FAQS
Fees and Charges
Download our Fees and Charges Documentation
Payment Processing
How do I make a payment?
I mailed my payment on time but it has not been credited to my account, what should I do?
How will my payments be applied?
How long does it take for my payment to be posted after you receive it?
When is my payment considered late?
When will I be charged a late fee?
I mailed my payment to the prior servicer before I received the notification of transfer. Will my account be credited?
What do I do if I have lost my account statement or did not receive an account statement?
I have an Adjustable Rate Mortgage (ARM) loan which has/is about to adjust...what will happen to my monthly payment?
How can my monthly payment increase when I have a fixed rate mortgage?
Service Transfers
LOANS TRANSFERRED FROM ANOTHER SERVICER TO GREEN PLANET SERVICING, LLC (GPS):
My loan was just transferred to GPS, what does this mean?
Will the terms of my loan change?
What happens if I already mailed my payments to the previous servicing company?
Should I wait for my first billing statement from GPS to arrive before I send you my payment?
Currently, I have my tax and insurance payment made by my mortgage company. Will this continue?
LOANS TRANSFERRED FROM GREEN PLANET SERVICING, LLC (GPS) TO ANOTHER SERVICER:
My loan was transferred to another servicer, what does this mean?
Will GPS send me a statement of interest paid?
Homeowners Assistance (Loan Counseling)
What should I do if I am not able to make the payment by the end of the grace period?
What are my options?
What is the foreclosure process?
Are there any options once the foreclosure process has begun?
Should I be aware of anything else?
Escrow, Insurance, and Taxes
What is an Escrow/Impound Account?
What is an Escrow Analysis?
If there is an overage on my escrow account will I get the funds back?
What is a cushion or reserve?
Can I add escrow to my loan?
Can I remove escrow from my loan?
Insurance
What is the required coverage for homeowners insurance?
What are the requirements for flood insurance?
What is Private Mortgage Insurance (PMI)?
Why did I receive a notice stating you do not have an updated insurance policy for me?
Taxes
I received a bill for taxes, but my loan is escrowed. Where do I send it?
Why did I receive a letter asking for a receipt of taxes paid?
Adjustable Rate Mortgages
What is an ARM?
Will I know in advance how much my payment will increase/decrease?
How is the interest rate calculated?
May I convert my ARM loan to a fixed rate loan?
What is an Index?
Payoffs
What is a payoff?
Should I use my principal balance for a payoff figure?
How long will the payoff figures be valid?
How can I request a payoff?
What fees are associated with requesting a payoff?
Will I be charged a Pre-Payment Penalty?
What kinds of funds are accepted for payoff and where do I send the funds?
When will I receive a refund for an overpayment on my payoff?
Will I receive a satisfaction of mortgage (release of lien)?
FAQ: PAYMENT PROCESSING
How do I make a payment?
Green Planet Servicing, LLC (GPS) accepts payments via personal check or money order. Payments can be sent via USPS to:
PO Box 660596
Dallas, TX 75266-0596
10 Research Parkway, Suite 2
Wallingford, CT 06492
ATTN: Cash Management
Payments are also accepted over the phone as a one-time draft. There is a fee for this service. Contact our Customer Service Department at 1 (866) 882-8187 to schedule your payment today. Please have your routing and account number from the checking or savings account you will be using.
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I mailed my payment on time but it has not been credited to my account, what should I do?
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, please note that GPS 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 to assist you with payment methods.
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How will my payments be applied?
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. 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.
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How long does it take for my payment to be posted after you receive it?
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.
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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.
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When will I be charged a late fee?
Late fees are determined by your mortgage documents. If your payment does not reach us within the grace period specified in your mortgage documents, you will be assessed a late fee. Again, this is determined by the date the payment is actually received by GPS and not by the mailing date, postal date, or the date on the check.
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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 GPS 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.
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What do I do if I have lost my account statement or did not receive an account statement?
You are still responsible for making your payment on time. Please write your loan number on your check or money order and send your payment to the address below.
Green Planet Servicing, LLC
PO Box 660596
Dallas, TX 75266-0596
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I have an Adjustable Rate Mortgage (ARM) loan which has/is about to adjust...what will happen to my monthly payment?
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 solutions that might better fit your needs. Please contact our Customer Service Department at 1 (866)882-8187 to answer your questions about ARM loans or see our ARM FAQs for more information.
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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. The principal and interest is the portion of your mortgage note that is at a fixed interest rate and that never changes, nor do the terms of your mortgage note. Please see our Escrow FAQs for more information.
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FAQ: SERVICING TRANSFER
LOANS TRANSFERRED FROM ANOTHER SERVICER TO GREEN PLANET SERVICING, LLC (GPS):
My loan was just transferred to GPS, what does this mean?
If your loan has been transferred, that means GPS will now be handling your loan. 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.
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Will the terms of my loan change?
No, the terms of your loan will not change. As your servicer, we follow the same mortgage documents that were signed at your closing.
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What happens if I already mailed my payments to the previous servicing company?
Payments mailed to the previous loan servicer will be forwarded to GPS once they have been received.
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Should I wait for my first billing statement from GPS to arrive before I send you my payment?
No, you should always send your payment for arrival on or before your due date. A billing statement is not required; you may mail your payment to us directly and include your loan number on your payment. Our payment address is:
PO Box 660596
Dallas, TX 75266-0596
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Currently, I have my tax and insurance payment made by my mortgage company. Will this continue?
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.
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LOANS TRANSFERRED FROM GREEN PLANET SERVICING, LLC (GPS) TO ANOTHER SERVICER:
My loan was transferred to another servicer, what does this mean?
The transfer of servicing is common in the mortgage industry and is not related to the current status of your loan. Please note the effective date of the transfer and send all payments to your new servicer after that date.
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Will GPS send me a statement of interest paid?
Typically, you will receive two statements at year-end, one from GPS 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 Goodbye/Welcome letter for how interested will be reported as part of the transfer.
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FAQ: HOMEOWNERS ASSISTANCE
If you are having difficulties in making your monthly payment or have fallen behind, Green Planet Servicing has experienced loan counselors to assist you. The counselor’s purpose is to match your present situation with one of our assistance programs that will help you through a difficult period. Below are frequently asked questions from our customers:
What should I do if I am not able to make the payment by the end of the grace 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 servicer. We are here to assist you and counsel you through this period. Therefore, if you are not able to make the payment, please call our Loan Counseling Department at 866-882-8187. We have a number of options that should be beneficial to you.
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What are my options?
Once you have explained your situation we may be able to match your circumstance with one of the following programs:
1. Payment Plan – If you had a temporary loss of income or unexpected expenses we can establish a plan to pay based on your present ability. Depending on your situation and number of payments due, we can extend the plan for six months.
2. Forbearance Plan - If you are not able to pay for a few months, and expect a lump sum payment at a later date we can suspend the payments until you receive the income you expect.
3. Deferment – If you have been temporarily unemployed or have had an unavoidable expense, and are now able to make the monthly payments but are not able to pay the total past due payments you may qualify for a once during the life of the loan deferment. We will extend the maturity of the loan and move the delinquent payments to the end of the loan, and you begin making the regular monthly payments as a current loan.
4. Loan Modification – If you have a long term reduction in income we may consider a loan modification where we may lower the interest rate, and monthly payments.
5. Sale of the Property – If you can no longer afford the property, or do not want to keep the property, we can assist you in selling the property. We can refer you to our nationwide network of real estate agents to list and have the property sold. We can counsel you through the sale process and review your contract and closing costs. If the property cannot be sold at a price sufficient to pay the loan in full we may negotiate the pay-off amount to allow the sale to close.
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What is the foreclosure process?
When your loan is 60 days delinquent and we have not established one of the above options we will demand the full delinquency to be paid within an established time. When that time expires and the delinquency has not been satisfied we will refer your loan to an attorney to file a foreclosure proceeding in your local jurisdiction. Once the foreclosure has been filed it can vary from state to state on when the sale/auction of the property will take place. At the sale/auction a separate bidder or we will own the property. If you are still in the property after the sale/auction date you may be evicted.
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Are there any options once the foreclosure process has begun?
Because all parties including the lender lose in a foreclosure, we will consider most reasonable options to avoid foreclosing. All of the options above are still available to you after the foreclosure process has begun and up to the actual sale/auction date. If we are able to establish one of these options we will suspend or cancel the foreclosure proceedings until the loan is brought current or if you do not complete the option requirements.
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Should I be aware of anything else?
Beware of scams! The foreclosure process is public and there are people, companies, and phony counseling agencies designed to take advantage of people in this unfortunate situation. Your mortgage servicing company has nothing to gain by foreclosing on your property and is better served if we help you keep your home. Therefore, please contact us before you enter into an agreement with a company or individual who states they can help you avoid foreclosure.
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FAQ: ESCROW, INSURANCE, AND TAXES
ESCROW
What is an Escrow/Impound Account?
An escrow account (also known as an impound account) is a separate account into which the lender puts a portion of each monthly mortgage payment; usually set up when the loan closes. An escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgage insurance, etc.
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What is an Escrow Analysis?
The accounting that a mortgage servicer performs to compute your monthly escrow payment and determine whether a shortage or surplus exists in the account. An analysis of the escrow account is performed at least annually to ensure sufficient funds are being collected to avoid shortages or overages.
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If there is an overage on my escrow account will I get the funds back?
If the escrow overage is more than $50.00 the funds will be returned to you provided that the loan is current. If the overage is less than $50.00 the funds will be credit to your monthly payment for a predetermined period of time, until the overage has been fully credited.
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What is a cushion or reserve?
Loan documents may refer to a reserve or cushion, this is a requirement allowed by federal and most state laws that acts as protection to cover unanticipated increases in payments. Cushions or reserves collected by servicers are usually equal to two (2) months of escrow collection.
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Can I add escrow to my loan?
Yes. In order for us to set up an account we will need a written request, signed by all borrower(s) on the loan, and the following information:
To escrow Taxes:To escrow Homeowners:
- Copies of your paid tax receipts from your Tax Collector for the current year
- Written request signed by all mortgagor(s) requesting an escrow account be set up
Please forward the requested information to:
- Copy of your current policy
- Written request signed by all mortgagor(s) requesting an escrow account be set up
Green Planet Servicing, LLC
10 Research Parkway, Suite 2
Wallingford, CT 06492
ATTN: Escrow Department
Once your request to establish escrow has been received with the required documentation, we will send you a projection for the upcoming year, including the amount you will need to send in for a reserve to establish the account. After your reserve has been received, your escrow account will be set up.
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Can I remove escrow from my loan?
It may be possible for you to remove escrow from your loan. Conditions including loan status and loan-to-value ratio as well as what is allowable under your mortgage can affect your ability to delete your escrow account. Please contact Customer Service for a letter detailing our escrow deletion requirements.
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INSURANCE
What is the required coverage for homeowners insurance?
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 new, 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 new, 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 new.
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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:
• 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.
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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 new home's value.
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Why did I receive a notice stating you do not have an updated insurance policy for me?
Either we did not receive a copy of your insurance policy when we received your loan, or the policy on file has expired. There are two things you should know if this happens:
2. In order for your insurance company to send us updates in the future, they should have our mortgagee clause on file. Please provide them with our mortgagee clause:
Green Planet Servicing, LLC
ISAOA, ATIMA
10 Research Parkway, Suite 2
Wallingford, CT 06492
TAXES
I received a bill for taxes, but my loan is escrowed. Where do I send it?
10 Research Parkway, Suite 2
Wallingford, CT 06492
ATTN: Tax Department
Or, you may send a fax to: (203) 265-3950. Please include your loan number on all correspondence.
Why did I receive a letter asking for a receipt of taxes paid?
If you do not have an escrow account with GPS and you received a letter asking you to send proof of taxes being paid, it is because we received information that your taxes are past due. If you have paid your taxes, please mail proof of payment to:
10 Research Parkway, Suite 2
Wallingford, CT 06492
ATTN: Tax Department
Or, you may send a fax to: (203) 265-3950. Please include your loan number on all correspondence.
FAQ: ADJUSTABLE RATE MORTGAGES (ARMS)
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, in line with movements in an index rate.
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Will I know in advance how much my payment will increase/decrease?
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. Virtually all types must put a ceiling on the rate increases over the life of the loan. Green Planet Servicing, LLC (GPS) will send a letter to notify you of your exact payment amount before it is due.
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How is the interest rate calculated?
Most ARM loans calculate the interest rate adjustment by adding a margin to the index.
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May I convert my ARM loan to a fixed rate loan?
Unless your current note specifically allows for this option, you may not convert your loan to a fixed rate loan without paying off your current mortgage and refinancing to a fixed rate mortgage. If your loan documents allow for this change, they will specify when you can exercise this option and how the fixed rate will be determined.
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What is an Index?
An economic indicator that lenders use to set an ARM loans interest rate. Each ARM is tied to a specific index and some indexes move up and down faster than others. Your mortgage documents will advise which index is connected to your ARM loan.
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FAQ: PAYOFFS
What is a payoff?
A total balance; amount of a full payment on existing loan including outstanding principal balance, accrued interest, unpaid fees, late charges.
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Should I use my principal balance for a payoff figure?
No, the principal balance will not pay your loan off in full. A payoff amount consists of your principal balance, interest due, and, if applicable, the following other items: prepayment charge, fees, advances and negative escrow balance. Daily interest is determined from your interest-paid-through. All payoffs are subject to final audit upon presentation to GPS.
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How long will the payoff figures be valid?
Payoffs are good through the date on the payoff request, up to 30 days in the future. Any transactions that are applied to the account after the payoff statement is generated will affect the amount due. A new payoff statement should be requested if the good-through date has expired. All payoffs are subject to final audit upon presentation to GPS.
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How can I request a payoff?
If requested by the borrower: a written request signed by the borrower(s) is required, and a good through date up to 30 days in advance not including weekends or holidays.
If requested by a 3rd party/someone not on the loan: a written request, accompanied by borrowers authorization (signed by all borrowers on the loan), and a good through date up to 30 days in advance not including weekends or holidays.
All requests can be fax or mailed to:
10 Research Parkway, Suite 2
Wallingford, CT 06492
ATTN: Payoff Department
FAX: 203-265-3950
There is a 2 business day turnaround for all requests. Requests received as of 4:00 PM ET are considered same business day.
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What fees are associated with requesting a payoff?
If permissible by law a statement fee is charged for a demand for payoff. These fees vary by state. A recording fee may also be charge by your County/Town Recorder's Office to record the release of lien after the loan is paid in full.
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Will I be charged a Pre-Payment Penalty?
There may be a prepayment charge on your loan if you pay it off early. You should refer to your closing documents to see if your account has a prepayment charge. This information is on your Note or Addendum/Rider to the Deed of Trust/Mortgage. If you cannot locate your closing documents or don't understand your prepayment charge please contact the Customer Service Department at 1 (866) 882-8187. All payoffs are subject to final audit upon presentation to GPS.
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What kinds of funds are accepted for payoff and where do I send the funds?
Only certified funds will be accepted for payoff. If certified funds are not received the payment will be returned and the loan will accrue additional interest. Certified funds are defined as Cashiers Check, Escrow Company Check, Certified Check, and/or Attorney -Certified Escrow Check.
Funds can be mailed/overnighted to:Back to Top
Green Planet Servicing, LLC
10 Research Parkway, Suite 2
Wallingford, CT 06492
ATTN: Cash Management
Wiring instructions:
Wells Fargo Bank N.A.
101 Federal Street, Ste. 2020
Boston, MA 02110
Routing Number: 121000248
Account Number: 4122083306
Account Name: GPS Payment Clearing
Special Instructions: Include loan number for account(s) to payoff (if this information is not included funds will be returned within 48 hours)
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, no later than 30 days after the payoff date. This is to allow for an accurate audit of the payoff and to ensure that the respective banking institutions have honored all presented items. It is very important for you to update your mailing address at the time of your payoff to ensure your refund or overpayment check is sent to the correct mailing address. Call the Customer Service Department at 1 (866) 882-8187 to update your mailing address.
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Will I receive a satisfaction of mortgage (release of lien)?
Your satisfaction of mortgage is processed according to state guidelines and is mailed directly to the recording jurisdiction. 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 mailed in states where it is required. Call the Customer Service Department at 1 (866) 882-8187 to update your mailing address.
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