Frequently Asked Questions (FAQ’s)
How do I contact you?
Please feel free to contact us (916) 290-9999 anytime between 8:00 AM to 5:00 PM PT Mon-Fri. You can also contact our Servicing Department via email at the address listed at the bottom of this letter.
Why is this payment coupon temporary?
Paramount Equity Mortgage may assign your loan servicing to another company – but never fear – we are ALWAYS here to help! If we do transfer servicing on your loan, your new lender will process all of future payments. Paramount funds 100% of our loans, as we are a direct lender, but we do not retain every loan for servicing. Depending on capacity and market conditions, we may or may not assign the servicing of your loan to one of our preferred servicing partners to collect your payments and manage your escrow account. This is standard practice in our industry, but again – never fear as we will always be here for you! NEVER hesitate to call us with questions.
When is my payment considered late?
As described in your mortgage agreement, your payment must be received in our office by the 16th of the month it is due otherwise you may be assessed a late charge. If the 16th falls on a weekend or federal holiday, your payment must be received by the following business day.
Do you accept bi-weekly payments?
No, we do not accept bi-weekly payments. Please note that if you receive any correspondence offering a bi-weekly payment service, this is from a third party and not from Paramount Equity Mortgage. Please also note that if your loan is sold, your new servicer may have different policies.
Can I make payments over the phone?
No, unfortunately we do not offer this service at this time but we hope to make this available to our customers in the near future.
Will I be notified if my loan is sold and servicing is transferred?
Yes, if your loan is sold you will receive notification immediately. A letter that includes all of the information you will need to know about your new servicer (company name, address, customer service phone numbers, payment information, etc.) will be mailed out to you. Please remember, Paramount is still here to help and you can continue to contact us if you have any questions regarding your loan transfer.
How do I set up any preferred payment options (auto payments, email notifications, going paperless, etc.) for my mortgage?
Please wait until you get confirmation of the loan servicer. Since your loan servicing may be re-assigned, you will want to wait to set up any of these types of payment options to avoid confusion and possible payment processing/receipt issues. If your loan is transferred, you will be provided with their Customer Service contact information and, once this occurs, you can discuss ALL available options with your new service provider.
I am getting letters from other companies, what do I do?
Please carefully read any mail pieces you receive. The recording of your new loan is a public process and you may start to see 3rd party solicitations that are not affiliated with Paramount Equity Mortgage. There are three common merchants that solicit clients who recently took out new mortgage loans:
- Payment processing services. Typically, they will market a bi-weekly or bi-monthly payment option, and there will be a fee. We suggest to first understand the options offered by the company to whom we have assigned your loan before agreeing to pay for any 3rd party payment processes. Your new servicer may offer these same services for free.
- Recorded document service: There are companies that will offer to provide you with copies of the recorded documents “for a fee”. You are entitled to copies of any and all recorded documents associated with your loan and will automatically receive these from our Title Company, so there is no reason to pay for this.
- Insurance companies (of all types): We offer many types of insurance as well, so if you see any offers that peak your interest, or if you just want to see what we can offer you, please contact our insurance division at (877) 284-2424. Please remember that if you make any changes (at any time) to your homeowner’s insurance, you will want to be sure your loan servicer is notified right away.
I received a notice of transferring my services. What does this mean for me?
As a normal business practice some loans are sold to investors while others are kept and serviced through our sub-servicer. If you receive the following notice your loan has been sold and it is important that you read it thoroughly as it contains important information regarding your current loan with us and contact information for your new servicer.
This portion of the letter contains your loan’s identifying information. In it you will find your name, address and the loan number that we have on file for your loan. If you need to call us for any reason you can reference this loan number or provide your address and we can easily locate your loan.
Timing of Payments
This portion of the letter describes when the servicing transfer is effective (outlined in green) and when you should start making your payments to the new servicer. As mentioned in the letter any payments due prior to the effective date of this notice should be sent to Paramount Equity Mortgage, LLC.
Old Servicer vs New Servicer
The information in this section provides the contact information for our company as well as your new servicer. You should pay close attention to the dates in this section as they will instruct you when you are to make payments to the NEW SERVICER. Payments due prior to this date will be paid to the current servicer Paramount Equity Mortgage, LLC
Under Federal law we are required to let you know that your loan cannot be reported late during the 60-day period following the effective date of the transfer of the loan servicing. (Refer to the date outlined in green under the Timing of Payments section)
It is also important that you look out for the documents that will be sent to you in January which you may need for tax purposes. You can discuss these documents with your tax advisor once you receive them.
If you have any further questions or concerns, please feel free to contact our Servicing Department by phone at (916) 290-9999 or by email at firstname.lastname@example.org from 8:00 AM to 5:00 PM PT Mon-Fri.