Frequently Asked Questions | Planet Home Lending

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Frequently Asked Questions

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Adjustable Rate Mortgages

What is an ARM?

What is an Index?

May I convert my ARM loan to a fixed rate loan?

How is the interest rate calculated?

Will I know in advance how much my payment will increase/decrease?

Escrow

Can I cancel the escrow account for my loan and pay the escrow items myself?

Can I add an escrow account to my loan if the lender waived the escrow account requirement?

What is a cushion or reserve?

If there is a surplus in my escrow account, will I get the funds back?

What is an Escrow Analysis?

What is a mortgage escrow account?

What factors influence/impact escrow?

How is my monthly escrow payment calculated?

Why did my monthly escrow payment change?

Where can I see escrow changes?

How do I access my escrow statement?

If there are changes, do I have to update my payment method?

Fee Schedule

Fee Schedule 2024

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 Fee^2.3	$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.

Homeowners Assistance

What is the Online Loan Solution Center?

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:

Modification: A permanent change to your existing mortgage note. This may include the capitalization of the delinquent balance of the loan if applicable, a reduction of your current interest rate or an extension of the term of your present note.
Forbearance: A temporary reduction or suspension of your monthly mortgage obligation. This is designed to help borrowers whose hardship is temporary, such as short term disability or unemployment.
Repayment Plan: A scheduled payment arrangement that results in bringing your loan current at its conclusion.

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:

Most recent year’s Tax Returns
Paystubs for last 60 days
Other pertinent income documents if applicable (Social Security awards letter, pension, current P&L statement)
Last 3 months bank statements (All pages)
Other documentation showing hardship

If you can no longer afford to stay in your home or have vacated your property, the following options may help you avoid foreclosure:

Short Sale: The sale of your current property for an amount less than what is currently owed on the property.
Deed in Lieu: An agreement to deed the property back to the Lender in an effort to avoid foreclosure in exchange for the discharge of the debt.

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:

Most recent 2 Years tax returns
Paystubs for last 60 days
Other pertinent income documents if applicable (Social Security awards letter, pension, current P&L statement)
Last 3 months bank statements (All pages)
Other documentation showing hardship
If your property is currently listed with a real estate agent, we require a third-party authorization form containing the agents name and contact information.

In order to complete a Short Sale please be aware of the following requirements:

You must cooperate and allow us access to the interior of your property to enable us to determine an appraised value.
The sale must be an “Arm’s Length Transaction” which means that all parties involved must be unrelated or unaffiliated.
If there is a deficiency, or shortage between how much you owe and the final proceeds received from the sale of your property, you may be required to make a contribution toward any such deficiency. The contribution could be in cash or a promissory note.
If the property is sold as a Short Sale you will not be permitted to receive any proceeds from the sale of the property, or to receive funds that may be paid in relation to a hazard/flood insurance claim.

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?

Insurance

Why did I receive a notice stating you do not have an updated homeowners insurance policy for me?

What is Private Mortgage Insurance (PMI)?

What are the requirements for flood insurance?

What is the required coverage for homeowners insurance?

Insurance Claims (Homeowners)

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?

Why is the insurance claim check I received made out to Planet and to me?

Where do I send an insurance claim check that is made out to Planet and to me?

How long will it take for Planet to endorse an insurance claim check that is made out to Planet and to me?

Will Planet send all the proceeds of a homeowner’s insurance claim check to me right away?

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?

How do I log into My Insurance Portal, Planet’s online insurance loss claim system?

How do I upload a document to My Insurance Portal, Planet’s online insurance loss claim system?

I forgot my password for My Insurance Portal, Planet’s insurance loss claim system, how do I get a new one?

Paperless Billing

What is a paperless statement?

How do I switch to paperless statements?

How will I know if my paperless statement is available?

After enrollment, when will I receive my first paperless statement?

How far back can I access monthly billing statements in the Customer Portal?

Payment Processing

How can my monthly payment increase when I have a fixed rate mortgage?

I have an ARM loan which has/is about to adjust…what will happen to my monthly payment?

What do I do if I have lost my account statement or did not receive an account statement?

I mailed my payment to the prior servicer before I received the notification of transfer. Will my account be credited?

When will I be charged a late fee?

When is my payment considered late?

How long does it take for my payment to be posted after you receive it?

How do I make a payment?

How will my payments be applied?

Payoffs

Will I receive a satisfaction of mortgage (release of lien)?

When will I receive a refund for an overpayment on my payoff?

What kinds of funds are accepted for payoff and where do I send the funds?

What fees are associated with requesting a payoff?

How can I request a payoff?

How long will the payoff figures be valid?

Should I use my principal balance for a payoff figure?

What is a payoff?

Service Transfers

My servicing was transferred. Will I receive a 1098 from Planet?

My loan was transferred to another loan servicer, what does this mean?

What happens if I have automatic payments set up for my loan with the previous servicer?

Will my payment due date change?

What happens to my escrow?

My current mortgage servicer pays my taxes and insurance from an escrow account. Will that continue after the servicing transfers?

Should I wait for my first billing statement from Planet Home Lending to arrive before I send you my payment?

What happens if I already mailed my payments to the previous servicing company?

Will the terms of my loan change?

My loan was just transferred to Planet, what does this mean?

What steps should I take if my loan has been transferred to Planet?

Where can I find my new loan number?

What communications should I look for when my home loan is transferred?

How will I make payments on my loan after it has been transferred?

Taxes

Where do I send my tax bill?

What is a 1098 Mortgage Interest Statement?

Who receives a 1098 Mortgage Interest Statement?

Can I download my 1098 Mortgage Interest Statement online?

How do I get my 1098 Mortgage Interest Statement?

How long are my 1098 Mortgage Interest Statements available in the customer portal?

What if I refinance my loan?

What if my loan transfers to or from Planet?

Customer Portal

How do I setup my online account?

How do I sign up for paperless billing in the Customer Portal?

How do I switch to paperless statements in the Customer Portal:

How do I set up autopay in the Customer Portal?