When will I receive my year-end information for tax purposes?
AmWest will provide you year-end statements no later than January 31st. These statements will reflect the amount of mortgage interest paid, any real estate taxes paid through your escrow/impound account during the period of time your loan was serviced by AmWest, and any other information required by applicable law.
Where do I send my payment:
P.O. Box 74901
Los Angeles, CA 90004
6 Pointe Drive, Suite 150
Brea, CA 92821
When is a late charge assessed?
Most late charges are assessed on the 16th of the month. Please refer to your mortgage statement or loan documents for the exact date.
What should I do if I am not able to make my monthly mortgage payment?
There are many alternatives to FORECLOSURE but you must act immediately and CALL US TODAY at 1-888-833-4083 to speak to a Loss Mitigation Specialist or Loan Counselor who can discuss your situation with you and may be able to help you avoid foreclosure.
How do I obtain a payoff statement?
Please contact our Customer Service at 1-888-833-4082 to reuqeust for a payoff statement. Requests for a mortgage payoff statement must be submitted in writing and accompanied by written borrower authorization. Please submit payoff request to payoffrequest@amwest funding.com or by fax at 714-905-5637
Can I have my monthly payment drafted from my bank account?
Yes, we recommend that you setup an ACH automatic payment from your checking or savings account.
If your ACH draft date falls on a holiday, the payment will be drafted the following business day.
What is an escrow account?
This is an account established with AmWest to pay your property taxes, homeowner’s insurance, flood insurance (if required) and mortgage insurance (if required) when they become due. If you have an escrow/impound account, then your regular monthly mortgage payment will include principal, interest, and an escrow payment. Your escrow payment is based on 1/12th of the annual estimated payments for your property taxes, homeowner’s insurance, flood insurance (if required), and mortgage insurance (if required).
When do I have to carry flood insurance?
If your property lies within Flood Zone "A" or "V", federal law (FEMA) requires you to maintain and provide proof of flood insurance coverage. The Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994 prohibit Federal agency lenders from originating home loans in Flood Zone "A" or "V" unless flood insurance has been purchased by the homeowner and is maintained during the term of the loan.
My loan was recently analyzed and I have an escrow shortage. What does this mean?
Escrow shortages are created when the loan is analyzed and the current escrow deposit was not sufficient to cover the most recent real estate tax bills or the current insurance premium. Should you have questions regarding your escrow shortage, you may call 1-888-833-4082.
What is the Mortgagee Clause?
AmWest Funding Corp.
It's Successors and/or Assigns/ATIMA
P.O. Box 29
Everette, WA 98206
I have an insurance check for damages to my home from fire, flood, etc. How do I get this endorsed?
Please contact AmWest Loss Draft Department at 1-888-833-4082 to determine if the check can be endorsed and returned to you or must be sent to AmWest for monitoring of the repairs.
Do I need to send a copy of my property tax bill?
No. AmWest contacts the property tax agencies to obtain tax information. There are specific tax agencies that require a homeowner authorization form be signed by the borrower. If any authorization is needed, AmWest will send you a written request.
Should I refinance my home loan now?
If you decide to refinance your home, you can take advantage of any or all of the following benefits:
- Lower your monthly payments with a lower interest rate
- Lock in a fixed term interest rate from an adjustable rate mortgage or vice versa
- Reduce the term of your loan
- If you have made a large principal reduction, lower your monthly payments by refinancing the existing balance
- Reduce your monthly payments by eliminating the need for private mortgage insurance (PMI)
What is a cash-out refinance?
The difference between your loan balance and the value of your home is called equity. If you have held your mortgage for some time, you've probably begun to reduce the outstanding principal on your loan and increase the amount of equity in your home. You may be able to refinance your home for more than what you currently owe and take the extra loan proceeds in the form of cash. On a cash-out refinance you may use the cash for home improvements, college costs, new car or other major purchases.
What is an Adjustable Rate Mortgage?
An adjustable rate mortgage is a loan in which the interest rate in the note can change periodically. The interest rate changes at certain defined points during the life of the loan, based on changes to an index.