provide them with your loan number and our
address for payments:
How can I request a payoff quote?
You can request a payoff statement online:
You may also call to request a payoff statement at 866.500.0756.
Can I authorize a third party to request a payoff quote on my behalf?
Yes, you may authorize a third party (a title company, for example) to
request a payoff quote on your behalf. To do so, please contact us:
Why is my payoff quote higher than my principal balance?
In addition to the principal balance of your loan, a payoff amount
will always include other costs associated with paying off your your loan.
These costs include, but aren't limited to, the recording fee charged by your
county and additional interest that accrues until the entire amount
to satisfy the loan is received. Thus, a payoff amount will always
be higher than the principal balance.
Already have an account? Click here to log in.
Why should I set up my account online?
Setting up your account online lets you manage your mortgage your way—anytime, anywhere.
On our secure and easy to use website and mobile app, you can:
Registration is quick and easy! Please see instructions below.
How can I access my account online?
I am having trouble registering. Can you help?
Yes, please call Cornerstone Customer Care at 866.500.0756 —
we’ll be happy to help.
You may also check to see if our website is compatible with your internet browser. Our website is compatible with the following:
What should I do the first time I log into my account?
Once you’re logged into your account, you can:
What is an escrow account?
Your escrow account allows Cornerstone, as your loan servicer, to pay your required property taxes and/or insurance on your behalf when they are due. Each month, we allocate a portion of your mortgage payment to your escrow account to cover the estimated costs of your escrowed items, which may include property taxes, homeowners insurance, mortgage insurance (if required by the mortgage investor), and/or flood insurance. Cornerstone will review your escrow account at least annually and let you know of any changes to your expenses and, by extension, your monthly escrow payment.
What are the advantages of having an escrow account?
Having an escrow account can save you time and make homeownership easier. We fully manage the account for you, paying for escrowed items on your behalf when they are due and analyzing payments going into and out of your escrow account to ensure there will be enough money to cover your escrowed items. Having an escrow account also helps you budget for large expenses tied to your property, giving you peace of mind.
How can I see my escrow account payments and other details?
You can access your escrow account information 24/7 on our website, CHLServicing.com, or the Cornerstone Home Lending app for Apple and Android. Questions? Send us a secure message online or call Cornerstone Customer Care at 866.500.0756. We'll be happy to help!
I opted for an escrow account at closing. Can I change my mind?
The short answer: it depends. Options to remove an escrow account from a loan vary based on factors such as state laws, investor guidelines, loan type, property type and loan-to-value (LTV) ratio.
If the loan qualifies, tax payments and homeowners insurance premiums may be removed from escrow collection. However, there are certain types of payments that must be escrowed:
If you would like to waive your escrow account, please contact Customer Care:
What is an escrow analysis?
As your loan servicer, Cornerstone will review your escrow account at least annually and
let you know of any changes to your expenses and/or changes to your monthly payments. We
detail our review in your annual Escrow Account Disclosure Statement, which includes:
How is my escrow payment determined?
When your loan was originated, your tax payments and/or insurance premiums were determined before your loan closed using the most recent tax and/or insurance amounts paid on the property. If your home was newly constructed, your estimate may have been based on taxes paid for the property before improvements were made.
Annually thereafter, your escrow payment will equal the expected total cost of your taxes and/or insurance premiums for the upcoming 12 months, which is calculated based on the actual cost of these items in the prior 12 months. If an official notice of an amount change for the upcoming year is issued by a taxing authority or insurance provider, your escrow payment will reflect the new amount. If your previous escrow analysis found a shortage, your current monthly escrow payment may also include a shortage repayment to help ensure your escrow account has enough funds to cover your escrow expenses in the current year.
Why did my escrow payment change?
Changes in the cost of your escrowed items may lead to a change in your escrow payment. Reasons may include:
How is the lowest estimated balance point determined?
The lowest monthly escrow balance estimated during the year, also known as your expected low point, is based on your starting balance, the amount of your monthly escrow payments, and the estimated cost of your escrowed items in the coming year.
Why do you collect a cushion?
Your two-month cushion, or Required Minimum Balance, helps ensure your escrow account has enough money to pay for unexpected increases in your tax and/or insurance. Equal to two of your monthly escrow payments, the Required Minimum Balance is required by the Real Estate Settlement Procedures Act (RESPA), your mortgage contract or state law. When you pay off your loan, funds held in your escrow account as a cushion will be refunded.
Whom do I contact if I have questions about escrow costs?
My escrow account has a shortage. Why?
Reasons you do not have enough money in your escrow account to meet the minimum balance may include:
What do I need to do if I have a shortage?
Your shortage will automatically be spread across your payments for the next 12 months to help ensure your escrow account has enough money to pay for your escrowed items. It is important to note your new monthly mortgage payment amount and effective date (see Part 1 of this statement) so you can adjust your payment accordingly. If your Cornerstone account is set up with autopay (recurring ACH drafts), your settings will automatically update with your new payment amount. If you make your mortgage payments through a third-party entity (e.g. bank, government allotment, biweekly, or bill-pay service), you will need to update your payment settings with the new amount. To explore alternative options for your escrow account shortage please message Cornerstone Customer Care at CHLServicing.com or on the Cornerstone Home Lending mobile app, or call 866.500.0756.
Can I prevent a shortage?
While a shortage may not be preventable, you can minimize the impact of a shortage by keeping up with your escrow account activity at CHLServicing.com or on the Cornerstone Home Lending mobile app. Compare any payments made from your account to what was expected in your annual escrow analysis. If payments were higher than expected, you can opt to make an additional payment to help lower or prevent a shortage the following year.
Why does my escrow account have a surplus?
Your escrow account contains more funds than needed to cover your expected escrow payments in the coming 12 months based on the amount we expect you to pay into your escrow account and the total amount we expect to pay for your escrowed items out of your escrow account. This may be due to a decrease in the cost of your taxes and/or insurance, or because you paid more money into your account than we expected last year.
Will my escrow surplus be refunded to me?
If your escrow surplus is $50 and above, we will mail you a refund check in the amount of the surplus.
Can I prevent a surplus from occurring?
While a surplus may not be preventable, you can help minimize it by keeping up with your escrow account activity at CHLServicing.com or on the Cornerstone Home Lending mobile app. Compare any payments made from your account to what was expected in your annual escrow analysis. If payments were higher than expected, you can opt to adjust your payment to help lower or prevent a surplus at the end of the 12-month escrow analysis period.
What do I need to do if my home has been damaged?
Here's what you need to do first:
Please click here for additional information regarding insurance claims.
I have a new homeowners insurance policy. Do I need to send it to you?
Yes, if you pay your homeowners insurance premiums through your regular monthly mortgage payment (your escrow account) and you have a new insurance policy, please send it to us. You can transfer the policy to us quickly and easily online at www.ihaveinsurance.com/cornerstone, fax it to 626.667.6419, or mail it to the following address:
My account is escrowed for insurance and I have a new insurance provider. What do I need to do?
When you change insurance carriers, you need to take these three steps:
What is the mortgagee clause?
This information lets your insurance provider know where to send the premium notices as well as funds in the event of a claim. The mortgagee clause should be:
What is mortgage insurance?
Private mortgage insurance (PMI) is a type of mortgage insurance required for conventional loans if you put down less than 20% of the home's purchase price at closing. If you have PMI, you might be wondering how long you will need to continue paying this extra expense. Options to remove the PMI requirement from a loan vary based on factors such as investor, loan type, payment history, property type, and loan-to-value (LTV) ratio. For information, click here.
Mortgage insurance premiums (MIPs) are required for loans backed by the Federal Housing Administration (FHA) regardless of down payment amount. FHA MIP can be canceled under certain circumstances for FHA loans originated on or after January 2001. FHA loans originated before January 2001 are ineligible for MIP cancellation.
Government-backed USDA and VA loans do not require mortgage insurance. But these loans have funding fees for a percentage of the loan amount and payable at closing as a lump sum or financed into the mortgage and included in monthly payments. The funding fees act like mortgage insurance.
Can I cancel my mortgage insurance?
The short answer: it depends! Not all loan types are eligible for mortgage insurance cancellation, so speak with our servicing team for guidance.
Click here for more information.
I just received a property tax bill and have an escrow account. Do I need to send it to you?
Yes, if you pay your property taxes through your regular monthly mortgage payment (your escrow account) and you have received a tax bill, please send it to us so we can ensure timely payment. You can fax it to 626.667.6419, or mail it to the following address:
When will I receive my 1098 statement for tax purposes?
You will receive a statement from us for the time we serviced your account. Cornerstone sends these statements by January 31st each year. If you are enrolled in paperless statements, we'll notify you by email when your statement is ready to view online. Otherwise, we will mail a paper copy to the mailing address you have provided.
What is a tax exemption?
A real estate tax exemption is a reduction (or elimination) of a property tax liability (this is the amount you owe to your local tax authority for a given year). As a homeowner, you can request a property tax exemption from your local taxing authority. The process for requesting a tax exemption and approval timelines vary by taxing authority.
If you have questions about tax exemptions, please call 1.888.412.3628. We'll be happy to help!
I have applied for a tax exemption. When will you reduce my escrow payment?
Not all exemption requests are approved, and some are approved at a lesser amount than you anticipate. As a result, Cornerstone is unable to change the amount due to your escrow account as part of your monthly mortgage payment until we receive confirmation the request was granted and the amount of the exemption.
In our experience, taxing authorities may take up to 90 days to process exemption requests. If you have questions about the status of your request, you may contact your taxing authority. We are unable to confirm the status until the exemption is granted by the taxing authority.
My tax exemption request was approved! Now what?
Great news! If you have an escrow account, please email a copy of the written notification confirming your tax exemption to Cornerstone. We make every effort to proactively monitor your property tax liability to identify new exemptions, however you may receive notification that your request or application was granted before we do.
Here's what to expect once we receive notification of your tax exemption:
I was granted a tax exemption. Will I receive a refund for extra funds collected through my previous escrow payments?
We review your escrow account at least annually to help ensure it has enough money to cover your taxes and/or insurance. At the time of your next escrow analysis, if your escrow account is projected to have a surplus of $50 or more based on what we expect to pay in taxes and insurance in the upcoming 12 months, we will send the surplus funds back to you.
I was granted a full tax exemption and received a refund from my escrow account, but the refund was less than I expected. Why?
If our recent annual escrow analysis found a surplus and you received a refund, there are a few possible reasons it was less than expected. First, if your escrow account is set up to pay other tax and insurance expenses in addition to property taxes, one or more of these other expenses may have increased. In addition, the refund is impacted by the effective date of the exemption. For example, if you receive a 100% tax exemption effective June 1, 2023, we will update the amount we need to collect in your monthly payment, but we may need to retain funds previously collected to ensure your escrow account balance is sufficient to cover property taxes due for the period ending May 31, 2023.
As your mortgage partner, we are here to help you navigate impacts of a disaster on your home and mortgage. We hope you and your loved ones are safe and we’re eager to help you move forward. There are a few things you may need to know and do to get started with an insurance claim or request for mortgage assistance due to financial hardship. Information and key contacts are provided below.
What do I need to do if my home was damaged due to a disaster?
If your property has been damaged, here’s what you need to do first:
I am not able to live in my property. How can I get funds for alternative housing?
Funds for temporary housing or personal property are typically released directly from your
insurance provider to you. These funds are not typically included in the check you will
receive as settlement for property damage.
I received a check from my insurance provider made out to both Cornerstone and me. What do I do?
The owner of your loan and your loan status will determine the amount of money released to you and the frequency of additional disbursements. For example, if your loan is owned by Fannie Mae (FNMA) or Freddie Mac (FHLMC) and is not delinquent, the first $40,000 will be released to you immediately with remaining funds being released as repairs are made and completion of the repairs is verified through inspections.
For information specific to your loan, please contact our Loss Draft team at 833.253.1133.
I received a check from my insurance provider. Am I able to use the funds to pay my loan in full?
You may use insurance proceeds to pay off your loan, but keep in mind, if you choose to do this,
you would then own the property “free and clear.” This means you are liable for all activities
associated with the property – for example, clearing debris, making repairs, paying taxes, and paying insurance.
I am having trouble making mortgage payments due to a disaster. What can I do?
If a recent disaster has affected your ability to conduct normal financial business,
we understand this may result in late or missed mortgage payments. We are here to help,
so please reach out to our Homeowner Assistance Team at 866.500.1640. We will guide you
on available mortgage assistance options, how to apply, and what to expect.
Other resources for disaster assistance:
The Federal Emergency Management Agency (FEMA) offers disaster assistance
programs and resources. For information, visit:
A paper copy of your 2022 tax statement was mailed to you by January 31, 2023. In addition, we’re happy to provide easy online access to 2022 tax statements now! Log into our website or mobile app and go to Documents, and then select Taxes. Click the link to your 2022 statement to view, download and print a copy anytime.
Important note regarding servicing transfers: If your mortgage transferred from one servicer to another, you will typically need a year-end statement from each servicer. This includes mortgages that transferred from our New Jersey Servicing Center. Please see the Servicing Transfers section for information.
Questions? Find answers below.
What tax statement should I expect from you?
Depending on your account activity last year, you may receive the following IRS
Form from us:
What is a Form 1098 Mortgage Interest Statement and why do I need it?
IRS Form 1098 details interest paid on a loan in the past calendar year. The form includes:
Who receives a Form 1098?
If your mortgage was serviced by Cornerstone in 2022, you will
receive a Form 1098 reporting interest paid during that time.
This applies to all Cornerstone servicing centers for 2022.
Cornerstone reports the 1098 in the primary mortgagor’s name, meaning the name of the first Note signer, in accordance with IRS guidance.
When will I receive my tax statement?
Statements will be available by January 31 each year.
Can I find my tax statement online?
Yes! Once your statement is ready, you can log into your account at
CHLServicing.com
or via the Cornerstone Home Lending
mobile app to view, download, and print your statement anytime. Once logged in,
go to Documents, and then select the
Taxes section. For information about your online account and how to register,
click here.
How will I receive my tax statement from you?
Statements will be mailed and available online via our
website
or mobile app.
How can I confirm or update my mailing address?
As of January 10, 2023, the mailing address for your 2022 tax statement can no
longer be changed. If you need to update your mailing address, please do so as
soon as possible to help ensure you receive future communications from us in a
timely manner.
You can view your contact information online anytime on our website or mobile app mobile app. Once logged in, go to the My Loan tab. The Loan information section will display your mailing address, email address, and phone numbers. To change your preferences, click Edit. You may also call us to confirm or update your contact information at 866.500.0756.
I need a copy of my statement. Can you send one to me?
You can download and print your statement in a few quick clicks on our
secure website or
mobile app. Once logged in,
go to Account Management, select Documents, and
then select the Taxes section.
For information about accessing your account online and how to register, click here.
If you need further assistance, contact Customer Care:
I have received more than one Form 1098. Do I need all of them?
It depends on the reason you received more than one for the same calendar
year. A few potential scenarios:
I received a corrected Form 1098 from you. Why?
Inaccurate or outdated information was identified in your original
1098, so a corrected statement was provided. This could be a result
of an error or the IRS issuing updated guidance that affected your
statement.
Why is there a difference between interest paid for my loan in 2022 and the
interest reported in my 2022 Form 1098?
In general, unless you have an adjustable-rate mortgage (ARM), the
percentage of your monthly mortgage payment applied as interest
decreases as you repay your principal, or the amount initially borrowed
to purchase your property. As the amount due in interest decreases, the
amount applied to your principal increases. To see how the ratio of
principal to interest changes in your monthly payment throughout the
life of your loan, check your Amortization Schedule—log into your account
via our website or
mobile app and go to My Loan.
There are many other reasons the amount you pay in interest may change year-to-year. For example, if you have an adjustable-rate mortgage (ARM), your interest rate may have increased.
My mortgage transferred from one servicer to another in the past year.
Who will send my year-end tax statement?
Typically, you should receive a statement from each servicer for the time they
serviced your account.
This includes accounts that transferred between Cornerstone servicing centers, including our Houston Servicing Center, New Jersey Servicing Center, and Cornerstone Customer Care. You should receive a tax statement from each servicing center that reports interest during the time they serviced your mortgage.
Depending on the servicer, if you opted out of receiving paper copies of statements from them, your tax statement may be sent to you electronically instead of by mail.
My loan transferred from Cornerstone’s New Jersey Servicing Center.
Can I access their statement online?
Yes, you should be able to access your statement via your prior online
account with the New Jersey Servicing Center now through April
2023—click here
to log in. If needed, you will find links to reset
your username and password on the login page.
In addition, for those who transferred to our new servicing center, Cornerstone Customer Care, we are working to also provide New Jersey Servicing Center statements by the end of February on our website, CHLServicing.com, and on the Cornerstone Home Lending mobile app.
Will the New Jersey Servicing Center send tax statements by mail?
If you were previously enrolled for paperless statements with our
New Jersey Servicing Center, you should be notified by email when
your statement is ready online to view, download, and print. If you
were not enrolled for paperless statements, a paper copy will be
mailed to you by January 31, 2023.
If you were not enrolled for paperless statements, a paper copy will be mailed to you.
I have not received a statement from the New Jersey Servicing Center. Can you help?
By the end of February, you will be able to access a copy of this on our
website or
mobile app. If you need further
assistance, please contact us:
My account was previously serviced by Cornerstone’s Houston Servicing Center.
Will my statement be available online?
If you would like a digital copy of your Houston Servicing Center
statement, we’ll be happy to help. Please contact us at 866.500.0756
or via email. You will
need to provide your loan number.
How can my Form 1098 help with tax deductions?
This statement reports the total mortgage interest paid on your loan during
the year. Generally, homeowners may be able to deduct mortgage interest from
their taxes owed to the IRS. For information and guidance, you can consult
a qualified tax advisor, contact the IRS at 1.800.829.1040, or visit
IRS.gov.
Can interest paid be deducted by both borrowers and coborrowers?
You can check the "Instructions for Payer/Borrower" section of your IRS Form 1098
for this information, consult a qualified tax advisor, contact the IRS at
1.800.829.1040, or visit IRS.gov.
If my mortgage is exempt from Form 1098 reporting, is interest paid on my loan tax deductible?
Typically, even if your mortgage is exempt from the Form 1098 requirement,
interest paid on your loan may still qualify for tax deductions. For guidance,
you can consult a qualified tax advisor, contact the IRS at 1.800.829.1040, or
visit IRS.gov.
I have other questions about year-end tax statements. Whom should I contact?
If you have questions specific to taxes and deductions, reach out to the experts.
Consult a qualified tax advisor, contact
the IRS at 1.800.829.1040, or visit IRS.gov.
As your mortgage partner, we’ll be happy to help with questions about your statement. Here are a few ways to contact us:
Can I reduce my interest rate?
If you want to reduce the interest rate of your loan to reduce your
monthly mortgage payment, refinancing might be an option for you.
We’ll be happy to help you explore your refinancing options.
Check out our Refinancing FAQs and contact your licensed
Cornerstone Loan Officer for information. Also visit our Refinancing
page for information and to prequalify.
Can I pay a lump sum to reduce my monthly payments?
We love making homeowners happy—and what better way than to help you save
money throughout the life of your loan? If you want to lower your monthly
mortgage payment and have the means to make a one-time principal reduction
payment of $10,000 or more, a mortgage recast might be a great option for you.
A recast involves making a one-time payment to reduce your loan principal and reamortize your unpaid balance over the remainder of your loan term. In other words, we’ll recalculate your monthly principal and interest payment based on your reduced loan balance and payoff date. The immediate result is a reduction of your monthly mortgage payment. In the long run, a recast can reduce the amount of interest you will pay over the life of your loan.
Requirements: Not all mortgage loans are eligible for a recast. Under the current government rules, recasting is not an option for USDA (RHS), VA, and FHA loans.
Your loan may be eligible if it is a conventional loan in first lien position and you are currently up to date on payments with a good payment history for the past 1-2 years (depending on when your loan closed). For detailed requirements, log into your account at CHLServicing.com or the Cornerstone Home Lending app and click or tap Education to visit our Learning Center.
Get started: To request a recast or for more information, please contact Customer Care:
As your mortgage partner, we’re excited to serve you!
Can I cancel my mortgage insurance?
The short answer: it depends!
If you're paying private mortgage insurance (PMI) on a conventional loan, removing PMI is based on several factors such as your loan-to-value (LTV) ratio, payment history, property type, and the investor for your mortgage. You could be eligible for PMI removal if you have been paying your monthly mortgage payments on time and your mortgage balances reaches the required balance:
Mortgage insurance premiums (MIPs) on FHA-backed loans may be canceled for some borrowers. In most cases, mortgage insurance stays for the life of an FHA loan unless you put 10% down, then it's a minimum of 11 years. Refinancing an FHA loan to a conventional loan to remove mortgage insurance may be an option for eligible borrowers. USDA and VA loans do not require mortgage insurance.
Please continue reading the below FAQs to learn about removing PMI on conventional loans. For more detailed information, log into your account at CHLServicing.com or the Cornerstone Home Lending app and click or tap Education to explore this topic in our Learning Center.
As your mortgage partner, we’re here to help you navigate mortgage insurance requirements. Please contact Customer Care with questions. We will be happy to help!
When can I cancel private mortgage insurance (PMI)?
There are two paths to remove PMI on a conventional loan:
Automatic termination: If you are not behind on any payments, your PMI will automatically terminate when the principal balance of the loan reaches 78% of the original property value. If your loan is not current when the principal balance of the loan reaches 78% of the original property value, PMI will automatically terminate on the first of the month following the date on which your loan becomes current.
Request early PMI cancellation: You may be able to cancel PMI before your loan satisfies the requirements for automatic termination. Your loan might be eligible if all of the following apply:
For detailed requirements, log into your account at CHLServicing.com or the Cornerstone Home Lending app, click or tap Education, and see our FAQs.
How can I request early cancellation Private Mortgage Insurance (PMI)?
If you need more information or you’re ready to initiate a request
to cancel PMI, please contact Customer Care. We’ll be happy to help!
Once you submit a request to cancel PMI, we’ll send you a packet of information detailing the eligibility criteria, process, and other information.
Cornerstone adheres to the Homeowners Protection Act (HPA), state laws, and investor requirements.
What are the reasons to refinance?
The most common reason is to get a lower interest rate, resulting in lower monthly payments and possibly a shorter loan term. Other reasons to refinance include switching loan types, eliminating private mortgage insurance (PMI), and cashing out home equity to cover big expenses or consolidate high-interest debts.
Should I refinance?
Determining whether to refinance your mortgage depends on your individual financial situation. It can make sense to refinance if mortgage rates are dropping below your current rate, your home has appreciated in value, or you have been making consistent, on-time payments on your original 30-year mortgage for less than ten years.
What fees are associated with refinancing a mortgage?
In addition to an application fee, you will generally need to pay the same expenses that were incurred with your original mortgage.
How long does it take to refinance?
Refinancing typically takes between two and four weeks. The length of time can depend on a number of factors like the appraisal and neighborhood comparables.
Can I refinance to take cash out of my house?
Yes, you have options to tap into your home equity. Your lender can help determine the right solution for you.
I am having trouble making my mortgage payments. What should I do?
If you are experiencing financial hardship, we want to help. Please
contact Customer Care to discuss mortgage assistance options available and how to apply.
As your mortgage partner, we look forward to being a resource for you.
What should I do if I am impacted by a disaster?
If a recent disaster has affected your ability to conduct normal
financial business, we understand this may result in late or missed
mortgage payments. We are here to help, so please reach out to
our Homeowner Assistance Team at 866.500.1640.
We will guide you on mortgage assistance
options available, how to apply, and what to expect.
If your property was damaged due to a disaster, click here for information regarding disaster claims.