Homeowner FAQs

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 your 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 as you transition to your next chapter with Cornerstone. The letter will provide 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?
Great question! You’ll want to make note of your loan number because it is the primary way we identify your loan. Here’s how to find it:

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:

1. Log in at CHLServicing.com or the Cornerstone Home Lending mobile app.
2. Go to the Payment section.
3. In the Make a Payment box, you will find Autopay toward the bottom.
4. Click the Enroll in Autopay link and follow the instructions.

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:

1. Log in at CHLServicing.com or the Cornerstone Home Lending mobile app.
2. Go to My Loan, then find the Loan information section to see your mailing address, email address, and phone numbers.
3. To change your preferences, click Edit.

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:

• Message with us at CHLServicing.com or the Cornerstone Home Lending app
• Call 866.500.0756
• Email us

As your mortgage partner, we’re eager to serve you.

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:

1. Log in on our website or mobile app.
2. Go to My Account, select Document Center, find the Delivery Preferences section, and follow the instructions to enroll for Paperless Statements.

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 provided 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. 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:

• Send monthly billing statements
• Receive and apply your loan payments timely
• Pay taxes and insurance from your escrow account, if you have an escrow account
• Notify you of updates made to your account
• Provide year-end tax statements

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 the best people and cutting-edge technologies. 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 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 transitions 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 begin collecting and processing 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 transitions 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 prior servicer. Do I need to resend the payment to my new servicer?
Your prior servicer will process and apply any payments received prior to your transfer date. Payments received by your prior 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 prior 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 prior 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 prior 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 prior servicer?
Depending on your prior 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 prior 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 prior account here to view and download past documents. Your prior 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 any time 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:

• Online via our website or mobile app
• Call Customer Care at 866.500.0756
• Set up Autopay (recurring monthly ACH drafts) online or by phone
• Call to set up budget drafts (recurring ACH drafts every 14 days)
• Mail a check with the coupon on your billing statement to our new payment address:
  
  Cornerstone Home Lending
  PO Box 660217
  Dallas, TX 75266-0217
  

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 one-time 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 while enrolling, which may help you pay off your loan sooner than scheduled—and save 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:

1. Log in at CHLServicing.com or the Cornerstone Home Lending mobile app.
2. Go to the Payment section.
3. In the Make a Payment box, you will find Autopay toward the bottom.
4. Click the Enroll in Autopay link and follow the instructions.

Next, you will receive an email from us confirming your request has been submitted.

Please note:

• Your enrollment in autopay will not be effective immediately as we process your request.
• Once a test draft is completed and confirmed, we will send you an enrollment notification letter. If the test draft is not confirmed, we will notify you.
• Any payments due prior to the day and month you requested drafting to begin will need to be made via check, online payment or by phone.
• If your account is past due on your first scheduled draft date, your draft will not occur until your account is not past due.

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 payments address:

How can I request a payoff quote?
You can request a payoff statement online:

• Log in at CHLServicing.com or the Cornerstone Home Lending mobile app.
• Go to Payment
• Find the Loan Payoff box and click View Payoff Quote.

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:

• Message with us at CHLServicing.com or the Cornerstone Home Lending app
• Call 866.500.0756
• Email 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 loan including, but not 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.

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:

• View your loan details such as balance, payoff date, interest, taxes, and more
• Quickly make or schedule one-time payments
• Set up autopay to schedule recurring monthly ACH drafts
• Access your billing statements and other documents
• Check your payment history
• Enroll for services like Paperless Statements to stop receiving hard copies by mail
• Explore ways to own your home sooner
• Generate a payoff quote in just a few clicks
• View your escrow account details
• Browse our Learning Center for resources to help you manage your mortgage
• Message with our team members
• And more!

Registration is quick and easy! Please see instructions below.

How can I access my account online?
Registration is quick and easy—here’s how:

1. Go to CHLServicing.com or download the free and easy-to-use Cornerstone Home Lending mobile app from the Apple and Android app stores for the best experience on a mobile device.
2. Click the links to view our user terms and privacy policy.
3. Click the Register link.
4. Enter your last name, SSN, Date of Birth and Email Address (all fields are required) and click Next.
5. Verify your information.
6. Instantly gain 24/7 access to your mortgage loan!

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:

• Microsoft Edge
• Firefox Version 27 or higher
• Chrome Version 38 or higher
• Safari – Desktop Version 7 or higher
• Safari – Mobile Version 5 or higher

What should I do the first time I log into my account?
Once you’re logged into your account, you can:

• Confirm your communication preferences. Go to My Loan, then find the Loan information section to see your mailing address, email address, and phone numbers. To change your preferences, click Edit.
• Explore our online payment options. Go to Payment to make or schedule payments, check your existing autopay settings, or set up autopay (monthly ACH drafts).
• Find your Document Library, where you’ll be able to see future billing statements and more. From My Account, click or tap Document Center.
• Enroll for Paperless Statements to receive emails when new statements are available. Go to My Account, select Document Center and see Delivery Preferences.
• Explore ways to own your home sooner. Go to My Home in the main menu.
• See an overview of your loan, including balance, interest rate, payoff date, and more. Go to My Loan in the main menu.
• Browse our Learning Center for helpful resources. Click or tap Education to find a range of topics and FAQs that will help you learn the ins and outs of your mortgage.

What is an escrow account?
Your escrow account allows Cornerstone, as your loan servicer, to pay your required property taxes and/or insurance for you 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 cost of your escrowed items, which may include property taxes, homeowner's insurance, mortgage insurance (if required by investor), and/or flood insurance. Cornerstone will review your escrow account at least annually and inform you 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:

• Private Mortgage Insurance (PMI) must be paid through your escrow account.
• Customers who reside in a flood zone and are required to have flood insurance may not be able to waive an escrow account.

If you would like to waive your escrow account, please contact Customer Care:

• Message with us at CHLServicing.com or the Cornerstone Home Lending app
• Call 866.500.0756
• Email us

What is an escrow analysis?
As your loan servicer, Cornerstone will review your escrow account at least annually and inform you 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:

• If applicable, summary of upcoming changes to monthly mortgage payment and how they were calculated
• Itemized comparison of actual escrow expenses to what was expected
• Itemized comparison of current monthly mortgage payment to new monthly mortgage payment
• Escrow account history tracing all payments to and from your escrow account and your balance
• Expected escrow activity in the next 12 months and, if applicable, an explanation of how we calculated the shortage or surplus in your account.

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 prior 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 present 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:

• Homeowner's insurance: Changes to the type, extent, due date, or rate of your insurance coverage, or if you made changes to your insurance policy or company.
• Real estate taxes: Your property may have been reassessed or the tax rate may have changed. Expected tax payment timeframes may change per your local authority as well.
• New construction: Typically, the first tax bill for new property is based on a partial assessment for the lot/land. We may have received a bill for the fully assessed value which includes the land and home.
• Initial escrow deposit: The cost of your escrowed items may be estimated at loan closing if information is not available. If the amount collected for the set-up of your escrow account was more or less than the actual tax and/or insurance bills received, your monthly mortgage payment will change based on those amounts.
• Escrow account shortage: Your escrow account balance at its expected lowest point for the next 12 months is below your Required Minimum Balance, which serves as a cushion to help ensure you have enough funds in your account to cover unexpected increases in your escrowed items. A shortage may occur when the cost of your escrowed items change. Your shortage will be automatically spread across your payments for the next 12 months, increasing your monthly escrow payment.

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 determined 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 Minimum Required 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 Minimum Required 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.

Who do I contact if I have questions about escrow costs?

• Taxes: Contact your local assessor's office.
• Insurance premiums: Contact your local insurance agency.
• Escrow or account information: Contact Cornerstone Customer Care:
  • Message with us
  • Call 866.500.0756
  • Email us

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:

• Increase in property taxes and/or insurance premiums
• Your taxes were reassessed
• Change in your insurance provider(s)
• Change in the due date of your property taxes and/or insurance premiums
• Your payments into your escrow account were fewer or less than expected
• Starting escrow balance for the upcoming year is lower than expected due to higher payouts the prior year

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 from occurring?
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:

1. Contact your insurance company to file a claim.
2. Next, call 833.253.1133 to notify Cornerstone that you have started the claims process with your insurance carrier. Once we understand the extent of damage, we will send you a packet of information to guide you through the claims process.
3. Then, you'll be able to check the status of your claim at www.propertyclaimcenter.com. On your first visit, click "Create Account" to register. You will need to enter your loan number and email address to complete registration.

Please click here for additional information regarding insurance claims.

I have a new homeowner's insurance policy. Do I need to send it to you?
Yes, if you pay your homeowner's 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:

1. Provide our below Mortgagee Clause to your new insurance carrier to ensure they know where to send billing statements so your premium can be paid on time.
   
   Cornerstone Home Lending ISAOA / ATIMA
   PO Box 961254
   Fort Worth, TX 76161
2. Cancel your previous policy with the prior insurance carrier so that the prior carrier will not continue to charge you.
3. Provide us your new policy information so we have the details needed to pay your premium. Easily upload your new policy information at www.ihaveinsurance.com\cornerstone.
   
   Please note: If you have not paid the premium for your new policy and the due date is less than two weeks away, please email evidence of insurance to us at [email protected] and we will expedite payment.

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 Premium (MIP) is required for government loans backed by the Federal Housing Administration (FHA) if you put down less than 20% of the home's purchase price at closing. Under the current rules, government-backed loans including USDA (RHS) and VA loans do not allow MIP cancellation—it is required for the life of the loan.

Can I cancel my mortgage insurance?
If mortgage insurance was required for your conventional loan at closing, you might be wondering how long you will need to continue paying for this additional expense. The short answer: it depends. Options to remove the mortgage insurance requirement from a loan vary based on factors such as investor, loan type, payment history, property type, and Loan-to-Value (LTV) ratio. Not all loan types are eligible for mortgage insurance cancellation.

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, meaning the amount you owe to your local taxing 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:

1. Within 5 business days of receipt, we will update our system with the new amount we expect to pay in property taxes out of your escrow account on your behalf. Accordingly, we will adjust the amount you need to pay into your escrow account as part of your monthly mortgage payment.
2. The first billing statement after the effective date of your exemption will reflect the new payment amount. If your exemption effective date is in the past, within 2 business days of our system updates being completed, we will send you a new billing statement.

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.

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:

1. First, contact your insurance company to file a claim.
2. Next, call 833.253.1133 to notify Cornerstone that you have started the claims process with your insurance carrier. Once we understand the extent of damage, we will send you a packet of information to guide you through the claims process.
3. Then, you’ll be able to check the status of your claim at www.propertyclaimcenter.com. On your first visit, click “Create Account" to register. You will need to enter your loan number and email address to complete registration.

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?

1. First, if you haven’t already, call the Loss Draft department at 833.253.1133 to notify Cornerstone that you have started the claims process with your insurance carrier. Our Loss Draft department will let you know what information is required to process your claim.
2. Once you have the necessary documentation completed and you have received your check, each person listed on the check needs to sign the back of the check. Once you have signed the back of the check, you need to send it to us for our endorsement. Our PO box and overnight mailing addresses are:
   PO Box:
   Cornerstone Property Loss Department
   PO Box 29985
   Phoenix, AZ 85038-9985

   Overnight:
   Cornerstone Property Loss Department
   827 West Grove Ave.
   Mesa, AZ 85210
3. Once we endorse the check, we will deposit the check into your escrow account and send you the funds necessary to begin making repairs.

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 mortgage assistance options available, 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:

• www.disasterassistance.gov
• www.fema.gov/disasters
• www.fema.gov/national-flood-insurance-program

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 navigate considerations specific to your loan. 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. Long term, 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:

• Message with us at CHLServicing.com or the Cornerstone Home Lending app
• Call 866.500.0756
• Email us

As your mortgage partner, we’re excited to serve you!

Can I cancel my Mortgage Insurance?
If mortgage insurance was required for your conventional loan at closing, you might be wondering how long you will need to continue paying for this additional expense. The short answer: it depends. Options to remove the mortgage insurance requirement from a loan vary based on factors such as investor, loan type, payment history, property type, and Loan-to-Value (LTV) ratio. Not all loan types are eligible for mortgage insurance cancellation.

Under the current rules, government-backed loans including USDA (RHS) and VA loans do not allow mortgage insurance cancellation. It is required for the life of the loan.

If you do not have a government-backed loan, you may be eligible for PMI removal if you have been paying your monthly mortgage payments on schedule and your mortgage reaches the required loan balance:

• For fixed-rate loans, required loan balance is based on the initial amortization schedule.
• For adjustable-rate loans, required loan balance is based on the amortization schedule then in effect.

Please continue reading the below FAQs to learn about eligibility criteria that may apply to your loan. 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 PMI requirements. Please contact Customer Care with questions. We will be happy to help!

• Message with us at CHLServicing.com or the Cornerstone Home Lending app
• Call 866.500.0756
• Email us

When can I cancel Private Mortgage Insurance (PMI)?
There are two paths to remove the PMI requirement from 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:

• No payments are currently past due
• Good payment history
• Property value is at or above its original value (i.e., the appraised value at closing) based on a recent property appraisal
• No subordinate liens on the property impacting equity
• All other factors affecting your loan’s eligibility—including investor requirements, property type, age of loan, and state laws—have been satisfied

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!

• Message with us at CHLServicing.com or the Cornerstone Home Lending app
• Call 866.500.0756
• Email us
• Send by mail to the following address:
  Cornerstone Home Lending
  PO Box 4638
  Englewood, CO 80155

Once you submit a request to cancel PMI, we’ll send you a packet of information detailing the eligibility criteria, process, and other pertinent information.

Cornerstone adheres to the Homeowners Protection Act (HPA), state laws, and investor requirements.

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.

• Message with us at CHLServicing.com or the Cornerstone Home Lending app
• Call 866.500.0756
• Email us

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.