Homeowner FAQs
New Customer
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:
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 prior servicer—it may include both your prior 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:
- Log in at CHLServicing.com or the Cornerstone Home Lending mobile app.
- Go to the Payment section.
- In the Make a Payment box, you will find Autopay toward the bottom.
- 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:
- Log in at CHLServicing.com or the Cornerstone Home Lending mobile app.
- 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.
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:
- Log in on our website or mobile app.
- 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
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 after your transfer date. As your payment is being
forwarded to your new servicer, the payment will be processed and applied
to your loan as of the date of receipt—you should not be charged a late
fee or negatively to credit bureaus for 60 days following your transfer
date for any payments received prior to the end of the grace period.
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!
Payments and Payoffs
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:
- Log in at CHLServicing.com or the Cornerstone Home Lending mobile app.
- Go to the Payment section.
- In the Make a Payment box, you will find Autopay toward the bottom.
- 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:
PO Box 660217
Dallas, TX 75266-0217
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.
Online Access
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:
- 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:
- 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.
- Click the links to view our user terms and privacy policy.
- Click the Register link.
- Enter your last name, SSN, Date of Birth and Email Address (all fields are required) and click Next.
- Verify your information.
- 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.
Escrow, Tax & Insurance
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.
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.
As your loan servicer, Cornerstone will review your escrow
account each year 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!
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.
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 at CHLServicing.com or the Cornerstone Home Lending app
- 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 so you can adjust
your payment accordingly. If your Cornerstone account is set up with
autopay (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 autopay 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.
I opted for an escrow account at closing. Can I change my mind?
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
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:
ISAOA/ATIMA
PO Box 961254
Fort Worth, TX 76161
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:
ISAOA/ATIMA
PO Box 961254
Fort Worth, TX 76161
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 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:
ISAOA/ATIMA
PO Box 961254
Fort Worth, TX 76161
Lower My Payment
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.
Financial Hardship
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 us.
Our Homeowner Assistance Team will guide you on mortgage assistance
options available, how to apply, and what to expect.