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Home Loan Servicing FAQs
- If you pay your mortgage by check using the mail, please send your payments with the loan number in the memo line to GTE Financial P.O. Box 75028 Chicago, IL 60675-5028.
- If you would like to pay online, you can utilize Online Banking. Once you have signed in, select your "Make a Payment". You will also see options to make principal only and escrow only payments.
- If you would like to pay online using an external bank account, you can utilize Online Banking. Once you have signed in, select your account number and then select "Make a Payment". This will then take you to the Pay/Transfer page which will ask you to choose a “Source Account”, with a drop-down menu to choose your GTE Checking or Savings accounts. When using an external account, you will choose either “Make a one-time payment from an account I have at another financial institution” or “Make a one-time payment using a debit card from another institution”.
When choosing the account from another financial institution it will ask for your external account routing and account number as well as the account type.
Select “next” to finalize your one-time payment from an external account.
- Mortgage statements are available in Online Banking under "Account" > "Statements" > "Loans Statements". Select your mortgage from the drop down menu.
- If you have not already signed up for eStatements with GTE, please log onto Online Banking to do so. Choose the "Accounts" > 'Statements' > and click "Sign up Now" for eStatements. This feature is not only eco-friendly, but it is also free, unlike paper statements that cost $7.00 per month. If you are already enrolled in eStatements, you can access these from the Accounts menu in Online Banking and then choosing Statements.
- If you are not signed up for eStatements, paper statements will be mailed to you.
In Online Banking, select your account number. The amount next to regular payment amount is your monthly payment.
- Online Banking Option: Log into your Online Banking and click on your Mortgage Loan Account. Choose "Services". Under "Transfer & Payments" select "Setup Automatic Mortgage Payment" to complete the "Mortgage Automatic Payment Form" . Finally, to submit your request.
- Website option: To set up ACH on www.gtefinancial.org without logging into Online Banking visit our website gtefinancial.org and scroll to the very bottom of our home page to select "Forms & Info". Under "Account Maintenance Forms" select "Mortgage ACH Origination Form". Fully complete and execute the form, and then mail it to GTE Financial ACH/Wire Department at PO Box 172599 Tampa FL 33672-0599 or Fax 813-414-8515.
- Your payment may not have posted if it is not yet due or if you are paid ahead on with your mortgage. Your automatic payment will post on the scheduled day of the month selected.
- Your payment may also not post if GTE was provided invalid account information. Be sure to check "Message Center" for messages regarding any possible failure notices, such as NSF, etc.
- Your payoff amount will likely be different from the principal balance shown on your monthly statement or balance shown in Online Banking because of the additional days of interest or other amounts included.
A payoff quote shows the remaining balance on your mortgage loan, which includes your outstanding principal balance, accrued interest, late charges/fees and any other amounts. You’ll need to request your free payoff quote if you are thinking about paying off your mortgage. - All of the steps you will need to request a payoff quote statement are here.
It is very common for mortgages to be assigned to new mortgage companies. Sometimes it’s just a change in loan servicer. It should not affect you other than where you send your payments. If GTE decides to transfer, your mortgage you will receive a letter notifying you of the change and where to send payment. The terms of your Note/Agreement do not change.
This is a current summary of your escrow account. You will receive it annually in February. This statement will inform you of possible changes to your monthly payment.
Online Banking under "Statements" > "Loan Statements"
- The first analysis of your escrow account is performed within 12 months after your loan closing. After that, escrow analyses are performed annually according to the escrow analysis schedule for your state. GTE performs an annual escrow analysis in February of each year.
- See the Escrow Analysis FAQ here for more information
- Typically, the first tax bills paid are a carryover from the previous owner and do not represent the current tax assessment of your property. The most common of these conditions are new construction, purchasing a home (prior owner exemption differences), partial year bills, and improvements that have not been added to the bill.
- Property taxes are collected by the county and fund various local services. Here’s what you need to know about the payment deadlines to potentially lower your tax burden:
- Pay by November 30th: Benefit from a 4% discount.
- December 31st: Pay by this date to benefit from a 3% discount.
- January 31st: Pay by this date to benefit from a 2% discount.
- February 28th: Pay by this date to benefit from a 1% discount.
- March 31st: This is the final deadline, with no discount applied.
- If your property taxes are escrowed, rest easy knowing GTE Financial will handle these payments on your behalf. You can track these transactions and confirm payments via our Online Banking platform, ensuring you’re always in the loop without any paperwork clutter. If you escrow, your property taxes will be paid by the following deadlines:
- November 30th: Benefit from a 4% discount.
- March 31st: This is the final deadline, with no discount applied.
- The repayment of PACE funding is included in your property tax bill, which is delivered and collected by the county.
- If you escrow for taxes, the PACE assessment will be paid by GTE using your escrow account if it is included on the tax bill. This will increase the required monthly escrow necessary to pay the annual PACE assessment.
- Like a traditional property tax lien, you may lose your home if you don’t make the payments. As with any form of financing, you should consider the costs and benefits of PACE loans before signing the contract.
Call our Insurance Service Center at 1(800) 998-0761
Access your account on www.myinsuranceinfo.com to submit proof of coverage.
Attach a scanned image or check your current insurance status.
Or
Mail a copy of your current insurance policy to us at the address below:
GTE Federal Credit Union
DBA GTE Financial, ISAOA / ATIMA,
PO Box 3489, Carmel, IN 46082
- It is important to validate that the mortgagee clause address is accurately updated on all insurance policies to ensure new policies and/renewals notices are received timely by GTE. This will help GTE monitor coverages and pay premiums on escrowed and non-escrowed loans.
- Call your insurance agent, and provide them with our Mortgagee Clause address and mortgage loan number(s):
GTE Federal Credit Union DBA GTE Financial,
ISAOA / ATIMA
PO Box 3489
Carmel, IN 46082
(Reference Loan #)
- Contact your insurance agent directly to initiate the claim.
- If you have a claim on Lender Placed Insurance, directly call Mortgage Property Claims at 800-998-0759.
- It is GTE’s goal to facilitate the processing of your insurance claim as quickly as possible. Our goal is to make this process convenient for you.
Call GTE for additional instructions at 813-871-2690 or
Visit a GTE Community Financial Center or
Mail claim check with supporting paperwork to
GTE Financial, Attn: Mortgage Loan Servicing Department,
711 E. Henderson Ave, Tampa, FL 33602. - Make sure that the claim check reflects the signatures of all parties listed on the check.
- To start the process, be sure to include copies of the entire Adjusters Report and Repair Plan (Licensed contractor’s bid, proposal or estimate signed with the breakdown of the repairs).
IRS Form 1098 Mortgage Interest Statements are provided annually by January 31st All 1098 Tax Documents are available in Online Banking by going to your account > "Statements" > "Tax Documents".
813.871.2690 extension 47855
- For insurance updates /follow-ups use extension 40467
- If you have questions on delinquent mortgage payments, use extension 47868
Find more information here We Can Help
Insurance Loss Draft/Claims FAQs
Dwelling coverage: The physical structure of the main home and any structures attached to it.
Other Structures coverage: Detached structures such as a detached garage, storage sheds, patios, fences, etc.
Personal Property coverage: Any personal items that can be moved out of the home without using tools. Ie: anything that’s not bolted, tied, or glued to the home.
Replacement cost value: The cost of replacing an item in today’s dollars.
Depreciation: Loss of value that occurs over time due to factors such as age, wear and tear and obsolescence.
Recoverable depreciation: The amount of depreciation you can potentially recover once the depreciated items are repaired or replaced. Please reach out to your insurance company to advise on the steps to complete this process.
Non-recoverable depreciation: The amount of depreciation deemed ineligible for reimbursement under your insurance policy.
Deductible: The amount you are responsible for paying toward an insured loss.
Net Claim Amount: The amount paid to you by your insurance carrier after your deductible and depreciation have been applied.
Because GTE has a security interest in your property, we are also a loss payee on your insurance policy. If your home or property is damaged, the claim check is issued payable to both you and GTE. This protects your interests as well as GTE, in the restoration of your home. If an additional mortgage company has interest, they will also be listed as a payee.
GTE will endorse and return check to you. You will be responsible to send to the first lien holder and any other parties listed on check for final endorsement.
If GTE is the first lien holder and your loan status and claim amount requires that we monitor the repairs, any insurance check that is not endorsed by all payees, will be returned to you. The process may be delayed until we receive an endorsed check and your required paperwork.
If an additional disbursement is required, please contact us to request a property inspection. Our property inspection company will contact you to arrange a convenient time to inspect the property to confirm the progress of the repairs. A disbursement will be processed based on the results of the inspection, once it is received.
If your contractor requires an alternate payment schedule, please submit the request in writing along with a copy of your contract or written agreement. We will evaluate the request to ensure that the proposed schedule is reasonable in relation to the scope of the repairs and protects the interest of GTE and you, the homeowner.
Disbursement checks will be sent to your mailing address via regular mail or deposited into your GTE Account. It is important that you let us know if your mailing address has changed since the damage occurred.
If you have already confirmed with your insurance company that an adjuster's report was not created, additional documentation may be required to prevent delays to the repair and disbursement process.
The most common reasons are:
- The claim payment was based on your contractor's bid or a public adjuster's estimate. For this scenario, ask your insurance carrier for a letter that states the claim payment was based on the contractor's bid. Many times, this document was already provided to you by the carrier with your claim payment. This document needs to be provided to us in lieu of the adjuster's estimate.
- The claim payment was based on a negotiated settlement. For this scenario, ask your insurance carrier for the settlement letter. Many times, this document was already provided to you by the carrier with your claim payment. This document needs to be provided to us in lieu of the adjuster's estimate.
- The claim exceeds the limits of your policy. For this scenario, you should have received a claim denial letter. This document needs to be provided to us to close your file.
If the Insurance Company's adjuster report indicates mold or asbestos, an air clearance test report may be required for additional funds beyond the initial disbursement. You are responsible for the test completion and must submit a certificate of completion showing the mold or asbestos has been remediated.
The cost of a public adjuster and/or attorney fees not covered by your insurance claim are your responsibility. These fees will not be paid from your insurance claim funds unless specifically referenced as a line item in the insurance adjuster's estimate.
No. You can only use the insurance funds to repair the property or pay your loan in full.
Yes, if the amount of the insurance claim check is sufficient to pay your mortgage in full. Contact us to request a payoff quote. Payoff quotes can be requested via website at www.gtefinancial.org, Search key words “Loan Payoff”. If the insurance funds are sufficient to pay your loan in full, send us the endorsed insurance claim check with a signed payoff authorization letter.
In this case, you must send certified funds that make up the difference. You must also include the endorsed insurance claim check and the payoff authorization letter to authorize us to pay off your mortgage.
The insurance funds could be used to pay the mortgage in full (see previous answer). However, if you would like to use the insurance funds to repair the property, when required, we will monitor the status of the repairs to your home and release insurance funds as repairs are completed. In addition, if not electing to use the funds to pay the mortgage in full, all funds received in excess of your unpaid principal balance (UPB), accrued interest, and advances on the mortgage loan will be released as part of the initial disbursement.