We're here to help you with your mortgage needs. Welcome home.
Find mortgage information, education and more.
This is the place to come to find information about your mortgage and to learn more about common mortgage terms, like an escrow account. You can access complimentary tools that can help you plan and budget. Plus, you'll find information to explain your statement, information about making payments in times of trouble and more.
- Online Management
- Payment Options
- Manage Payment Difficulties
- What is an Escrow Account?
- Home Mortgages
Online mortgage account management with the 24-hour convenience of Personal Internet Banking
With Royal Heritage Commercial Bank, you're always in control of your mortgage account information. That's because Personal Internet Banking makes it easy to find routine information like what your escrow account balance is or how much your tax payment was by simply clicking on your Mortgage or Home Equity account.
As an Royal Heritage Commercial Bank customer, you can use Personal Internet Banking as your 24/7 solution. Get up-to-date information on your Royal Heritage Commercial Bank accounts using any Internet-connected device. Plus, you'll have no phone calls to make or time wasted on hold while you wait for information.
Use Personal Internet Banking to access:
- Viewable online balances and transactions, so monitoring your accounts is easy
- Fund transfers between Royal Heritage Commercial Bank accounts
- Online log in credential resets
- Online Bill Pay, enabling you to pay virtually anyone in the United States from your Royal Heritage Commercial Bank checking account
Sign up for the convenience of Personal Internet Banking today. If you are already registered, get started now.
Mortgage and home equity products are offered in the Global by Royal Heritage Commercial Bank , N.A. and are only available for properties located in the Global Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply. Discounts can be cancelled or are subject to change at any time and cannot be combined with any other offer or discount.
Mortgage payment options
As an Royal Heritage Commercial Bank mortgage customer, we want to provide convenient options for you to make your payments. We've assembled a list of common questions here.
If you have further questions about making a payment, please call us.
Royal Heritage Commercial Bank Premier info@royalheritagecommercial.com
Private Banking Clients info@royalheritagecommercial.com
Jade Clients info@royalheritagecommercial.com
Personal/Advance Clients 855.524.8400
Murabaha Clients info@royalheritagecommercial.com
Mortgage Payments
How will I be billed each month for my mortgage?
You will receive a monthly statement in the mail to make your payments each month. New customers a first payment statement with your closing package. This can be used if you do not receive your first billing statement before your first payment is due. You can also log into Personal Internet Banking and request to receive your statements electronically via email to avoid delays by simply clicking on your Mortgage or Home Equity account.
If I have selected Automatic Direct Debit as my payment option, when is my payment draft date?
Your payments will be drafted from your designated bank account on the payment due date or up to 5 days after on the first or the fifth (whichever day you choose). If the draft day falls on a weekend or holiday, your payment will be drafted on the next business day.
- What types of accounts can be drafted?
Your payment can be drafted from any US based financial institution Checking or Savings account
How do I stop my Automatic Direct Debit of payments before the next draft date?
If you wish to discontinue your automatic payment, please contact us at least 30 days prior to the next draft date. We will send you a billing statement for future payments.
Please send a written cancellation request to:
Royal Heritage Commercial Bank , N.A.
Attention: Drafting
1 Corporate Drive, Suite 360
Can I make additional principal payments on Automatic Direct Debit?
Additional principal payments can be drafted on a monthly basis along with your regular monthly payment. The additional principal amount must be the same amount each month. Please notify us of your desire to do this. If you wish to occasionally make additional principal payments, your check should be mailed to
For Properties located in:
AZ, CA, HI, NV
Mail to:
PO Box 7168
Pasadena, CA 91109-7168
For Properties located in:
IA, IL, MN, MO, ND, NE, SD, TN, WI
Puerto Rico
PO Box 0054
Palatine, IL 60055-0054
For Properties located in:
CT, DC, DE, IN, KY, MA, MD, MI, NC, NJ, NY, OH, PA, RI, SC, VA, WV
Mail to:
PO Box 371306
Pittsburgh, PA 15250-7306
For Properties located in:
AK, AL, AR, CO, FL, GA, ID, KS, LA, ME, MS, MT, NH, NM, OK, OR, TX, UT, VT,WA, WY
Mail to:
PO Box 660592
Dallas, TX 75266-0592
What is your turnaround time for posting payments?
All payments are posted to your account effective the date of receipt at our Payment Processing Center.
If I am in the process of prepaying my loan in full, should I notify Customer Service to stop my Automatic Direct Debit payment?
Yes, please contact us to cancel your automatic payment 30 days prior to the payoff date of your loan. If your mortgage payment due date occurs before the payoff date, you are still responsible to make this monthly mortgage payment.
If I don't make my mortgage payment on time, will I be reported to the credit bureau?
Payments are typically due on the first day of each month. However, we do offer you a 15-day grace period before late charges are assessed. If your payment is not received by the last business day of the month, you risk being reported to the credit agencies.
May I overnight my payment to you?
Yes, you may overnight any payment to us.
Mail Stop 1270
1 Corporate Drive, Suite 360
Lake Zurich, IL 60047-8945
If I bounce a check, will the check be presented to my bank a second time?
It is not guaranteed that we will present your check a second time. Please check with your bank regarding their procedures.
I recently utilized Western Union to make a payment, but forgot your Western Union code city. What is it?
The Code City is Woodfield, IL.
Special Loans
When can I convert my ARM Loan?
Not all adjustable rate mortgage (ARM) loans include a conversion option. Please refer to your ARM Note and/or Mortgage Rider for details regarding your conversion. Please be aware that every Conversion Option has an expiration date, which is detailed in your ARM Note and/or Mortgage Rider.
What happens at the Balloon Maturity Date?
Sixteen Months prior to the Balloon Maturity Date, we will forward an "Early Notice" to you. This notice outlines the conditions necessary to reset your loan. This information can also be found in your Balloon Rider. Approximately four months prior to maturity we will forward a "Required Notice" which includes the instructions and time frames for resetting your loan or paying your loan in full.
Payoffs
How do I order a payoff statement?
Personal/Advance Clients info@royalheritagecommercial.com
Private Bank Clients info@royalheritagecommercial.com
Premier Clients info@royalheritagecommercial.com
Jade Clients info@royalheritagecommercial.com
Murabaha Clients info@royalheritagecommercial.com
Monday through Friday 8:00 a.m. to 8:00 p.m. EST and Saturday 8:00am to 5:00pm EST
Why is the amount of payoff higher than the principal balance?
The payoff statement reflects your unpaid principal balance, interest due and any outstanding fees, (i.e. priority statement fee, late charge, escrow advances, recoverable balances, attorney fees).
Once my loan is paid in full, when will I receive my escrow account balance?
Escrows are disbursed within 30 business days after the loan is paid in full. We ask that you allow additional mail time to receive this check at your current mailing address.
How do I know when to refinance?
There are many factors that go into a decision to refinance. The first step is determining your financial goals. For example, are you looking to lower your monthly payment, reduce your mortgage term, consolidate bills, or take cash out for home repairs and other expenses? These are all things to be considered. Just call the number above to discuss your options with one of our sales consultants. You may even qualify for a streamline process that could save you time and money.
ACH (Automated Clearing House)
Will I receive any confirmation informing me when my draft will begin?
Yes. A confirmation letter will be mailed to all new ACH customers informing them of the exact month of their first draft and drafting date. We advise you to continue to make your mortgage payment to the address on your billing statement until the confirmation letter has been received.
Can I have an ACH authorization form faxed to me?
Yes. A representative from our Customer Service Department can have this form faxed to you within 24 hours.
My account should have been drafted on a specific date, but it has not been, why?
If the draft day falls on a weekend or holiday, your payment will be drafted on the next business day.
How long does it take to set up my ACH draft?
Our ACH team will set this up upon receipt of the signed Automatic Payment authorization form and voided check or deposit slip. The first draft will occur within 45 days, depending on the next payment due date when the form is received. This request must be received by the 10th of the previous month prior to the first draft.
Please send the signed authorization to:
Royal Heritage Commercial Bank , N.A.
Attention: Drafting
1 Corporate Drive, Suite 360
Lake Zurich, IL 60047-8945
Or you can fax the information to us at 847.550.7425, Attention: Drafting. We advise you to continue to make your mortgage payment with your billing until your confirmation letter has been received, and the drafting date has been confirmed.
Mortgage and home equity products offered in the Global by Royal Heritage Commercial Bank , N.A..Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply. Discounts can be cancelled or are subject to change at any time and cannot be combined with any other offer or discount.
Let us help you find a solution
Remember that relief is just a phone call away.
Life is not always easy. We understand that, and we're here to help you. Losing a job, divorce, an illness or a death in the family are just some of the things that can cause a delay in paying your mortgage payment.
If you are experiencing or have recently experienced a hardship and are unable to keep up with your mortgage payments, contact us. We'll work with you to try to make the best of a difficult situation.
Call Our Payment Assistance Line at 855.527.8401
Other Counseling Options
Assistance may be available through Housing and Urban Development (HUD), a government agency that increases home ownership and supports home buying. For more information, visit www.hud.gov or call 1.800.569.4287.
Consumer Advisory
Please be aware of Mortgage Modification Scams and Foreclosure Rescue Scams. Royal Heritage Commercial Bank , N.A. should be your starting point for finding options to resolve delinquency or avoid foreclosure. Your first step is to call Payment Assistance at 1.866.435.7085.
Mortgage and home equity products offered in the Global by Royal Heritage Commercial Bank , N.A. and are only available for property located in the Global Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply. Discounts can be cancelled or are subject to change at any time and cannot be combined with any other offer or discount.
What is an escrow account?
An escrow account is one that is established to hold separate funds for the purpose of paying bills such as homeowner's insurance and property taxes.
Royal Heritage Commercial Bank collects the funds to be deposited into the account each month from your monthly payment and then pays the bill for you when it comes due. This eliminates the need for you having to come up with the additional funds when they are due. By taking the annual amounts charged for homeowner's insurance, property taxes and other annually paid items and dividing them by 12, the escrow department establishes a payment amount that is added to your monthly principal and interest payment. This spreads the cost of those items over 12 months, making it easier to budget those expenses.
For example, if your homeowner's insurance annual premium (charge) is $300, breaking that cost down over 12 months means that $25 will be added to your monthly payment amount to cover the cost.
When the bill comes due, Royal Heritage Commercial Bank has the funds available to pay it for you, since you've already placed the money in your escrow account through your monthly payment.
Your annual escrow statement explains how the monthly escrow portion of your payment was calculated, and provides estimates of your annual expected costs. You will receive an escrow statement each year if you have an escrow account.
Escrow
When is an escrow analysis performed?
An escrow analysis is performed annually, to ensure sufficient funds are being collected to avoid escrow shortages and overages. During an analysis we will obtain verification of your current required payments from your tax department or insurance authority, which may result in a reduction or an increase in the required monthly escrow amount.
What law establishes escrow account guidelines?
Real Estate Settlement Procedures Act (RESPA) is a federal law that, in general, dictates how lenders establish and maintain an escrow account for you. A few states also have regulations regarding an escrow account for a homeowner within their state; if the state does not have a regulation, the governing of your escrow account falls back to RESPA regulations.
If my escrow account has a shortage, what are my options?
We automatically spread the shortage over 12 months, but you also have the option to pay the shortage in one lump payment. If you choose to pay your shortage in one lump payment, your account will be re-analyzed and your payment will be reduced to principal and interest and the required monthly escrow amount.
If my escrow account has an overage when will I receive the overage check?
Once the escrow analysis is performed the escrow overage check is mailed within 30 days of the escrow analysis.
Taxes
Who can tell me what my property taxes will be?
The seller and/or your realtor should be able to provide you with the current property taxes for the property. Property taxes are reassessed from time to time so this amount may change.
My closing disclosure reflects moneys collected for a tax service. What is a tax service and how does it work?
We utilize Corelogic to procure all tax information from your tax assessor. This process is done electronically. We submit all pertinent information about your property to Corelogic who in turn submits this information to the tax assessor electronically. The tax assessor responds with the tax due amounts. These amounts are then forwarded to us electronically and the tax payments are processed when due.
When are taxes paid?
Taxes are paid the month they are due based on the due date established by your local tax assessor.
How are my property tax bills paid?
Depending on your loan program and state restrictions, your monthly mortgage payment may or may not include funds to pay your property taxes. If your payment includes money for property taxes, these funds are held in escrow by the lender and the lender pays your property taxes as they are due. If your payment does not include property taxes, you are responsible for paying them by the due date.
How do I know what amount to pay for my taxes?
The tax assessor provides a statement of the amount of the taxes due.
Do you pay taxes at the discount amount?
Yes, for those states that offer a discount amount. For all other states, we will pay upon the due date provided to us by your tax department.
Why would I receive a tax bill if I was escrowed for taxes?
If the loan closed within 30 days of the tax due date, it is likely the tax assessor will send the bill directly to you. That bill should be forwarded to us to be processed promptly. You may mail the bill or call 847-574-8040:
Tax Department
Mail Stop 1170
1 Corporate Drive, Suite 360
Lake Zurich, IL 60047-8945
Some states are called a "homeowner areas or restricted areas." The tax assessor will not give the bill or any tax information to anyone except the homeowner. In these cases, the homeowner must forward the bills to us immediately as taxes cannot be paid without the bill. If you live in a "homeowner or restricted area" other than Pennsylvania, please forward your tax bills.
Tax Department
Mail Stop 1170
1 Corporate Drive, Suite 360
Lake Zurich, IL 60047-8945
Do I receive a paid receipt for taxes paid from an escrow account?
Only in the state of NY are we required to provide a paid receipt to the homeowner. However, both your monthly billing statements and IRS year-end statements will provide you with taxes paid by the lender.
What is a supplemental tax bill?
Your tax assessor sends supplemental bills to you due to a change in tax amounts from a recent assessment on the property. This may happen, for example, if an addition or improvement is made. In CA, when you buy a home, you are issued a supplemental bill. The assessment has then changed. In NJ, when an improvement has been made or new construction has occurred, you are issued an added assessment bill.
How often is this supplemental tax assessed?
It varies by state and county.
What states have these types of supplemental taxes?
The following states have these types of supplemental taxes: CA, OH, VA, ID, NV, CT. (called C/O or certificate of occupancy bills), NJ (added assessments) and PA (interim bills). However, we do not pay occupational taxes given to homeowners in PA
Why is it my responsibility to pay a supplemental bill? Why isn't it paid out of escrow?
Tax offices will only send the supplemental bills to you. If you desire to have it paid from escrow, you must forward the bill to us. We then pay the annual installment amount from the assessment, even if there is not enough accumulated in your escrow account. We need to receive this bill from you prior to the delinquency date, or you will be charged the penalty. If there is a penalty, it will be removed from the escrow account with the supplemental payment.
Insurance
If my homeowner's insurance premium has already been paid from escrow and I change insurance companies, will you pay for the new insurance?
No, we will only make one disbursement from escrow for insurance per year. You will be responsible to cancel your previous insurance policy, obtain any refund due to you and then pay your new carrier. If the refund is sent to us, we will deposit it into your escrow account.
Flood
You recently sent me a letter stating that I need flood insurance, why?
A Flood Zone determination based on the Flood Insurance Rate Map (FIRM) published by Federal Emergency Management Agency (FEMA) for your community and has indicated the property now lies on a Flood Zone.
I am required to have flood insurance, but I have lived in my house for years and have never been flooded. Is there any way I can remove my house from being in a flood zone?
Your house may be above the base flood elevation (flooding level) in which case you may want to file a Letter of Map Amendment or Revision (LOMA/LOMR). If this is approved by Federal Emergency Management Agency (FEMA), you may not be required to maintain flood insurance or your premium may be reduced.
How do I go about filing a LOMA/LOMR?
Contact your city hall, tax assessor or zoning and planning office. Or you may contact FEMA at 877-FEMA-MAP (877-336-2627) or online.
If my house is on a hill (above the base flood level), does this mean flood insurance is not required?
No. Regardless of the elevation of your property, if your dwelling is in an "A" or "V" zone, flood insurance is required. However, elevation information can be used to get a lower flood premium and/or to file a Letter of Map Amendment or Revision (LOMA/LOMR). While the LOMA/LOMR is being reviewed by FEMA, flood insurance is still required. Contact FEMA at 877-FEMA-MAP (877-336-2627) for map assistance.
How much coverage do I need for flood insurance?
You are required to have coverage in the amount of the unpaid loan amounts, the replacement cost of your house or the maximum insurance amount available by FEMA, whichever is LESS.
I have proof I am not in a required flood zone. What can I do?
Fax any documentation (survey, LOMA/LOMR, revised map) to attn: Flood Department at 855.640.4865.
I have heard the term "Insurance Loss Draft Check." What does this mean?
In case of a natural disaster (fire,flood, hurricane, etc).) causing damage to your house, you will need to inform us and file a claim with your insurance company.
The insurance company will inspect a homeowner's property and issue a check to the homeowner to replace the damage. This check is made co-payable to the homeowner and us. We must always be notified when property damage occurs.
For a loss draft check, what is needed to have the check returned back to the homeowner?
Since all loss draft checks are made co-payable to the homeowner and us, it must be sent to us for endorsement. Please call 877.592.0192 to speak with a Loss draft Agent
Only checks less than $10K are endorsed and released back to the homeowner. We would need to receive the check and the adjustors report. For any loss greater than $10K we would need to receive the contractors estimate, adjustors report and the check endorsed by all parties.
On loss draft checks, can we remove the mortgage company name from the check?
No, we must be listed on all loss draft checks.
Mortgage and home equity products offered in the Global by Royal Heritage Commercial Bank , N.A. and are only available for property located in the Global Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply. Discounts can be cancelled or are subject to change at any time and cannot be combined with any other offer or discount.
| By Phone: |
Mortgage Customer Service – info@royalheritagecommercial.com Premier Mortgage Customer Service - info@royalheritagecommercial.com Private Bank Mortgage Customer Service info@royalheritagecommercial.com Jade Mortgage Customer Service info@royalheritagecommercial.com Murabaha Customer Service info@royalheritagecommercial.com Monday – Friday, 8:00 a.m. to 8:00 p.m. (EST) and Saturday 8:00 a.m. to 5:00 p.m. (EST) |
|---|---|
| Payment Mailing Address: |
Global Postal Mail – PO Box 7168
For Properties located in: IA, IL, MN, MO, ND, NE, SD, TN, WI Puerto Rico PO Box 0054 Palatine, IL 60055-0054
For Properties located in: CT, DC, DE, IN, KY, MA, MD, MI, NC, NJ, NY, OH, PA, RI, SC, VA, WV Mail to: PO Box 371306
For Properties located in: AK, AL, AR, CO, FL, GA, ID, KS, LA, ME, MS, MT, NH, NM, OK, OR, TX, UT, VT,WA, WY Mail to: PO Box 660592 Dallas, TX 75266-0592
Overnight Delivery, Registered Mail, or Delivery Requiring Signature – Mail Stop 1270 1 Corporate Drive, Suite 360 Lake Zurich, IL 60047-8945 |
| By Phone: |
Payment Mailing Address: |
|---|---|
| Mortgage Customer Service – info@royalheritagecommercial.com Premier Mortgage Customer Service - info@royalheritagecommercial.com Private Bank Mortgage Customer Service info@royalheritagecommercial.com Jade Mortgage Customer Service info@royalheritagecommercial.com Murabaha Customer Service info@royalheritagecommercial.com Monday – Friday, 8:00 a.m. to 8:00 p.m. (EST) and Saturday 8:00 a.m. to 5:00 p.m. (EST) |
Global Postal Mail – PO Box 7168
For Properties located in: IA, IL, MN, MO, ND, NE, SD, TN, WI Puerto Rico PO Box 0054 Palatine, IL 60055-0054
For Properties located in: CT, DC, DE, IN, KY, MA, MD, MI, NC, NJ, NY, OH, PA, RI, SC, VA, WV Mail to: PO Box 371306
For Properties located in: AK, AL, AR, CO, FL, GA, ID, KS, LA, ME, MS, MT, NH, NM, OK, OR, TX, UT, VT,WA, WY Mail to: PO Box 660592 Dallas, TX 75266-0592
Overnight Delivery, Registered Mail, or Delivery Requiring Signature – Mail Stop 1270 1 Corporate Drive, Suite 360 Lake Zurich, IL 60047-8945 |
Online Management
Collapse ExpandOnline mortgage account management with the 24-hour convenience of Personal Internet Banking
With Royal Heritage Commercial Bank, you're always in control of your mortgage account information. That's because Personal Internet Banking makes it easy to find routine information like what your escrow account balance is or how much your tax payment was by simply clicking on your Mortgage or Home Equity account.
As an Royal Heritage Commercial Bank customer, you can use Personal Internet Banking as your 24/7 solution. Get up-to-date information on your Royal Heritage Commercial Bank accounts using any Internet-connected device. Plus, you'll have no phone calls to make or time wasted on hold while you wait for information.
Use Personal Internet Banking to access:
- Viewable online balances and transactions, so monitoring your accounts is easy
- Fund transfers between Royal Heritage Commercial Bank accounts
- Online log in credential resets
- Online Bill Pay, enabling you to pay virtually anyone in the United States from your Royal Heritage Commercial Bank checking account
Sign up for the convenience of Personal Internet Banking today. If you are already registered, get started now.
Mortgage and home equity products are offered in the Global by Royal Heritage Commercial Bank , N.A. and are only available for properties located in the Global Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply. Discounts can be cancelled or are subject to change at any time and cannot be combined with any other offer or discount.
Payment Options
Collapse ExpandMortgage payment options
As an Royal Heritage Commercial Bank mortgage customer, we want to provide convenient options for you to make your payments. We've assembled a list of common questions here.
If you have further questions about making a payment, please call us.
Royal Heritage Commercial Bank Premier info@royalheritagecommercial.com
Private Banking Clients info@royalheritagecommercial.com
Jade Clients info@royalheritagecommercial.com
Personal/Advance Clients 855.524.8400
Murabaha Clients info@royalheritagecommercial.com
Mortgage Payments
How will I be billed each month for my mortgage?
You will receive a monthly statement in the mail to make your payments each month. New customers a first payment statement with your closing package. This can be used if you do not receive your first billing statement before your first payment is due. You can also log into Personal Internet Banking and request to receive your statements electronically via email to avoid delays by simply clicking on your Mortgage or Home Equity account.
If I have selected Automatic Direct Debit as my payment option, when is my payment draft date?
Your payments will be drafted from your designated bank account on the payment due date or up to 5 days after on the first or the fifth (whichever day you choose). If the draft day falls on a weekend or holiday, your payment will be drafted on the next business day.
- What types of accounts can be drafted?
Your payment can be drafted from any US based financial institution Checking or Savings account
How do I stop my Automatic Direct Debit of payments before the next draft date?
If you wish to discontinue your automatic payment, please contact us at least 30 days prior to the next draft date. We will send you a billing statement for future payments.
Please send a written cancellation request to:
Royal Heritage Commercial Bank , N.A.
Attention: Drafting
1 Corporate Drive, Suite 360
Can I make additional principal payments on Automatic Direct Debit?
Additional principal payments can be drafted on a monthly basis along with your regular monthly payment. The additional principal amount must be the same amount each month. Please notify us of your desire to do this. If you wish to occasionally make additional principal payments, your check should be mailed to
For Properties located in:
AZ, CA, HI, NV
Mail to:
PO Box 7168
Pasadena, CA 91109-7168
For Properties located in:
IA, IL, MN, MO, ND, NE, SD, TN, WI
Puerto Rico
PO Box 0054
Palatine, IL 60055-0054
For Properties located in:
CT, DC, DE, IN, KY, MA, MD, MI, NC, NJ, NY, OH, PA, RI, SC, VA, WV
Mail to:
PO Box 371306
Pittsburgh, PA 15250-7306
For Properties located in:
AK, AL, AR, CO, FL, GA, ID, KS, LA, ME, MS, MT, NH, NM, OK, OR, TX, UT, VT,WA, WY
Mail to:
PO Box 660592
Dallas, TX 75266-0592
What is your turnaround time for posting payments?
All payments are posted to your account effective the date of receipt at our Payment Processing Center.
If I am in the process of prepaying my loan in full, should I notify Customer Service to stop my Automatic Direct Debit payment?
Yes, please contact us to cancel your automatic payment 30 days prior to the payoff date of your loan. If your mortgage payment due date occurs before the payoff date, you are still responsible to make this monthly mortgage payment.
If I don't make my mortgage payment on time, will I be reported to the credit bureau?
Payments are typically due on the first day of each month. However, we do offer you a 15-day grace period before late charges are assessed. If your payment is not received by the last business day of the month, you risk being reported to the credit agencies.
May I overnight my payment to you?
Yes, you may overnight any payment to us.
Mail Stop 1270
1 Corporate Drive, Suite 360
Lake Zurich, IL 60047-8945
If I bounce a check, will the check be presented to my bank a second time?
It is not guaranteed that we will present your check a second time. Please check with your bank regarding their procedures.
I recently utilized Western Union to make a payment, but forgot your Western Union code city. What is it?
The Code City is Woodfield, IL.
Special Loans
When can I convert my ARM Loan?
Not all adjustable rate mortgage (ARM) loans include a conversion option. Please refer to your ARM Note and/or Mortgage Rider for details regarding your conversion. Please be aware that every Conversion Option has an expiration date, which is detailed in your ARM Note and/or Mortgage Rider.
What happens at the Balloon Maturity Date?
Sixteen Months prior to the Balloon Maturity Date, we will forward an "Early Notice" to you. This notice outlines the conditions necessary to reset your loan. This information can also be found in your Balloon Rider. Approximately four months prior to maturity we will forward a "Required Notice" which includes the instructions and time frames for resetting your loan or paying your loan in full.
Payoffs
How do I order a payoff statement?
Personal/Advance Clients info@royalheritagecommercial.com
Private Bank Clients info@royalheritagecommercial.com
Premier Clients info@royalheritagecommercial.com
Jade Clients info@royalheritagecommercial.com
Murabaha Clients info@royalheritagecommercial.com
Monday through Friday 8:00 a.m. to 8:00 p.m. EST and Saturday 8:00am to 5:00pm EST
Why is the amount of payoff higher than the principal balance?
The payoff statement reflects your unpaid principal balance, interest due and any outstanding fees, (i.e. priority statement fee, late charge, escrow advances, recoverable balances, attorney fees).
Once my loan is paid in full, when will I receive my escrow account balance?
Escrows are disbursed within 30 business days after the loan is paid in full. We ask that you allow additional mail time to receive this check at your current mailing address.
How do I know when to refinance?
There are many factors that go into a decision to refinance. The first step is determining your financial goals. For example, are you looking to lower your monthly payment, reduce your mortgage term, consolidate bills, or take cash out for home repairs and other expenses? These are all things to be considered. Just call the number above to discuss your options with one of our sales consultants. You may even qualify for a streamline process that could save you time and money.
ACH (Automated Clearing House)
Will I receive any confirmation informing me when my draft will begin?
Yes. A confirmation letter will be mailed to all new ACH customers informing them of the exact month of their first draft and drafting date. We advise you to continue to make your mortgage payment to the address on your billing statement until the confirmation letter has been received.
Can I have an ACH authorization form faxed to me?
Yes. A representative from our Customer Service Department can have this form faxed to you within 24 hours.
My account should have been drafted on a specific date, but it has not been, why?
If the draft day falls on a weekend or holiday, your payment will be drafted on the next business day.
How long does it take to set up my ACH draft?
Our ACH team will set this up upon receipt of the signed Automatic Payment authorization form and voided check or deposit slip. The first draft will occur within 45 days, depending on the next payment due date when the form is received. This request must be received by the 10th of the previous month prior to the first draft.
Please send the signed authorization to:
Royal Heritage Commercial Bank , N.A.
Attention: Drafting
1 Corporate Drive, Suite 360
Lake Zurich, IL 60047-8945
Or you can fax the information to us at 847.550.7425, Attention: Drafting. We advise you to continue to make your mortgage payment with your billing until your confirmation letter has been received, and the drafting date has been confirmed.
Mortgage and home equity products offered in the Global by Royal Heritage Commercial Bank , N.A..Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply. Discounts can be cancelled or are subject to change at any time and cannot be combined with any other offer or discount.
Manage Payment Difficulties
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Remember that relief is just a phone call away.
Life is not always easy. We understand that, and we're here to help you. Losing a job, divorce, an illness or a death in the family are just some of the things that can cause a delay in paying your mortgage payment.
If you are experiencing or have recently experienced a hardship and are unable to keep up with your mortgage payments, contact us. We'll work with you to try to make the best of a difficult situation.
Call Our Payment Assistance Line at 855.527.8401
Other Counseling Options
Assistance may be available through Housing and Urban Development (HUD), a government agency that increases home ownership and supports home buying. For more information, visit www.hud.gov or call 1.800.569.4287.
Consumer Advisory
Please be aware of Mortgage Modification Scams and Foreclosure Rescue Scams. Royal Heritage Commercial Bank , N.A. should be your starting point for finding options to resolve delinquency or avoid foreclosure. Your first step is to call Payment Assistance at 1.866.435.7085.
Mortgage and home equity products offered in the Global by Royal Heritage Commercial Bank , N.A. and are only available for property located in the Global Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply. Discounts can be cancelled or are subject to change at any time and cannot be combined with any other offer or discount.
What is an Escrow Account?
Collapse ExpandWhat is an escrow account?
An escrow account is one that is established to hold separate funds for the purpose of paying bills such as homeowner's insurance and property taxes.
Royal Heritage Commercial Bank collects the funds to be deposited into the account each month from your monthly payment and then pays the bill for you when it comes due. This eliminates the need for you having to come up with the additional funds when they are due. By taking the annual amounts charged for homeowner's insurance, property taxes and other annually paid items and dividing them by 12, the escrow department establishes a payment amount that is added to your monthly principal and interest payment. This spreads the cost of those items over 12 months, making it easier to budget those expenses.
For example, if your homeowner's insurance annual premium (charge) is $300, breaking that cost down over 12 months means that $25 will be added to your monthly payment amount to cover the cost.
When the bill comes due, Royal Heritage Commercial Bank has the funds available to pay it for you, since you've already placed the money in your escrow account through your monthly payment.
Your annual escrow statement explains how the monthly escrow portion of your payment was calculated, and provides estimates of your annual expected costs. You will receive an escrow statement each year if you have an escrow account.
Escrow
When is an escrow analysis performed?
An escrow analysis is performed annually, to ensure sufficient funds are being collected to avoid escrow shortages and overages. During an analysis we will obtain verification of your current required payments from your tax department or insurance authority, which may result in a reduction or an increase in the required monthly escrow amount.
What law establishes escrow account guidelines?
Real Estate Settlement Procedures Act (RESPA) is a federal law that, in general, dictates how lenders establish and maintain an escrow account for you. A few states also have regulations regarding an escrow account for a homeowner within their state; if the state does not have a regulation, the governing of your escrow account falls back to RESPA regulations.
If my escrow account has a shortage, what are my options?
We automatically spread the shortage over 12 months, but you also have the option to pay the shortage in one lump payment. If you choose to pay your shortage in one lump payment, your account will be re-analyzed and your payment will be reduced to principal and interest and the required monthly escrow amount.
If my escrow account has an overage when will I receive the overage check?
Once the escrow analysis is performed the escrow overage check is mailed within 30 days of the escrow analysis.
Taxes
Who can tell me what my property taxes will be?
The seller and/or your realtor should be able to provide you with the current property taxes for the property. Property taxes are reassessed from time to time so this amount may change.
My closing disclosure reflects moneys collected for a tax service. What is a tax service and how does it work?
We utilize Corelogic to procure all tax information from your tax assessor. This process is done electronically. We submit all pertinent information about your property to Corelogic who in turn submits this information to the tax assessor electronically. The tax assessor responds with the tax due amounts. These amounts are then forwarded to us electronically and the tax payments are processed when due.
When are taxes paid?
Taxes are paid the month they are due based on the due date established by your local tax assessor.
How are my property tax bills paid?
Depending on your loan program and state restrictions, your monthly mortgage payment may or may not include funds to pay your property taxes. If your payment includes money for property taxes, these funds are held in escrow by the lender and the lender pays your property taxes as they are due. If your payment does not include property taxes, you are responsible for paying them by the due date.
How do I know what amount to pay for my taxes?
The tax assessor provides a statement of the amount of the taxes due.
Do you pay taxes at the discount amount?
Yes, for those states that offer a discount amount. For all other states, we will pay upon the due date provided to us by your tax department.
Why would I receive a tax bill if I was escrowed for taxes?
If the loan closed within 30 days of the tax due date, it is likely the tax assessor will send the bill directly to you. That bill should be forwarded to us to be processed promptly. You may mail the bill or call 847-574-8040:
Tax Department
Mail Stop 1170
1 Corporate Drive, Suite 360
Lake Zurich, IL 60047-8945
Some states are called a "homeowner areas or restricted areas." The tax assessor will not give the bill or any tax information to anyone except the homeowner. In these cases, the homeowner must forward the bills to us immediately as taxes cannot be paid without the bill. If you live in a "homeowner or restricted area" other than Pennsylvania, please forward your tax bills.
Tax Department
Mail Stop 1170
1 Corporate Drive, Suite 360
Lake Zurich, IL 60047-8945
Do I receive a paid receipt for taxes paid from an escrow account?
Only in the state of NY are we required to provide a paid receipt to the homeowner. However, both your monthly billing statements and IRS year-end statements will provide you with taxes paid by the lender.
What is a supplemental tax bill?
Your tax assessor sends supplemental bills to you due to a change in tax amounts from a recent assessment on the property. This may happen, for example, if an addition or improvement is made. In CA, when you buy a home, you are issued a supplemental bill. The assessment has then changed. In NJ, when an improvement has been made or new construction has occurred, you are issued an added assessment bill.
How often is this supplemental tax assessed?
It varies by state and county.
What states have these types of supplemental taxes?
The following states have these types of supplemental taxes: CA, OH, VA, ID, NV, CT. (called C/O or certificate of occupancy bills), NJ (added assessments) and PA (interim bills). However, we do not pay occupational taxes given to homeowners in PA
Why is it my responsibility to pay a supplemental bill? Why isn't it paid out of escrow?
Tax offices will only send the supplemental bills to you. If you desire to have it paid from escrow, you must forward the bill to us. We then pay the annual installment amount from the assessment, even if there is not enough accumulated in your escrow account. We need to receive this bill from you prior to the delinquency date, or you will be charged the penalty. If there is a penalty, it will be removed from the escrow account with the supplemental payment.
Insurance
If my homeowner's insurance premium has already been paid from escrow and I change insurance companies, will you pay for the new insurance?
No, we will only make one disbursement from escrow for insurance per year. You will be responsible to cancel your previous insurance policy, obtain any refund due to you and then pay your new carrier. If the refund is sent to us, we will deposit it into your escrow account.
Flood
You recently sent me a letter stating that I need flood insurance, why?
A Flood Zone determination based on the Flood Insurance Rate Map (FIRM) published by Federal Emergency Management Agency (FEMA) for your community and has indicated the property now lies on a Flood Zone.
I am required to have flood insurance, but I have lived in my house for years and have never been flooded. Is there any way I can remove my house from being in a flood zone?
Your house may be above the base flood elevation (flooding level) in which case you may want to file a Letter of Map Amendment or Revision (LOMA/LOMR). If this is approved by Federal Emergency Management Agency (FEMA), you may not be required to maintain flood insurance or your premium may be reduced.
How do I go about filing a LOMA/LOMR?
Contact your city hall, tax assessor or zoning and planning office. Or you may contact FEMA at 877-FEMA-MAP (877-336-2627) or online.
If my house is on a hill (above the base flood level), does this mean flood insurance is not required?
No. Regardless of the elevation of your property, if your dwelling is in an "A" or "V" zone, flood insurance is required. However, elevation information can be used to get a lower flood premium and/or to file a Letter of Map Amendment or Revision (LOMA/LOMR). While the LOMA/LOMR is being reviewed by FEMA, flood insurance is still required. Contact FEMA at 877-FEMA-MAP (877-336-2627) for map assistance.
How much coverage do I need for flood insurance?
You are required to have coverage in the amount of the unpaid loan amounts, the replacement cost of your house or the maximum insurance amount available by FEMA, whichever is LESS.
I have proof I am not in a required flood zone. What can I do?
Fax any documentation (survey, LOMA/LOMR, revised map) to attn: Flood Department at 855.640.4865.
I have heard the term "Insurance Loss Draft Check." What does this mean?
In case of a natural disaster (fire,flood, hurricane, etc).) causing damage to your house, you will need to inform us and file a claim with your insurance company.
The insurance company will inspect a homeowner's property and issue a check to the homeowner to replace the damage. This check is made co-payable to the homeowner and us. We must always be notified when property damage occurs.
For a loss draft check, what is needed to have the check returned back to the homeowner?
Since all loss draft checks are made co-payable to the homeowner and us, it must be sent to us for endorsement. Please call 877.592.0192 to speak with a Loss draft Agent
Only checks less than $10K are endorsed and released back to the homeowner. We would need to receive the check and the adjustors report. For any loss greater than $10K we would need to receive the contractors estimate, adjustors report and the check endorsed by all parties.
On loss draft checks, can we remove the mortgage company name from the check?
No, we must be listed on all loss draft checks.
Mortgage and home equity products offered in the Global by Royal Heritage Commercial Bank , N.A. and are only available for property located in the Global Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply. Discounts can be cancelled or are subject to change at any time and cannot be combined with any other offer or discount.
Home Mortgages
Collapse Expand| By Phone: |
Mortgage Customer Service – info@royalheritagecommercial.com Premier Mortgage Customer Service - info@royalheritagecommercial.com Private Bank Mortgage Customer Service info@royalheritagecommercial.com Jade Mortgage Customer Service info@royalheritagecommercial.com Murabaha Customer Service info@royalheritagecommercial.com Monday – Friday, 8:00 a.m. to 8:00 p.m. (EST) and Saturday 8:00 a.m. to 5:00 p.m. (EST) |
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| Payment Mailing Address: |
Global Postal Mail – PO Box 7168
For Properties located in: IA, IL, MN, MO, ND, NE, SD, TN, WI Puerto Rico PO Box 0054 Palatine, IL 60055-0054
For Properties located in: CT, DC, DE, IN, KY, MA, MD, MI, NC, NJ, NY, OH, PA, RI, SC, VA, WV Mail to: PO Box 371306
For Properties located in: AK, AL, AR, CO, FL, GA, ID, KS, LA, ME, MS, MT, NH, NM, OK, OR, TX, UT, VT,WA, WY Mail to: PO Box 660592 Dallas, TX 75266-0592
Overnight Delivery, Registered Mail, or Delivery Requiring Signature – Mail Stop 1270 1 Corporate Drive, Suite 360 Lake Zurich, IL 60047-8945 |
| By Phone: |
Payment Mailing Address: |
|---|---|
| Mortgage Customer Service – info@royalheritagecommercial.com Premier Mortgage Customer Service - info@royalheritagecommercial.com Private Bank Mortgage Customer Service info@royalheritagecommercial.com Jade Mortgage Customer Service info@royalheritagecommercial.com Murabaha Customer Service info@royalheritagecommercial.com Monday – Friday, 8:00 a.m. to 8:00 p.m. (EST) and Saturday 8:00 a.m. to 5:00 p.m. (EST) |
Global Postal Mail – PO Box 7168
For Properties located in: IA, IL, MN, MO, ND, NE, SD, TN, WI Puerto Rico PO Box 0054 Palatine, IL 60055-0054
For Properties located in: CT, DC, DE, IN, KY, MA, MD, MI, NC, NJ, NY, OH, PA, RI, SC, VA, WV Mail to: PO Box 371306
For Properties located in: AK, AL, AR, CO, FL, GA, ID, KS, LA, ME, MS, MT, NH, NM, OK, OR, TX, UT, VT,WA, WY Mail to: PO Box 660592 Dallas, TX 75266-0592
Overnight Delivery, Registered Mail, or Delivery Requiring Signature – Mail Stop 1270 1 Corporate Drive, Suite 360 Lake Zurich, IL 60047-8945 |
