Frequently Asked Questions

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 uncertain. Some types of ARMs put a ceiling on your payment increase or interest-rate increase from one period to the next, and a floor and ceiling on the interest rate during the life of the loan. Planet Home Lending, LLC (PHL) will send a letter to notify you of changes in the payment amount before it is due.

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.

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.

You will receive a statement at least once each year while your payments are current 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 in each month in the coming year, and any surplus or shortage in the escrow account. This information is determined during an escrow analysis by the loan servicer.

Your mortgage or deed of trust may require the lender to establish an escrow account for payment of real property taxes and/or insurance premiums (these are called “escrow items”), unless the lender waives this requirement in writing. Your loan payment includes funds to pay accrued interest, a small portion of the principal of the loan, and a portion of the funds needed to pay escrow items. Please note that the escrow account requirement cannot be waived when flood insurance is required by your lender. The servicer places the portion of each monthly mortgage payment for escrow items into the escrow account.

Fee Schedule 2023

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) Fee2	$0 – $35	Assessed if your bank returns a check unpaid.
Recording Fee2	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 Funds2	$0 – $10	Assessed if you request funds to be wired to a specific bank account.
Subordination Fee2	$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 Fee2	$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	$0 - $250	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 Subject to limits of applicable state law.

³ Subject to terms of your loan and limits of applicable state law.

Notice Regarding Third Party Providers: Planet may utilize third party providers to ensure exceptional servicing and is responsible for all actions taken by these providers.

The Online Loan Solution Center is a user friendly online tool that provides borrowers an automated process to apply for assistance if they are having difficulty making their monthly payment.

The Online Loan Solution Center allows borrowers to electronically upload their borrower’s assistance application, check status, and submit the required documents to complete the review.

If you are having difficulties in making your monthly payment or have fallen behind, Planet Home Lending has experienced servicing specialists to assist you. Planet Home Lending 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:

1. 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.
2. 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.
3. 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:

1. Short Sale: The sale of your current property for an amount less than what is currently owed on the property.
2. 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 Home Lending has experienced servicing specialists to assist you. Planet Home Lending 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 two things you should do if you receive this notice:

1. Please contact your insurance company, and ask them to forward an updated homeowners insurance declarations page to us via fax: 1 (248) 878-2350, ATTN: Insurance Department. Please ask them to include your loan number on the declarations page.
2. In order for your insurance company to send 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

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 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.

A paperless statement is an electronic version of your monthly statement available to you 24/7 in our customer portal. You can access your statements, along with other important documents, through our customer portal.

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.

Your monthly statement is made available in the document center in your customer portal at the end of each billing cycle. Access them at any time, 24/7.

You will receive your first paperless statement for the billing period following your sign up.

You can access up to 25 months of monthly billing statements, along with your yearly 1098 statements and escrow analysis, in the document center of your customer portal.

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.

We’re here to help explain exactly how your loan may be affected and what we can do to assist you. We can also review other loan solutions that might better fit your needs. Please contact our Customer Service Department at 1 (866) 882-8187, Option 3, to answer your questions about ARM loans or see our ARM FAQs for more information.

You are still responsible for making your payment on time. Please write your address and loan number on your check or money order, and a telephone number where we may call you if necessary, and send your payment to the address below:

Planet Home Lending, LLC
P.O. Box 69197
Baltimore, MD 21264-9197

If you mailed your payment to the prior servicer, please be assured that it will be endorsed and forwarded to PHL 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 PHL 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.

Payments that are properly noted with your loan number and mailed to the address on your statement will post within 24 hours of the day of receipt provided they are received on any regular business day, Monday through Friday. Payments received on a weekend or holiday will post on the next regular business day. We will credit a payment to your loan account as of the date it is received if the payment arrives before 5 PM Eastern Time. Payments received for an amount less than the total payment due will be held on your loan in a suspense account until a full payment is received. Once the full payment is received the funds will be posted to the payment due.

Notice: Planet is using a new financial institution to process your payments. Please ensure you use the address below.

Planet Home Lending, LLC (PHL) accepts payments by personal check or money order. Payments can be sent by mail to:

Planet Home Lending, LLC
P.O. Box 69197
Baltimore, MD 21264-9197

or by overnight delivery to:

Planet Home Lending, LLC
321 Research Parkway Suite 303
Meriden, CT 06450

ATTN: Cash Management

Click here to enroll for a one- time electronic payment draft or for our automatic payment program. Please log in to your account for more details. There may be fees associated with the one-time electronic payment draft. Please have your routing and account number available from the checking or savings account you will be using.

Payments may be made using our automated phone system. Please call 1 (866) 882-8187 and choose Option 2 to utilize this function. There may be a fee associated with this payment option.

Payments are also accepted over the phone as a one-time electronic payment draft. There is a fee for this service. Contact our Customer Service Department at (866) 882-8187 to schedule your payment today. Please have your routing and account number available from the checking or savings account you will be using.

Payments received will be applied in accordance with the terms of your mortgage note. This generally means that funds will first be applied to any payments past due. Payments received for an amount less than the total payment due will be held on your loan in a suspense account until a full payment is received. Once the full payment is received the funds will be posted to the payment due. Once current, any additional available funds will be applied to outstanding fees, costs and advances prior to being applied as a principal reduction. Should you have any questions regarding a specific payment, please call our Customer Service Department at 1 (866) 882-8187, Option 3.

If two or more weeks have elapsed since you sent the payment, we suggest for your protection, that you ask your bank to put a Stop Payment on the check. You will then need to resubmit your payment to us. If you elect to place a stop payment on the check, PHL will not be responsible for the stop payment charge from your bank, and a returned check fee may be assessed (based on applicable law) to your account if the check is returned unpaid. Contact our Customer Service Department at 1 (866) 882-8187, Option 3, to assist you with payment methods.

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.

A recording fee may be charged by your County/Town Recorder’s Office to record the release of lien after the loan is paid in full. In some states, the borrower will pay this recording fee. Consult the terms of your mortgage or deed of trust regarding payment of this recording fee.

A payoff preparation fee may be charged for the issuance of a payoff statement when applicable and when allowed by law.

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:

• 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 PHL after the date in the current payoff statement. All payoffs are subject to final audit upon receipt of payment by PHL. 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 PHL, 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 PHL. 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 statements at year-end, one from PHL and one from the previous servicing company. You may receive additional statements if your loan has been transferred more than once. You must combine the totals to get the correct amount of interest paid for the current tax year. Please refer to your notice of transfer of servicing letter for how interest will be reported as part of the transfer.

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.

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 send your payment for arrival on or before your due date. The payment coupon is not required; you may mail your payment to us directly and include your address and loan number, and a telephone number where we may call you if necessary, on your payment. 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 PHL 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. As your servicer, we follow the same mortgage documents that were signed at your closing. However, the escrow account that you had with your prior loan servicer may be reevaluated to determine whether the escrow portion of your payment should change.

The servicing of your loan may be transferred to PHL or the ownership of your loan may be transferred to PHL, 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 PHL 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.

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.