Frequently Asked Questions

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.

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.

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.

Most ARM loans calculate the interest rate by adding a margin to a recent index value.

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

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.

Yes. In order for us to set up an escrow account we will need the following information and documents:

To escrow Taxes:

• Copies of your paid tax receipts from your local Tax Collector (usually the city or county Treasurer) for the current year
• A written statement signed by all mortgagor(s) requesting that an escrow account be established

To escrow Insurance premiums:

• Copy of your current homeowners insurance policy, including the declarations page
• A written statement signed by all mortgagor(s) requesting that an escrow account be established

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.

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 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.

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

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)

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)

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)

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)

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)

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 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 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 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.

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.

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.

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.

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:

• Please contact your insurance company and ask them to send you an updated homeowners insurance declarations page. Using that information, upload your homeowner’s insurance policy information at the Express Insurance website. Your insurance company can also upload the policy at the ExpressInsurance website.
• You can ask your homeowners insurance company to send the declaration page to us via fax: 1 (248) 878-2350, ATTN: Insurance Department. Please ask them to include your loan number on the declaration page.
• To make sure your insurance company sends us updates and renewal notices in the future, they should include our mortgagee clause on the declarations page. Please provide the following mortgagee clause to your insurance company:

Planet Home Lending, LLC
ISAOA, ATIMA
PO BOX 5023
Troy, MI 48007-5023

Loan #

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.

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:

• Your Unpaid Principal Balance
• The replacement value of your property improvements
• The maximum amount of coverage currently sold under the Emergency Program of the National Flood Insurance Program (“NFIP”) for the type of improvements insured; or $250,000.

The amount of coverage required for homeowners insurance is determined by the following:

• If your Unpaid Principal Balance is higher than the cost to rebuild the home after its complete destruction, you are required to have coverage equal to the amount it would cost to rebuild your home.
• If your Unpaid Principal Balance is lower than the cost to rebuild the home after complete destruction, you are required to have coverage in the amount that is the higher of the Unpaid Principal Balance or 80% of the cost to rebuild the home.

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.

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.

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.

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.

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:

1. We receive your signed Borrower’s Affidavit from the Loss Claims Package we mailed you.
2. We receive the insurance Adjusters Report.
3. You’re current on your loan (no past payments are due). If you have past due payments, we’ll deposit the claim check into a Restricted Escrow Account and release funds as repairs are made.

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.

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:

1. The signed Borrower’s Affidavit
2. The insurance adjuster’s report

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):

1. Complete itemized adjuster's report issued by the insurance company.
2. Signed contractor’s proposal.
3. Signed and completed Contractor IRS form W9
4. Contractor License and Proof of Insurance
5. Loss Draft Claim form
6. Signed Borrower’s Affidavit

To release the second or third installment of the funds, we need to receive:

1. Completed inspection verifying percentage of work completed
2. Waiver of lien/sworn statement from the contractor

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

Once you’re registered in My Insurance Portal, log in and click on the links available to upload your document.

To reset your password, click the “Forgot Password” link on the login page of My Insurance Portal, Planet’s insurance loss claim system.

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

It’s easy!

• Log in to the customer portal
• Click on Account Settings
• Change your delivery preferences to email for your monthly statements and year-end statements. You will still receive certain documents in the mail as required by law.

Need help registering your account or enrolling in paperless statements? Watch our videos:
How to Register Your Account
How to Enroll in Paperless Statements

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

You’ll receive your first paperless statement for the next billing period after you enroll.

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.

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.

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.

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

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.

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.

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.

Here’s how we credit payments:

• Made in Planet’s Customer Portal or automated phone system by 10 p.m. Eastern Time post the same business day
• Mailed with your loan number and property address on the check received by 5 p.m. Eastern Time post the same business day.
• Payments received on a weekend, holiday, or other non-business day post on the next regular business day.

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

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.

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

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.

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.

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.

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.

A Payoff statement may be requested through our automated system by calling 866-882-8187. Once authentication is completed, you may press option 1, option 2, 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:

• Loan number, borrower(s) name(s), and property address
• Borrower's signature on the request or borrower's authorization to release information to a third party
• Date the payoff should be calculated through
• Fax number or email address where the payoff should be sent

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.

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.

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.

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.

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

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.

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.

No, the due date will not change.

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.

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.

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

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.

No, the terms of your loan will not change when a loan is transferred.

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.

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)

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.

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.

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.

You can either email a copy of your tax bill to PHLcorrespondence@CoreLogic.com or mail it to:

Be sure to include your loan number with your tax bill.

The 1098 Mortgage Interest Statement shows how much mortgage interest you paid during the year.

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.

Yes! Customers registered in Planet's Customer Portal can view and download their 1098 once it’s available.

Watch our videos for step-by-step instructions:
How to Download Your 1098 – Desktop
How to Download Your 1098 – Mobile

Need help registering? Watch our account registration video: How to Register Your Account

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.

Watch our videos for step-by-step instructions:
How to Download Your 1098 – Desktop
How to Download Your 1098 – Mobile

Need help registering? Watch our account registration video: How to Register Your Account

They'll be available for the duration of your loan.

Need help registering? Watch our account registration video: How to Register Your Account

If you refinanced, you'll receive a 1098 Mortgage Interest Statement for each primary residence loan that had interest paid greater than $600.

You'll receive a 1098 Mortgage Interest Statement from each servicer separately.

Visit Planet’s Customer Portal.

Need help registering? Watch our account registration video: How to Register Your Account

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

It’s easy!

• Log in to Planet’s Customer Portal
• Click on Account Settings
• Change your delivery preferences to email for your monthly statements and year-end statements. You will still receive certain documents in the mail as required by law.

Watch our videos for step-by-step instructions:
How to Enroll in Paperless Statements – Desktop
How to Enroll in Paperless Statements – Mobile

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