What is an ARM?
An Adjustable Rate Mortgage ("ARM") is a mortgage for which the interest rate is not fixed but changes during the life of the loan, according to movements in an index rate.
What is an Index?
An Index is an economic indicator that lenders use to set the interest rate for ARM loans. Each ARM loan Note specifies the Index for that loan. Some indexes move up and down faster than others. The index is not controlled by the lender.
May I convert my ARM loan to a fixed rate loan?
Unless your note specifically allows for this option, you may not convert your ARM loan to a fixed rate loan without paying off your current ARM loan by refinancing to a fixed rate mortgage loan. If your mortgage loan documents allow you to convert your ARM loan to a fixed rate mortgage loan, they will specify when you can exercise this option and how the fixed rate will be determined.
How is the interest rate calculated?
Most ARM loans calculate the interest rate by adding a margin to a recent index value.
Will I know in advance how much my payment will increase/decrease?
With an ARM loan, your future monthly payment is variable. Some types of ARMs put a ceiling on how much your payment or interest rate can increase or decrease from one period to the next and during the life of the loan. Planet will send a letter to notify you of changes in the payment amount before it is due, so you know what to expect. Register for Planet’s Customer Portal to see important information 24/7.
Need help registering? Watch our account registration video: How to Register Your Account
Can I cancel the escrow account for my loan and pay the escrow items myself?
It may be possible for you to request that we waive the escrow account requirement for your loan. We will consider your loan status and the loan-to-value ratio for your loan, as well as the requirements of the owner of the loan. Please contact Customer Service for a letter detailing our escrow waiver requirements.
Can I add an escrow account to my loan if the lender waived the escrow account requirement?
Yes. In order for us to set up an escrow account we will need the following information and documents:
To escrow Taxes:
To escrow Insurance premiums:
Please forward the requested information to:
Planet Home Lending, LLC
321 Research Parkway Suite 303
Meriden, CT 06450
ATTN: Escrow Department
Once your request to establish escrow has been received with the required documentation, we will send you an escrow projection for the upcoming year. This projection will show the up-front amount you will need to pay into the escrow account when we establish the escrow account for you. The escrow account is established when we receive your up-front payment to fund the escrow account.
What is a cushion or reserve?
Loan documents may refer to an escrow account reserve or cushion. This is a lender option allowed by federal and most state laws to cover unanticipated increases in the cost of escrow items. Cushions or reserves collected by servicers are usually equal to the escrow portion of two monthly payments.
If there is a surplus in my escrow account, will I get the funds back?
If the escrow surplus existing at the time of the escrow analysis is more than $50.00, and your loan payments are current, the surplus funds will be returned to you. If the surplus in the escrow account is less than $50.00, the funds will reduce your monthly payments for escrow items that are due in the coming year.
What is an Escrow Analysis?
If your loan is current, you will receive a statement at least once each year detailing the amount paid into the escrow account, the amount disbursed from the escrow account, the amount that you will need to pay into the escrow account each month in the coming year, and any surplus or shortage in the escrow account. This information is determined during an escrow analysis.
Need help reading your escrow analysis? Watch this video:
How to Read Your Escrow Analysis
What is a mortgage escrow account?
An escrow account, sometimes called an impound account depending on where you live, is set up by Planet to pay property-related expenses like property taxes and insurance.
The money that goes into the account comes from a portion of your monthly mortgage payment. An escrow account helps you pay these expenses because you send money every month, instead of having to pay a big bill once or twice a year.
Planet uses the funds in your escrow account to pay bills on your behalf. Sometimes, escrow accounts may also be required by law.
Your property taxes and insurance premiums can change from year to year. Your escrow payment—and with it, your total monthly payment will change accordingly.
To further assist you, we’ve prepared a series of informative videos to make understanding your escrow account straightforward and stress-free.
Understanding Escrows: What is an Escrow Account?
Understanding Escrows: How to Read Your Escrow Analysis
Understanding Escrows: How to Access Your Escrow Analysis Online (Desktop Version)
Understanding Escrows: How to Access Your Escrow Analysis Online (Mobile Version)
What factors influence/impact escrow?
Your property taxes and insurance premiums can change from year to year. If your property taxes and/or insurance premiums change, your total monthly payment will change.
To further assist you, we’ve prepared a series of informative videos to make understanding your escrow account straightforward and stress-free.
Understanding Escrows: What is an Escrow Account?
Understanding Escrows: How to Read Your Escrow Analysis
Understanding Escrows: How to Access Your Escrow Analysis Online (Desktop Version)
Understanding Escrows: How to Access Your Escrow Analysis Online (Mobile Version)
How is my monthly escrow payment calculated?
To calculate your monthly escrow payment, we add up what you paid for property taxes, insurance and other escrow items in the past 12 months and divide it by 12. This gives us an idea of how much you should put into escrow each month. If we get an updated bill for your insurance or taxes, we’ll consider that. To keep your escrow account healthy, we include a buffer, typically two months' payments, to cover unexpected bill changes. If costs change or your escrow dips below the extra cushion, you might end up with either more or less than planned in your escrow account. We’ll keep things balanced with a new Escrow Analysis.
To further assist you, we’ve prepared a series of informative videos to make understanding your escrow account straightforward and stress-free.
Understanding Escrows: What is an Escrow Account?
Understanding Escrows: How to Read Your Escrow Analysis
Understanding Escrows: How to Access Your Escrow Analysis Online (Desktop Version)
Understanding Escrows: How to Access Your Escrow Analysis Online (Mobile Version)
Why did my monthly escrow payment change?
An escrow account, sometimes called an impound account depending on where you live, is set up by Planet to pay property-related expenses like property taxes and insurance. Your property taxes and insurance premiums can change from time to time. When that happens, your escrow payment—and with it, your total monthly payment will change accordingly. To keep your escrow account healthy, we include a buffer, typically two months' payments, to cover unexpected bill changes. If costs change or your escrow dips below the extra cushion, you might end up with either more or less than planned in your escrow account. We’ll keep things balanced with a new Escrow Analysis. Using your bank’s Bill Pay? Please adjust your payment amount to match any new monthly escrow payment. This simple step will keep your payments on track and help avoid any late fees or other issues.
To further assist you, we’ve prepared a series of informative videos to make understanding your escrow account straightforward and stress-free.
Understanding Escrows: What is an Escrow Account?
Understanding Escrows: How to Read Your Escrow Analysis
Understanding Escrows: How to Access Your Escrow Analysis Online (Desktop Version)
Understanding Escrows: How to Access Your Escrow Analysis Online (Mobile Version)
Where can I see escrow changes?
You can view your Escrow Analysis statement in Planet’s easy to use online Customer Portal at https://planethomelending.com/login. From the Dashboard, click on Documents, then Escrow to download your most recent Escrow Analysis. If you receive paper statements, Planet will mail your Escrow Analysis to you.
To further assist you, we’ve prepared a series of informative videos to make understanding your escrow account straightforward and stress-free.
Understanding Escrows: What is an Escrow Account?
Understanding Escrows: How to Read Your Escrow Analysis
Understanding Escrows: How to Access Your Escrow Analysis Online (Desktop Version)
Understanding Escrows: How to Access Your Escrow Analysis Online (Mobile Version)
How do I access my escrow statement?
You can view your Escrow Analysis statement in Planet’s easy to use online Customer Portal at https://planethomelending.com/login. From the Dashboard, click on Documents, then Escrow to download your most recent Escrow Analysis. If you receive paper statements, Planet will mail your Escrow Analysis to you.
To further assist you, we’ve prepared a series of informative videos to make understanding your escrow account straightforward and stress-free.
Understanding Escrows: What is an Escrow Account?
Understanding Escrows: How to Read Your Escrow Analysis
Understanding Escrows: How to Access Your Escrow Analysis Online (Desktop Version)
Understanding Escrows: How to Access Your Escrow Analysis Online (Mobile Version)
If there are changes, do I have to update my payment method?
If you use your bank’s Bill Pay, you must adjust your payment amount to match the new escrow figure. Bill pay is when your bank issues the payment to Planet. Changing your bill pay will help keep your payments on track and avoid any late fees or other issues.
Planet’s AutoPay service – there’s nothing you need to do! Your payment amount will update automatically, ensuring your account stays current and hassle-free. To sign up for AutoPay, visit Planet’s easy to use online Customer Portal at https://planethomelending.com/login. From the Dashboard, click on Payments.
To further assist you, we’ve prepared a series of informative videos to make understanding your escrow account straightforward and stress-free.
Understanding Escrows: What is an Escrow Account?
Understanding Escrows: How to Read Your Escrow Analysis
Understanding Escrows: How to Access Your Escrow Analysis Online (Desktop Version)
Understanding Escrows: How to Access Your Escrow Analysis Online (Mobile Version)
Fee Schedule
The following is a list of fees that you may be assessed by Planet Home Lending, LLC (“Planet”) depending on the terms of your loan, your use of services offered to our customers, and applicable laws.1
Fee Amount Description Late Fee3 See Below Assessed if your payment is not received before the expiration of the grace period stated in your loan documents. Returned Check (NSF) Fee3 $0 – $50 Assessed if your bank returns a check unpaid. Recording Fee3 Varies by County/Town Fee charged by the recording jurisdiction for the recording of loan documents such as a release/satisfaction or a modification agreement. Request to Wire Funds3 $0 – $10 Assessed if you request funds to be wired to a specific bank account. Subordination Fee3 $0 - $300 Assessed when a request is made to acknowledge in writing that a debt is inferior to the interest of another on the same property. Requests are received from other lenders to subordinate our lien position to theirs. Partial Release Fee3 $0 - $250 Assessed for the review and recording the partial release if you or a third party requests a release of a portion of the property from the existing mortgage lien. Assumption Fee2.3 $0 - $2000 Assessed to the individual who assumes responsibility for an existing loan. 1 Other costs incurred by Planet as a result of any default on your loan may also be assessed to your account in accordance with your mortgage and note and applicable state and federal laws and regulations. Such default costs may vary, however, may include actual invoiced amounts for advances such as attorney’s fees, court costs, inspection fees, valuation costs such as AVMs or BPOs, title costs, and property maintenance fees, if state law and your loan agreement permit the assessment of such costs. If you have a question about this fee schedule, please contact Planet’s Customer Service Department at (866) 882-8187, Monday through Friday from 8:30 a.m. to 9:00 p.m. Eastern Time.
2 Other costs incurred by Planet as a result of an assumption may be charged in accordance with applicable state and federal laws and regulations.
3 Subject to terms of your loan and limits of applicable state law.
What is the Online Loan Solution Center?
The Online Loan Solution Center is a user-friendly online tool for applying for assistance when you’re having difficulty making your monthly payment. You can complete an assistance application, check the status of your request, and upload documents, if required for our review.
What are my options?
If you are having difficulties in making your monthly payment or have fallen behind, Planet has experienced servicing specialists to assist you. Planet will assign you a single point of contact that will guide you through your options and help you during a difficult period.
If you are having difficulty making your payments and would like to remain in your home, the following options may be able to assist you in doing so while avoiding foreclosure:
To expedite your review please begin to gather the following documents we will need to determine whether you are eligible for any of the options listed above:
If you can no longer afford to stay in your home or have vacated your property, the following options may help you avoid foreclosure:
To expedite your review please begin to gather the following documents we will need to determine whether you are eligible for any of the options listed above:
In order to complete a Short Sale please be aware of the following requirements:
To discuss any of the above options, or to request a Borrower Response Package which must be completed and returned to us along with the aforementioned documents, please contact us at 1 (855) 884-2250. In addition you may call the Housing and Urban Development office at 1 (800) 569-4287 or you click here to find a HUD certified counseling agency.
What should I do if I am not able to make the payment by the end of the grace period?
If you are having difficulties in making your monthly payment or have fallen behind, Planet has experienced servicing specialists to assist you. Planet will assign you a single point of contact that will guide you through your options and help you during a difficult period.
As all state and federal agencies recommend, the most important thing you can do if you are having trouble making the payments is to call your mortgage loan servicer. We are here to help you determine the best option available based on your present situation. If you are not able to make the payment, please call our Mitigation Department at 1 (855) 884-2250. We have a number of options that may be beneficial to you.
Why did I receive a notice stating you do not have an updated homeowners insurance policy for me?
Either we did not receive a copy of your insurance policy when we received your loan, or the policy in our files has expired and we did not receive a notice of renewal of the policy. There are a few things you should do if you receive this notice:
Planet Home Lending, LLC
ISAOA, ATIMA
PO BOX 5023
Troy, MI 48007-5023
Loan #
What is Private Mortgage Insurance (PMI)?
PMI protects a lender against loss if a borrower defaults. PMI is required from most homebuyers who obtain loans that are more than 80 percent of their home’s value. PMI premium payments may be cancelled under certain conditions when the amount owed on the loan is less than 80% of the value of the home. Ask us for our conditions and procedures to request cancellation of PMI premium payments.
What are the requirements for flood insurance?
Homes located in a Special Flood Hazard Area, are required by law to maintain Flood Insurance coverage. The amount of coverage required is equal to the lesser of:
What is the required coverage for homeowners insurance?
The amount of coverage required for homeowners insurance is determined by the following:
I filed an insurance claim and the check I received from the insurance company is made out to Planet and to me. How do I cash it?
Please endorse (sign) the check and send it by mail to us at:
Planet Home lending c/o PFIC
Attention: Loss Drafts Department
PO Box 5092
Troy, MI 48007-5092
Questions? Call us at 877-634-0988 Monday-Friday from 9 a.m. to 5 p.m. ET
We’ll review the check and your claim and then either endorse it and return it to you or place the funds in a restricted escrow account and release them as work moves forward on your repairs.
Why is the insurance claim check I received made out to Planet and to me?
Checks are made out to both the borrower and Planet because we provided your home loan, and your property secures that loan. A joint check helps Planet support homeowners by making sure repairs paid for by an insurance claim are properly monitored and completed.
Where do I send an insurance claim check that is made out to Planet and to me?
Please endorse (sign) the check and send it by mail to us at:
Planet Home lending c/o PFIC
Attention: Loss Drafts Department
PO Box 5092
Troy, MI 48007-5092
Questions? Call us at 877-634-0988 Monday-Friday from 9 a.m. to 5 p.m. ET
We’ll review the check and your claim and then either endorse it and return it to you or place the funds in a restricted escrow account and release them as work moves forward on your repairs.
How long will it take for Planet to endorse an insurance claim check that is made out to Planet and to me?
For claim checks under $40,000 ($20,000 for USDA home loans) it typically takes up to 10 business days from the business day we receive the check for us to endorse it and mail the check back to you. The postal service says it takes one to five business days to deliver first-class mail.
For claim checks of $40,000 or more ($20,000 for USDA home loans), we place the funds in a restricted escrow account and release them as work moves forward on your repairs. We’ll mail you a Loss Claim Package at the start of the claims process. It explains how claims are handled and has all the forms you’ll need to keep your repairs moving forward.
Will Planet send all the proceeds of a homeowner’s insurance claim check to me right away?
For claim checks under $40,000 ($20,000 for USDA home loans), we’ll endorse the claim check and return it to you via postal mail, when three conditions are met:
For claim checks of $40,000 or more, we deposit the check into a Restricted Escrow Account. Once we receive the required documents from your Loss Claims Package, we typically release one-third of the funds to your contractor so repairs can begin.
As the repairs move forward, an inspector will validate the work, and we’ll release the next third. The final third will be released after a second inspection.
If your loan is delinquent, the process may differ.
What invoices or estimates do I have to send to Planet when I have an insurance claim check that’s made out to Planet and to me?
Everything you need will be sent to you in the Loss Claim Package, which you’ll get in the mail at the start of the claims process.
For claim checks under $40,000 on current loans, we’ll release the funds after we receive two documents:
For claim checks $40,000 or more ($20,000 or more USDA), we typically release the first third of the funds after receiving these documents (from the Loss Claim Package):
To release the second or third installment of the funds, we need to receive:
How do I log into My Insurance Portal, Planet’s online insurance loss claim system?
Planet will get you set up as a new user during your first call to discuss your insurance claim. Then, we’ll send a link via email and a welcome email explaining account setup, including how to change your password. Or, you can register yourself right away at: https://www.myinsuranceportal.com/C2778518
How do I upload a document to My Insurance Portal, Planet’s online insurance loss claim system?
Once you’re registered in My Insurance Portal, log in and click on the links available to upload your document.
I forgot my password for My Insurance Portal, Planet’s insurance loss claim system, how do I get a new one?
To reset your password, click the “Forgot Password” link on the login page of My Insurance Portal, Planet’s insurance loss claim system.
What is a paperless statement?
A paperless statement is an electronic version of your monthly statement available to you 24/7 in Planet’s Customer Portal.
Need help registering your account or enrolling in paperless statements? Watch our videos:
How to Register Your Account
How to Enroll in Paperless Statements
How do I switch to paperless statements?
It’s easy!
Need help registering your account or enrolling in paperless statements? Watch our videos:
How to Register Your Account
How to Enroll in Paperless Statements
How will I know if my paperless statement is available?
You’ll receive an email once your monthly statement is available in Planet’s Customer Portal.
Need help registering your account or enrolling in paperless statements? Watch our videos:
How to Register Your Account
How to Enroll in Paperless Statements
After enrollment, when will I receive my first paperless statement?
You’ll receive your first paperless statement for the next billing period after you enroll.
How far back can I access monthly billing statements in the Customer Portal?
You can access up to 25 months of monthly billing statements, plus your annual 1098 statements and escrow analyses in the document center of Planet’s Customer Portal 24/7.
How can my monthly payment increase when I have a fixed rate mortgage?
The increase is due to the escrow portion of your payment, not the principal and interest. Your principal and interest payments are calculated according to a fixed interest rate that never changes. Please see our Escrow FAQs for more information.
I have an ARM loan which has/is about to adjust…what will happen to my monthly payment?
Planet will send a letter to notify you of changes in the payment amount before it is due, so you know what to expect. If you use an online bill pay service, remember to update the amount to the new monthly payment.
What do I do if I have lost my account statement or did not receive an account statement?
You can view your billing statement on the Customer Portal and make a payment24/7. You can also call 866-882-8187 to pay via Planet’s automated system. If you wish to mail your payment, please be sure to include your address and loan number on your check or money order and mail to:
Planet Home Lending, LLC
P.O. Box 69197
Baltimore, MD 21264-9197
Register for Planet’s Customer Portal
Need help registering? Watch our account registration video: How to Register Your Account
I mailed my payment to the prior servicer before I received the notification of transfer. Will my account be credited?
If you mailed your payment to the prior servicer, please be assured that it will be endorsed and forwarded to Planet for proper credit to your account. If you receive a notice from us that it has not been received, please advise us immediately. Our Customer Service department will work with you to either secure the payment you sent, or make arrangements to resubmit the payment to us.
When will I be charged a late fee?
Late fees are determined by your Note. If your payment does not reach us within the grace period specified in your Note, you will be assessed a late fee. Again, this is determined by the date the payment is actually received by Planet and not by the mailing date, postal date, or the date on the check.
When is my payment considered late?
Late charges are specified in your Note. A payment is considered late one day after the payment due date. However, late charges are assessed in accordance with the “grace period” as identified in your Mortgage Note.
How long does it take for my payment to be posted after you receive it?
Here’s how we credit payments:
When you pay less than the total payment due, we hold your payment in a suspense account until we receive the full amount due. Then, we follow the above schedule for posting payments. Register for Planet’s Customer Portal.
Need help registering? Watch our account registration video: How to Register Your Account
How do I make a payment?
You can make a one-time payment or sign up for auto pay 24/7 via Planet’s Customer Portal. You can also call 866-882-8187 to pay via Planet’s automated system. If you wish to mail your payment, please be sure to include your address and loan number on your check or money order and mail to:
Planet Home Lending
P.O. Box 69197
Baltimore, MD 21264-9197
Please note: If you use your bank’s bill pay, use the address above and be sure to include your loan number.
Register for Planet’s Customer Portal.
Need help registering? Watch our account registration video: How to Register Your Account.
How will my payments be applied?
We apply payments based on the terms of your mortgage note. This generally means we apply funds first to any payments due. If you pay less than the total payment due, we hold your payment in a suspense account until we receive the full amount due. Once we receive the full amount due, we apply any additional funds to outstanding fees, costs, and advances before we post it to repaying principal. You can visit Planet’s Customer Portal and click on “My Loan” to see your payment history and how we applied funds.
Register for Planet’s Customer Portal.
Need help registering? Watch our account registration video: How to Register Your Account
Will I receive a satisfaction of mortgage (release of lien)?
Your satisfaction of mortgage (also called a mortgage discharge or mortgage release) is processed according to state guidelines and is mailed directly to the recording jurisdiction (usually the state or county Register of Deeds). It is very important for you to update your mailing address to ensure that you receive a copy of your satisfaction of mortgage. The satisfaction of mortgage is only returned in states where it is required. Call the Customer Service Department at 1 (866) 882-8187 option 3, to update your mailing address.
When will I receive a refund for an overpayment on my payoff?
Any overpayment from the payoff on your account and/or any balance of your escrow account will be sent to you, by mail, within 20 days (excluding legal public holidays, Saturdays and Sundays) of payment of a mortgage loan in full. 20 days is needed to allow for an accurate audit of the payoff. It is very important for you to update your mailing address at the time of your payoff to ensure that any refund or underpayment notice is sent to the correct mailing address. Call the Customer Service Department at 1 (866) 882-8187 option 3, to update your mailing address.
What kinds of funds are accepted for payoff and where do I send the funds?
Your Certified or Official Bank check can be mailed/sent overnight to:
Planet Home Lending, LLC
321 Research Parkway Suite 303
Meriden, CT 06450
ATTN: Cash Management
Your payment may also be sent by wire transfer. Contact our Customer Service department at 1 (866) 882-8187 for wire instructions.
The loan account number must be included with the payment. If the loan account number is not included with a payment, the payment will be returned to the sender within 48 hours.
What fees are associated with requesting a payoff?
Your local Recorder’s Office may charge a fee to record the lien release after your home loan is paid in full. If it does, you may see this fee in your payoff statement.
How can I request a payoff?
A Payoff statement may be requested through our automated system by calling 866-882-8187. Once authentication is completed, you may press option 2, option 4, and then follow the prompts to request the payoff statement. A payoff will be faxed within one hour of the completed request unless your loan conditions require further review.
Other methods to request a payoff statement include faxing a payoff request to 443-927-1245 or scanning the request via email to payoffs@planethomelending.com. The turnaround time for these other methods is 3 business days.
Be sure to includethe following information on your payoff request:
If you require additional assistance, you may also contact Customer Service at 866-882-8187, Monday through Friday from 8:30 a.m. until 9 p.m., Eastern Time.
How long will the payoff figures be valid?
Payoff statements provide a projected amount due as of a certain date, which may be up to 30 days in the future. Any payments, advances, and costs incurred after the payoff statement is prepared by us will change the amount due to pay your loan in full. A new payoff statement should be requested if the full payment will be received by Planet after the date in the current payoff statement. All payoffs are subject to final audit upon receipt of payment by Planet. The final audit will determine if you still owe funds due to changes occurring after the payoff statement was prepared, or we owe funds to you due to payment before the date in the payoff statement.
Should I use my principal balance for a payoff figure?
No, the principal balance will not pay your loan in full. You may request a payoff statement from Planet, which will be provided within a reasonable time. A payoff amount consists of your principal balance, interest due, and, if applicable, the following other items: prepayment charge, fees, servicing advances, negative escrow balance, miscellaneous servicing fees, and collection costs. The payoff statement includes interest that will be due as of the date stated in the payoff statement. Daily interest owed on your loan is determined as of the date that your full loan payment is received. All payoffs are subject to final audit upon presentation to Planet. Payoffs that are less than the total amount due will be returned and interest will continue to accrue.
What is a payoff?
A mortgage loan payoff is payment of the full amount owed on an existing loan, including the outstanding principal balance, accrued interest, unpaid fees, late charges, and any miscellaneous servicing charges and collection costs. All payoffs and other prepayments should be labeled as such. All payments must be made in US Dollars by Certified, Official Bank check or wire transfer. On the memo line of the check or within the wire instructions, indicate that the funds are to pay the loan in full. Contact our Customer Service department for wire instructions.
My servicing was transferred. Will I receive a 1098 from Planet?
Typically, you will receive two 1098 mortgage interest statements at year-end, one from Planet and one from the previous or succeeding servicing company. You may receive additional 1098 statements if your loan has been transferred more than once. You must combine the totals to get the correct amount of interest you paid during the year. Please refer to your notice of transfer of servicing letter for how interest will be reported as part of the transfer.
Customers registered in Planet's Customer Portal can view and download their 1098 once it’s available. Not registered? Sign up now.
Need help registering? Watch our account registration video: How to Register Your Account
My loan was transferred to another loan servicer, what does this mean?
The transfer of loan servicing is common in the mortgage industry and is not related to the current status of your loan. You will receive a notice telling you when to begin making payments to the new loan servicer. Please note the effective date of the transfer and send all payments to your new servicer after that date.
What happens if I have automatic payments set up for my loan with the previous servicer?
In some cases, Planet is able to work with your previous servicer to continue automatic payments. You will be notified in the letter from your previous servicer. If automatic payments are not able to be transferred, you can easily set them up in our customer portal.
Will my payment due date change?
No, the due date will not change.
What happens to my escrow?
The escrow account that you had with your prior loan servicer will be transferred to Planet. We may evaluate it to make sure it contains the right amount of funds. Planet will notify you if the escrow portion of your mortgage payment is going to change.
My current mortgage servicer pays my taxes and insurance from an escrow account. Will that continue after the servicing transfers?
Yes. If you currently have escrow funds held for the payment of your taxes and/or insurance premiums, the collection will continue and those payments will be made.
Should I wait for my first billing statement from Planet Home Lending to arrive before I send you my payment?
No, you should always make your payment on or before your due date. Paying via Planet’s online customer portal is fast and easy. Need assistance registering your account? Watch our account registration videos.
How to Register Your Account (Desktop Version)
How to Register Your Account (Mobile Version)
You can also send your payment via mail for arrival on or before your due date. The payment coupon is not required; you may mail your payment to us directly. Be sure to write your name, address, loan number, and phone number on the check or money order.
Our payment address is:
Planet Home Lending, LLC
P.O. Box 69197
Baltimore, MD 21264-9197
What happens if I already mailed my payments to the previous servicing company?
Payments mailed to the previous loan servicer will be forwarded to Planet once they have been received. If you receive a notice from us that it has not been received, please advise us immediately at 1 (866) 882-8187. Our Customer Service department will work with you to either secure the payment you sent, or make arrangements to resubmit the payment to us.
Will the terms of my loan change?
No, the terms of your loan will not change when a loan is transferred.
My loan was just transferred to Planet, what does this mean?
The servicing of your loan may be transferred to or the ownership of your loan may be transferred to Planet, or both. You will receive notices of the transfer of servicing of your loan and/or the transfer of ownership of your loan. Please read these notices carefully.
If the servicing of your loan has been transferred, that means will now be handling your loan payments. This does not always mean your loan has been sold; a mortgage servicing company is a company that services the daily maintenance of your mortgage loan. As your servicer we handle all of your monthly payments, disburse all escrow funds if/when applicable and assist with any of your mortgage questions.
What steps should I take if my loan has been transferred to Planet?
First, registering your account in our online customer portal will make it easy for you to make and schedule payments, so we recommend you start there. Need help? Watch our account registration videos.
How to Register Your Account (Desktop Version)
How to Register Your Account (Mobile Version)
Where can I find my new loan number?
You don’t need to know your loan number to register for Planet’s online customer portal.
Once you’re registered, you can see your loan number in the “My Loan” section. Click on the blue “Loan number” link and your full account number will appear.
What communications should I look for when my home loan is transferred?
After your loan is transferred and you register your account, you’ll have access to lots of information about your mortgage. You will also receive mailings from both your previous servicer and from Planet.
How will I make payments on my loan after it has been transferred?
The fastest, easiest way to pay is to register in Planet’s customer portal. There, you can make a one-time electronic payment, schedule future payments, or sign up for automatic payments.
You can also call 866-882-8187 to pay via Planet’s automated phone system.
To pay by mail or overnight courier, send your check or money order with the attached coupon and return envelope provided with your monthly billing statement. Be sure to write your loan number in the memo line of your check or money order as well as your address and phone number. Mail your payment to:
Payment address:
Planet Home Lending, LLC
P.O. Box 69197
Baltimore, MD 21264-9197
Overnight Courier address:
Planet Home Lending, LLC
321 Research Parkway Suite 303
Meriden, CT 06450
Automatic payments save money and time. Sign up for autopay in Planet’s easy-to-use customer portal. Remember, you don’t need to wait for your first billing statement to make your mortgage payment.
Where do I send my tax bill?
You can either email a copy of your tax bill to PHLcorrespondence@CoreLogic.com or mail it to:
PLANET HOME LENDINGBe sure to include your loan number with your tax bill.
What is a 1098 Mortgage Interest Statement?
The 1098 Mortgage Interest Statement shows how much mortgage interest you paid during the year.
Who receives a 1098 Mortgage Interest Statement?
If you've paid at least $600 in mortgage interest during the reportable year as a residential home loan borrower, you’ll receive a 1098 Mortgage Interest Statement.
Can I download my 1098 Mortgage Interest Statement online?
Yes! Customers registered in Planet's Customer Portal can view and download their 1098 once it’s available. Not registered? Sign up now.
Need help registering? Watch our account registration video: How to Register Your Account
How do I get my 1098 Mortgage Interest Statement?
Access it from Planet's Customer Portal once it’s available. If you receive your monthly statements by mail, your 1098 Mortgage Interest Statement will be sent by January 31 and may be included with your statement.
Need help registering? Watch our account registration video: How to Register Your Account
How long are my 1098 Mortgage Interest Statements available in the customer portal?
They'll be available for the duration of your loan.
Need help registering? Watch our account registration video: How to Register Your Account
What if I refinance my loan?
If you refinanced, you'll receive a 1098 Mortgage Interest Statement for each primary residence loan that had interest paid greater than $600.
What if my loan transfers to or from Planet?
You'll receive a 1098 Mortgage Interest Statement from each servicer separately.
How do I setup my online account?
Visit Planet’s Customer Portal.
Need help registering? Watch our account registration video: How to Register Your Account
How do I sign up for paperless billing in the Customer Portal?
Visit Planet’s easy to use online Customer Portal. On desktop, from the Dashboard, click on Account Management. On mobile, click on the three dots next to Dashboard. Click on Account Management, then Account Settings.
Watch our videos for step-by-step instructions:
How to Enroll in Paperless Statements – Desktop
How to Enroll in Paperless Statements – Mobile
How do I switch to paperless statements in the Customer Portal:
It’s easy!
Watch our videos for step-by-step instructions:
How to Enroll in Paperless Statements – Desktop
How to Enroll in Paperless Statements – Mobile
How do I set up autopay in the Customer Portal?
To sign up for AutoPay, visit Planet’s easy to use online Customer Portal. From the Dashboard, click on Payments.
Need help registering? Watch our account registration video: How to Register Your Account
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