FAQ

- Schedule a Mortgage Payment Online

Simply log into Online Banking to make a free, online payment.  Residential mortgage payments can be made on the account activity page after selecting your loan account.

Note: Provided you successfully submit your one-time payment request prior to 8:00 pm Eastern Time on a banking day, your loan account will be credited with your payment as of the date you enter in the “Post my Payment on the Following Date” space on the account activity page.  However, requests by you to post your payment on a non-banking day or requests for same day payment made after 8:00 pm Eastern Time on a banking day will be credited to your loan account on the next banking day.  Your financial institution may not reflect this transaction on your deposit account for up to two (2) business days after the request is sent to your financial institution for a transfer of funds.

- Set Up Automatic Mortgage Payment

With our Automatic Payment Plan (APP), we will deduct your monthly residential mortgage payment from your checking or money market account with any financial institution, including New York Community Bank. To enroll, simply fill out and return an Automatic Payment Form along with a voided check.

You may download the Automatic Payment Form by selecting "Forms" while viewing your loan account within Online Banking. Forms can be faxed to (216) 583-5202.

- Pay by Phone (e-Pay)

Make your payment using our free, automated telephone service.  Please call (877) 786-6560 and follow the prompts on our telephone menu:
Choose option 2 for loans and lines of credit
Choose option 1 for residential mortgages; option 2 for HELOC
Enter account information
Choose option 5 to make a payment

- Mailing Your Payment

Mail your residential mortgage payment to the following address:
P.O. Box 742579
Cincinnati, OH 45274-2579

You may also Overnight a payment to the following address:
Attn: Payment Processing OH99-0503
1801 East 9th Street, Suite 200
Cleveland, OH 44114

- Western Union Quick Collect

For residential mortgage payments by Western Union, complete the blue “Western Union Quick Collect” form and provide the following information to the Western Union office:

Code City:  Ohio Savings Bank
Code State: OH
Loan account number

For Commercial Mortgage Payments Only

Mail your commercial mortgage payment to the following address:
 
New York Community Bank
P.O. Box 9018
Central Islip, NY 11722-9018
 
You may also Overnight a payment to the following address:
New York Community Bank / Attn: Lockbox Mgr.
125 Kennedy Drive, Suite 400
Hauppauge, NY 11788

If a payment made at a branch was not posted to your account as you intended, please mail a stamped teller receipt along with a written explanation to:

PO Box 91214
Cleveland, OH 44101

You can contact our Customer Contact Center at (877) 786-6560 and request a copy of the billing statement. If you are an online banking customer, you may print a copy of your last statement through Online Banking.

• No money will be applied to principal unless the account is current per the terms of the note.
• If you wish to make extra principal payments separately, mail the payment to us for manual processing at:
• P.O. Box 94895
  Cleveland, OH 44101-4895
• You can also make an extra principal payment when making an online mortgage payment within Online Banking. The total combined payment cannot be more than $10,000.00 per day.
  

If you canceled your automatic mortgage payment after the 16th of the month, you may not receive a regular monthly statement until the following month.  You may request an interim billing statement to be sent to you by calling Customer Contact Center at (877) 768-6560. If you are a registered online banking customer, you may also view your most current statement through Online Banking.

As a reminder, a billing statement is not required to make a mortgage payment.

Checks applied to mortgage payments returned NSF are presented a second time prior to being returned. 

If a check is returned after a payment was marked as paid, the payment will be removed from the account.

Provided you successfully submit your one-time payment request prior to 8:00 pm Eastern Time on a banking day, your loan account will be credited with your payment as of the date you enter in the “Post my Payment on the Following Date” space on the account activity page. However, requests by you to post your payment on a non-banking day or requests for same day payment made after 8:00 pm Eastern Time on a banking day will be credited to your loan account on the next banking day. Your financial institution may not reflect this transaction on your deposit account for up to two (2) business days after the request is sent to your financial institution for a transfer of funds.

• If the loan is 30 days or more past due, in bankruptcy or foreclosure. Please contact the Home Retention Department at (866) 476-0022.
• If your loan is set up on an Automatic Payment Plan (APP), you cannot use the online payment feature.
• On the day an online payment is made. An additional online payment can not be made that same day.

You may update your address within Online Banking by selecting the Account Details section for your loan.

You may also:

• Call our Customer Contact Center at (877) 786-6560
• Send a written request by mail to P. O. Box 91214, Cleveland, OH 44101
• Visit your nearest branch location
• Complete the Address Change form on the back of your payment coupon.

After the change has been made, a confirmation letter is mailed to your prior address as well as the new address to confirm you requested the change.  If you receive a letter confirming an address change and you did not request it, please call our Customer Contact Center at (877) 786-6560.

Once a year you will receive an escrow analysis statement that is required by the Real Estate Settlement Procedures Act (RESPA). This statement represents how your escrow payment, which is a portion of your monthly mortgage payment, will be collected and disbursed during the upcoming year. Your escrow account is used to pay real estate taxes, hazard insurance, mortgage insurance and any other escrow-related items that need to be paid through out the year.

Each year an escrow analysis is performed approximately 30 days prior to the anniversary of your first payment due date.  The total annual escrow disbursements and deposits anticipated for the following 12 months are displayed disclosing either a projected surplus or shortage.

Please submit your request to establish an escrow account for both taxes and insurance in writing to the mortgage research department at P. O. Box 91214, Cleveland, OH 44101 or by fax at (216) 583-5203.

Include the following:

• Copy of most recent tax bill.
• Proof taxes are paid current. (If taxes are due within the next 60 days they must be paid by you before we set up the escrow account.)
• Copy of homeowner’s insurance declaration page.
• Proof homeowner’s insurance is paid current.  (If the insurance is due within 60 days it must be paid by you before we set up the escrow account.)

When the above items have been received, an Initial Escrow Disclosure Statement will be completed to determine the starting balance needed for deposit to the escrow account.  You will then be notified in writing of the initial deposit required to start the escrow account. Once you have forwarded the initial deposit, the escrow account will be established and you will be notified of the monthly escrow payment.

• New construction properties may not have been fully assessed by the local tax assessors office at the time of loan closing. Often the estimated property tax is based on land only or a partially assessed home. If this was the case, the first year analysis often reflects a large escrow shortage and payment increase due to the full assessment by the tax assessors office. Paying additional monies to escrow would help eliminate all or a portion  of that shortage and therefore not reflect as much of a payment change.
• Re-assessment evaluations are often done periodically by your local tax assessors office and sent to you.  Since real estate taxes are based on this assessment, this may give you some indication of whether your real estates taxes may increase, before we actually pay the new bill.  Applying additional monies may help alleviate a large shortage due to the increase.
  

If the document received from the County entity specifies what your estimated taxes will be based on this new information, and you would like an interim analysis completed, you can send the document for review along with your written request to reanalyze the escrow account based on the new information to P. O. Box 91214, Cleveland, OH 44101. 

An interim escrow analysis will be completed. If the document does not reflect the actual tax amounts, we can not analyze the account based on an assessment notice that does not include actual tax amounts. Your treasurer's office may be able to provide you with an alternate letter providing the actual tax amount.

Please contact the Tax Call Center:

P.O. Box 9216
Coppell, TX 75019-9234
Phone: (877) 873-9659
Fax: (817) 826-1046

Supplemental tax bills must be faxed to our tax center for payment. Payment of this bill may incur a shortage in the escrow account as this is not a bill that would have been included in an initial or prior escrow projection statement.

New York Community Bank
ISAOA/ATIMA
P.O. Box 5932
Troy MI 48007

If you are changing insurance companies your agent must provide NYCB with a copy of your signed authorization to accept the new company. You will need to contact your prior carrier for cancellation. If the prior policy was paid from your escrow account, and you receive a refund check as a result of the cancellation, the refunded money should be sent to us for deposit into your escrow account to prevent a future escrow shortage.

Please provide your new insurance company with the mortgage clause/mailing address (found within these FAQs) along with your mortgage loan number.

Yes, it is important to notify NYCB of your most recent insurance information. Please forward all insurance information to our insurance center:

New York Community Bank
ISAOA/ATIMA
P.O. Box 5932
Troy MI 48007

Please contact our insurance center immediately at (888) 455-7288.

• Alabama
• Connecticut
• Delaware
• Florida
• Georgia
• Louisiana
• Maine
• Maryland
• Massachusetts
• Mississippi
• New Hampshire
• New Jersey
• New York
• North Carolina
• Rhode Island
• South Carolina
• Texas
• Virginia

NYCB monitors flood zoning changes for the life of the loan. Flood map information is verified from the Federal Emergency Management Agency (FEMA).

In order for NYCB to submit a revision to a flood zone determination, we require you to provide us a letter of map revision (LOMR) or a letter of map amendment (LOMA) issued from FEMA. LOMR or LOMA map amendments should be sent to our flood determination center at:

Corelogic Flood Services
11902 Burnet Road
Austin, Texas 78758
Phone: (800) 447-1772

If you do not have either letter, please contact FEMA directly.

FEMA (Federal Emergency Management Agency):  (877) 336-2627

Please mail check to:
New York Community Bank
Attention:  Loss Draft Department
P.O. Box 7000
Troy, MI 48007-7000

For any questions about loss draft procedures and disbursement process, please contact our Loss Draft Department:

Phone: (866) 842-2787
Fax: (248) 824-7155

Email:  NYCBLD@pfic.com

Mortgage Insurance is required on mortgage loans that have a loan-to-value ratio (LTV) greater than 80%. This insurance is written by a private company protecting the mortgage lender against financial loss occasioned by a borrower's defaulting on the mortgage.

To initiate cancellation of Borrower-Paid Conventional Mortgage Insurance:
Please call (877) 786-6560, or for faster service, fax your signed written request to (216) 588-4608.

What is loan-to-value (LTV) ratio?
LTV is a calculation of the amount of a first mortgage lien as a percentage of the total original appraised value or purchase price whichever is less, divided by current principal balance.

Was the PMI requirement disclosed to me at closing?
At the time of closing you were provided a Private Mortgage Insurance Disclosure document. This document reflects the date of the anticipated automatic cancellation of PMI along with other information concerning PMI.

Will the PMI be automatically terminated?
For Borrower Paid PMI, generally there is automatic termination for loans closed on or after 7/29/99 once an LTV of 78% for Single Family Residence and Second Homes based on original loan amortization, if the loan is current.

Automatic termination for loans closed prior to 7/29/99 is at the mid-point of original amortization  if payments are current for all existing mortgages, including a 2-4 Primary Residence and 1-4 Family Investment.

FHA Loans

For loans closed prior to 01/01/2001, FHA insurance is for the life of the loan. With FHA loans, if the LTV reaches 78% earlier than scheduled due to curtailment payments, the borrower can request cancellation of mortgage insurance premium (MIP) by a written request.

For loans closed between 01/01/2001 and 06/02/2013, HUD automatically cancels the MIP on the date the loan is scheduled to reach 78% LTV based on the original amortization schedule.

For loans closed on or after 06/03/2013, FHA's monthly mortgage insurance payments will be automatically terminated when these conditions occur:

• For mortgages with LTV of 89.99% or less, annual premiums will be canceled at the end of the mortgage term or eleven years, whichever occurs first.
• For mortgages with LTV of 90.00% or greater, annual premiums will be canceled at the end of the mortgage term.

How can I increase the equity in my home (and reduce the LTV percentage)?
Based on the current value of the home, the equity is increased by:

1. Your monthly regular payment gradually reducing the principal balance owed.
2. Making periodic or a lump sum payment to principal.
3. Making structural improvements that, based on an appraisal*, increase the value of your home.

*Note – appraisals for the purposes of evaluating LTV for PMI removal must be ordered through the Bank.

Please fax all payoff requests to (216) 937-8978 with the following information:

• Borrower name
• Borrower written authorization is required for third party payoff requests
• Account number
• Property address
• Good through date
• Return fax number
• Contact name and phone number

Please allow 24 – 48 hours for turnaround.

Within 10 business days of payoff any remaining escrow balance will be refunded to the last mailing address on record.  Please ensure to update the mailing address if applicable. 

If there are any financial transactions completed after a payoff quote has been generated, an amended quote will be generated with updated information.

There are different requirements dependent upon the reason for a name change. Please provide us with a copy of the marriage certificate/divorce decree/court document along with your written request.

Please include your name and loan number on all correspondence. You may fax your request to (216) 583-5203 or mail to P.O. Box 91214, Cleveland, OH 44101.

What is a 1098 Tax and Interest Statement?
The 1098 interest statement is a federal tax form that lenders distribute in January for the preceding calendar year. The 1098 is required by the IRS and reports interest and points paid on a mortgage loan. All 1098 statements are mailed by January 31st.

When will I receive my 1098 statement?
All 1098 statements are mailed by January 31st. 

Where can I obtain my Form 1098 info?
Form 1098 is mailed by the last business day of January and is also available online until the tax return deadline each year. Please call our Customer Contact Center at (877) 786-6560 to obtain a previous year’s tax statement by mail. If you are an online banking customer, you may print a duplicate copy of the current year 1098 statement by selecting My Account while viewing your loan within Online Banking.

Why does my 1098 statement reflect more interest this year than in a previous year?
If more payments were posted within a given year than a prior year it is possible that the interest paid will be higher than a previous years. Also, if you have an adjustable rate mortgage the interest paid will fluctuate from year to year. 

How do I request a new 1098 statement because my property tax or insurance information is not reflected correctly on my statement?
Property tax and insurance information on a 1098 is informational only and is not reported to the IRS. A 1098 statement can not be "corrected or updated" for tax amounts. Any amount appearing on a 1098 does not mean the customer is entitled to a credit on their tax return. Customers should consult with their Tax Advisor. 

How do I request a new 1098 statement to reflect a different primary borrower and their social security number?
The interest reported to the IRS is reported in only the primary borrower's name and social security number as it appeared as of December 31st. A primary and secondary name cannot be switched/altered for prior tax year reporting. If you wish to make a change for the current tax year we require the following: A letter requesting the change signed by all parties on the loan, along with the social security number of the requested primary borrower sent to our correspondence mailing address of P.O. Box 91214, Cleveland, OH 44101. Please consult your tax adviser if you have questions concerning this matter. 

I noticed that my social security number is incorrect on my current 1098 statement, how can I request a corrected statement?
If you are an online banking customer, please visit the Forms link when viewing your loan account and download a W-9 form. You may either mail or fax the form to us along with a letter stating a new statement is required to P.O. Box 91214, Cleveland, OH 44101 or Fax (216) 583-5203.

You may also call our Customer Contact Center at (877) 786-6560 to obtain a copy.

Why doesn't my 1098 statement reflect the interest or points I paid at closing?
If the loan did not close with NYCB, the closing information will be reported by the origination company.

Once required  documentation is submitted, we will complete the request within 30 days of receipt of the documentation and fee. The loan must be current and up to date including any late charges and or fees. Fees are assessed depending upon applicable law.

You may either email us for a status or submit your request in writing to:

Email: subordinations@mynycb.com

Attn: Subordination/Partial Release OH99-0503
1801 E. 9th St. Ste. 200
Cleveland OH   44114
Fax: (216) 588-5040

A Partial Release is a relinquishment of a claim to part of the property that originally stood as security for the mortgage loan.

Please send your request along with documentation to:
Attn: Subordination/Partial Release OH99-0503
1801 East 9th Street, Suite 200
Cleveland OH  44114
Fax: (216) 588-5040

Specific documentation must be submitted to Subordinations Department and we complete the request within 30 days of receipt of documentation and fee.  Fees are assessed depending upon applicable law.

Subordination Request Requirements

• Borrower authorization
• Fully completed 1003 application from new lender
• Notice of loan approval from new lender
• 1008 transmittal summary
• Copy of full appraisal
• Most recent 2 paystubs and most recent years W2 - Self employed requires 2 years full tax returns.
• Most recent bank statement 
• Processing fee of $175 in the following states:  Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Idaho, Illinois, Mississippi, Nebraska, Nevada, North Dakota, Ohio, Oregon, Rhode Island, South Carolina, Washington, Washington D.C., West Virginia and Wisconsin

A Trust Agreement is a fiduciary type relationship where legal title to a property is transferred to a trustee with the intention that the property be administered by the trustee for the benefit of another.  This person is the beneficiary and he/she holds equitable title to the property.  This is also referred to as a "Living Trust".

• We will not change any of the original documents.
• We will not sign any documents related to the trust.
• We will not change the social security number to a Trust EIN number.

NYCB MAY allow the transfer of title to occur for trust purposes and not initiate the Due on Sale Clause assuming the following requirements are met:

• The account is totally current.
• The mortgage holder is the beneficiary of the trust.
• A copy of the entire Trust agreement must be sent, including the section that pertains to the property and lists the trust beneficiaries.

A transfer to a LLC "Limited Liability Corporation" is not allowed.