Shellpoint Mortgage Servicing Payment: Your Complete Guide

Shellpoint Mortgage Servicing is a leading provider of mortgage servicing solutions, managing over 300,000 loans across the US.

Making timely payments is crucial to avoid late fees and penalties, which can add up quickly.

Shellpoint Mortgage Servicing offers various payment options, including online payments, phone payments, and mail payments.

You can make online payments through their website or mobile app, which accepts payments 24/7.

To make a payment, you'll need to log in to your account or create a new one, then select the payment method and amount.

Shellpoint Mortgage Servicing also offers a payment plan option to help you manage your payments if you're experiencing financial difficulties.

With a payment plan, you can make smaller payments over a longer period, which can help reduce the burden of your mortgage payments.

By making timely payments, you can avoid late fees and penalties, and keep your credit score in good standing.

Shellpoint Mortgage Servicing reports payment history to the three major credit bureaus, which can impact your credit score.

If you're experiencing financial difficulties, it's essential to communicate with Shellpoint Mortgage Servicing to discuss your options and avoid defaulting on your loan.

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Your first mortgage payment is due at least one full month after the last day of the month in which your home purchase closed.

For most mortgage loans, your payment is paid in arrears, meaning it's due on the first day of the month, but for the previous month. So, if your mortgage loan closed on January 25, your first full mortgage payment would be due March 1.

Make sure to pay your mortgage payment no later than 3:00 p.m. on your due date to avoid late fees and missed payments.

You can pay your mortgage payment by autodraft, online bill-pay system, check, or money order. If you pay by autodraft, you don't need to do anything – we'll automatically deduct the new amount from your bank account.

If you use an online bill-pay system, update your settings for your new payment amount. If you pay by check or money order, make out your check or money order for the new amount and mail it so it arrives in our office before 3 p.m. Eastern Time on the due date.

Here are the payment options and their deadlines:

Your mortgage payments are due on the first day of the month, but for the previous month. This means that if your mortgage loan closed on January 25, your first full mortgage payment would be due March 1.

To avoid late fees and missed payments, make sure to pay your mortgage by 3:00 p.m. on your due date. You can find your specific due date in your mortgage agreement or account statement.

Your mortgage payment is made up of two parts: principal and interest (P&I). As you make payments, the amount you pay in interest decreases, while the amount you pay in principal increases.

Here's a breakdown of how your mortgage payments work:

As you can see, the amount you pay in principal increases over time, while the amount you pay in interest decreases. This is why it's a good idea to make extra principal payments if your mortgage agreement allows it without a prepayment penalty.

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Your first mortgage payment is due at least one full month after the last day of the month in which your home purchase closed. This is known as a "mortgage payment in arrears", meaning you pay for the previous month's housing costs on the first day of the current month.

For example, if your mortgage loan closed on January 25, your first full mortgage payment would be due March 1, covering the interest and principal for the month of February.

To avoid late fees and missed payments, make sure to pay your mortgage payment no later than 3:00 p.m. on your due date.

If your payment due date is on a different day than the first of the month, check your mortgage agreement or account statement to verify your specific due date.

If your payment amount changes, don't worry – you won't need to do anything if you're set up for autodraft. We'll automatically deduct the new amount from your bank account.

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For most mortgage loans, your first mortgage payment is due at least one full month after the last day of the month in which your home purchase closed.

Mortgage payments are paid in arrears, which means they're due on the first day of the month, but for the previous month. So, if your mortgage loan closed on January 25, your first full mortgage payment would be due March 1.

Your closing costs would have included the interest charges for the seven days through the end of the month, which is why your first payment is due later. To avoid late fees and missed payments, be sure to make your payment no later than 3:00 p.m. on your due date.

Check your mortgage agreement or account statement to verify your specific due date, as some mortgage loans may have different payment schedules.

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If you have an escrow surplus, you'll be happy to know that you'll get your money back. Beyond the amounts needed to pay your tax and insurance bills and maintain your cushion, any excess funds will be returned to you.

You'll receive a check for your surplus, along with an escrow-analysis letter, when the amount exceeds $50. This is a requirement by law, so you can count on getting your money back.

The timing of your surplus check will depend on the specifics of your account, but rest assured that you'll receive it once the amount meets the $50 threshold.

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If you're paying your Shellpoint Mortgage Servicing bill, you have a few options to choose from.

You can set up autodraft, which will automatically deduct the payment amount from your bank account. This is a convenient option that saves you time and effort.

If you use an online bill-pay system, you'll need to update your settings to reflect the new payment amount.

If you prefer to pay by check or money order, you can make out the payment for the new amount and mail it to Shellpoint Mortgage Servicing before 3 p.m. Eastern Time on the due date.

Here are the payment options in a nutshell:

You can't change your mortgage servicer at will, as the company that owns your mortgage decides which servicer manages the mortgage accounts they own. However, if you refinance your loan, it's possible that your new lender may use a different company to service their loans.

If you suspect a scam, don't give out any personal information. Call us immediately at 800-365-7107 if you receive a call, email, text, or letter that you think is fraudulent.

Here are some tips to help you recognize when you're dealing with a scammer:

If your payment has changed, you don't need to do anything if you pay by autodraft. We'll automatically deduct the new amount from your bank account.

If you use an online bill-pay system, update your settings for your new payment amount. This is a simple process that will ensure you're paying the correct amount.

To set up monthly autodraft payments from your bank account, sign in to your online account and click on Account Details to go to your dashboard. Then click on Payments and click on Schedule a Recurring Payment.

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If you pay by check or money order, make out your check or money order for the new amount and mail it so it arrives in our office before 3 p.m. Eastern Time on the due date.

In most cases, if you previously paid your monthly payment by automatic withdrawal (autodraft) from your bank account, that information will transfer over to us automatically.

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Mortgage servicing is a crucial part of the mortgage process, and it's essential to understand how it works. You can't change mortgage servicers at will, as the company that owns your mortgage decides which loan servicer manages the mortgage accounts they own.

However, if you refinance your loan, it's possible that your new lender may use a different company to service their loans. Always be on the alert for scam artists who falsely claim to represent your mortgage servicer.

Here are some tips to help you recognize when you're dealing with a scammer:

Your first mortgage payment is due at least one full month after the last day of the month in which your home purchase closed. For example, if your mortgage loan closed on January 25, your first full mortgage payment would be due March 1.

To ensure you avoid late fees and missed payments, make sure your mortgage servicer receives your payment no later than 3:00 p.m. on your due date.

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Your lender chose a mortgage servicer based on reputation, and in this case, Shellpoint is known for creating an outstanding mortgage servicing experience for homeowners. This is likely due to their dedication to serving customers with dignity, respect, and compassion. Shellpoint services mortgages for top banks, mortgage companies, and real estate investment firms. They trust Shellpoint to manage their mortgages because of their reputation for providing excellent customer care.

Shellpoint Mortgage Servicing has faced allegations of illegally refusing mortgage payments.

In one case, a woman claimed that her payments were rejected despite being on-time.

She had mailed a double payment to her lender, Chase, in May 2018 to bring her loan current.

Chase allegedly destroyed the check and threatened her with legal fees.

Shellpoint, which took over loan servicing duties from Chase in September 2018, misrepresented the woman's loan term as 655 months when it was only 480 months.

Shellpoint returned the woman's monthly payment in October 2018 rather than applying it to the loan and failed to inform her that she was in default.

The woman attempted to clear up the confusion by mailing a certified letter to Shellpoint, but they sent an appraiser to her home and threatened to put a lockbox on the doors.

Shellpoint is accused of illegal refusal of payments, while Chase is accused of illegal debt collection.

If you need to update your payment information, don't worry, it's easy.

If you pay by autodraft, you're all set – we'll automatically deduct the new amount from your bank account. Autodraft is a great option, and you can learn more about its benefits.

If you use an online bill-pay system, simply update your settings for your new payment amount. This will ensure your payments are processed correctly.

If you pay by check or money order, make sure to mail it so it arrives in our office before 3 p.m. Eastern Time on the due date. This will help avoid any late fees.

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Shellpoint Mortgage Servicing offers flexible payment options to suit your needs. You can pay your mortgage online, by phone, or by mail.

To make a payment online, you'll need to log in to your account on the Shellpoint website, where you can view your payment history and make a payment with a credit or debit card. Payments are processed immediately.

Shellpoint also accepts payments by phone, where you can speak with a customer service representative to make a payment over the phone. Payments made by phone are typically processed within 24 hours.

Shellpoint Mortgage Servicing allows you to make one-time payments or set up automatic payments, which can be a convenient option to ensure your mortgage payments are made on time.

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Building equity is a smart financial move that can save you thousands of dollars in the long run. The more you pay toward your principal, the more equity you gain in your property.

Equity is the appraised value of your home minus your outstanding principal balance. You can use it when refinancing or taking out a home equity loan.

Paying extra toward your principal can save you money in interest charges. In fact, making early principal payments can save you lots of money in interest charges.

Home improvements, increases in property values, and making early principal payments are the three ways to build equity in your home. If you can manage it, paying extra on your mortgage principal might be a good strategy for you.

After 15 years of making payments, your unpaid principal balance can decrease significantly, leaving you with a substantial amount of equity. For example, if your unpaid principal balance is around $71,000 and your property's appraised value is about $150,000, you'd have about $79,000 in equity.

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Paying off debt can be a complex process, especially when it comes to mortgages. You'll need to consider more than just your principal balance to pay off your loan.

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Your unpaid principal balance, listed on your mortgage statement, is a good starting point. However, you also owe interest charges right up until the day you pay off your loan.

To get an accurate payoff quote, you'll need to request one from your lender. This will give you a detailed breakdown of the total amount you'll need to pay off your loan.

Your quote will have an expiration date, so be sure to act quickly once you receive it. Otherwise, you'll have to start over and get another one.

You may also need to pay other charges, such as deferments, taxes, or homeowner's insurance premiums, which can add up quickly.

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