FAQ's

Each year, lenders balance your escrow account to ensure there are enough funds to pay taxes and insurance. If there's a shortage, it's likely due to an increase in your homeowner's insurance or property taxes. Contact your insurance carrier to clarify any changes in your policy.

01. Why has my escrow account balance increased?

The Annual Tax Bill is paid by Guild through your escrow account. You can see the balance on your statement under Escrow Balance. Once the taxes are paid, the balance will drop. You can also check your online account to see the funds withdrawn. Keep the tax bill for your records.

02. What should I do with the Annual Tax Bill I received?

The supplemental tax bill is a catch-up bill from when you closed on your house. It covers the difference between the previous owner's tax rate and your reassessed rate. You can either call the servicer to have them pay it and adjust your impounds, or pay it yourself. This is a one-time bill; no further catch-up bills will be issued.

03. What is the supplemental tax bill I received?

Eligibility Requirements:
  • The loan must be a Fannie Mae (FNMA) or Freddie Mac (FHLMC) loan. VA or FHA loans are not eligible.
  • The loan must be current.
  • You can only recast once per year on a rolling 12-month period.
  • A minimum principal curtailment payment of $10,000 is required.

Steps to Recast Your Loan:
  1. Submit a Written Request: Include borrower(s) name(s), loan number, and the amount of the intended principal curtailment payment. At least one borrower must sign and date the request (e-signatures are accepted).
  2. Send Your Request by Email: customerservice@guildmortgage.net OR Fax: 858-492-5835 OR Mail: Guild Mortgage Company, Attn: Customer Service Dept., 5887, Copley Drive, 5th Floor, San Diego, CA 92111
  3. Approval and Modification Agreement: If approved, you will receive a loan modification agreement with the new monthly mortgage payment details. Review, sign, and return the agreement by the specified date.
  4. Processing Time: It may take up to 60 days to process the signed modification agreement. Continue making your current payments during this period.
  5. Payment Instructions: For principal curtailment payments of $10,000 or more, use wire transfer or certified check.
    Receiving Company: Guild Mortgage Company, Receiving Bank: JPM Chase, New York, NY
    Routing & Transit Number: 021000021, Bank Account Number: 860288007, SWIFT Code: CHASUS33
    Loan Number: [Your Guild Loan Number], Borrower’s Name: [Your First and Last Name], Property Address: [Your Property Address]

For any questions, contact Customer Service at 800-365-4441, Monday through Friday, 5:00 am – 5:00 pm PT.

04. How do I recast my loan?

If you change your homeowner's insurance and have an escrow/impound account, follow these steps:
  1. Notify Your Lender: Inform your lender or mortgage servicer about the change in your insurance provider. This ensures they update their records and make payments to the correct insurance company.
  2. Provide New Insurance Details: Send your lender the new insurance policy details, including the policy number, coverage amounts, and the insurance company's contact information.
  3. Confirm Payment Instructions: Ensure your lender knows where to send the escrow payments for your new insurance policy. This helps avoid any lapses in coverage.
  4. Monitor Your Escrow Account: Check your escrow account statements to confirm that payments are being made to the new insurance provider. If you notice any discrepancies, contact your lender immediately.
  5. Adjust Escrow Payments: Be aware that changing your insurance may affect your escrow payments. If your new policy is more expensive, your monthly escrow payments may increase to cover the higher cost.
If you have any questions or need assistance with this process, your lender's customer service team can provide guidance.

05. What do I do if I changed Insurance and have an Escrow or Impound Account with my lender?

Follow these steps:
  1. Send the Check and Form: Send the insurance check for water damage, along with a completed Check Transmittal Form, to the following address:
    Guild Mortgage Company LLC - Finance, Attn: Treasury Dept
    5887 Copley Drive, 6th Floor, San Diego, CA 92111
  2. Complete the Form: Ensure the Check Transmittal Form is fully completed and include any supporting documents as required. This ensures the check is properly received and processed by Guild’s Finance Department.
  3. Contact Guild Insurance Team: For further guidance, contact the Guild Insurance team directly at info@guildinsures.com or 800-818-8087. They can provide specific instructions regarding the check submission process.

06. What should I do if I need Guild Mortgage to sign an insurance check for water damage?

Frequently Asked Questions

A loan with an interest rate that will adjust at some time during the term of the loan

The cost to borrow money expressed as a yearly percentage—includes the interest rate plus other charges or fees
A report that provides an estimate of a property’s value
Expenses above and beyond the price of the property (e.g., loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed recording fees, etc.)
A document that shows the actual terms and costs of a loan and the projected monthly payment
Your monthly debt divided by your gross monthly income
Interest paid by the borrower to lower the interest rate on the loan
Money a buyer pays the seller to show that they’re serious about purchasing the
property
Also called an impound account, it spreads the combined mortgage costs, property taxes and insurance premiums over the life of the loan into monthly payments
A mortgage that has the same interest rate for the entire term of the loan
A visual examination of a property to determine its condition and to report any repairs needed for a mortgage
A document that provides mortgage fee estimates for borrowers during the
application process
Indicates the ratio of the loan amount to the appraised value of the property
Insurance required by some loan programs when the down payment is less than 20 percent of the home’s value

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