Q: Do I have the option to make extra principal payments, and what is the benefit?
A: Yes, you have the option to make extra principal payments. Your loan must be current before an additional principal payment will be applied. By making additional monthly payments toward the principal you will shorten the length of the loan, and reduce its total cost, by saving on interest.
Q: How can I tell if my One-Time Payment was scheduled?
A: A confirmation number is provided when the payment is processed with a customer service representative, paid by phone via our automated system or made online. Pending payments may be reviewed online under the ‘one-time draft’ tab on the next business day that it was scheduled. Same day drafts will not display until the following business day.
Q: How can I cancel a pending payment?
A: Pending payments may be canceled by contacting us at 877-516-7998. Please note, we require a three (3) business day notice prior to a scheduled payment.
Q: If I make a payment today, when will it be applied to my account?
A: A payment received before 11:00pm EST, Monday through Friday, will be processed the same day. Any payments scheduled after 11:00pm EST will be processed the next business day.
Q: How can I make a change to my bank account information?
A: If the payment was processed online, you can make changes to your banking information when processing your online payment by logging in to your account and selecting the ‘Payments’ option. If the payment was processed over the phone with an agent or through the automated service, please contact our Customer Relations Department at 1-877-516-7998, Monday – Thursday 8:00am – 6:30pm and Friday 8:00am – 5:30pm CST.
Q: How long does it take for a scheduled transaction to complete and funds to be cleared/drawn from my bank account?
A: Your scheduled payment will be processed the same day. However, depending on your banking institution this may take 1 to 5 business days.
Q: Can I make my payment with a credit card?
A: Our payment system is not currently setup to accept credit card payments.
Q: What bank account types may I use to pay using the One-Time Payment option?
A: You may use a checking or savings account.
Q: What happens if my draft date falls on a Sunday or holiday?
A: If the draft falls on a weekend/holiday, the payment will draft the following business day.
Q: What happens if I click ‘Submit’ more than once when I am making a mortgage payment? Will there be a duplicate payment?
A: No, only one payment will draft. A duplicate payment will not be processed.
Q: When are my payments considered late?
A: Although payments are considered past due if not received by the due date, we honor the grace period described in your Mortgage Note (generally 15 days) to allow you to make your mortgage payment without being charged a late fee. If a payment is received after the grace period, a late fee will be assessed. If a payment is received after the end of the month in which it is due, the information will be reported to the credit bureaus as 30 days late. To avoid the risk of damage to your credit or the assessment of a late charge, it is recommended that your payment be received by the due date.
Q: Is there a charge to make a payment online?
A: There is no charge to process a payment online if the payment is made by the 5th day of the month. In the event that the 5th of the month does not fall on a business day, a fee will be charged. Depending on the state where the property is located, a one-time processing fee will be assessed as listed below:
• $5 for an online payment made between the 6th and the late charge date
• $10 for all payments made online payment made between the late charge date and the end of the month
Q: How do I let Pacific Union know I have a question about how my payment was applied?
A: You may review your payment history online. Log in to your account, select My Loan, and then select Loan Activity. If you still have questions, you may send us a secure message through the ‘Message Center’ tab. For additional payment inquiries, please contact our Customer Relations Department at 1-877-516-7998.
Q: Why is there a delay in receiving my payments from my online banking service?
A: The timeframe for receiving your payment from your bill pay service depends on the relationship with the payee. Pacific Union is set up to receive electronic payments with most large banks. Those payments are usually delivered in 1-2 business days. Some bill-pay services (typically smaller banks and credit unions) will issue paper checks to Pacific Union. Those payments are typically delivered by regular mail within 5-7 business days from the date you initiated the transaction.
Q: When I am processing my online bill payment and include a comment in the memo section, does Pacific Union receive this information?
A: Even though there may be a memo section on your home banking template, Pacific Union does not receive this information on electronic file transfers. If a check is sent to Pacific Union by your bank, the memo section may still not be available or may be incomplete.
Q: Can I set up a repeating payment from my bill pay service that will ensure funds are processed in accordance with my intentions?
A:There are some limitations in receiving your payment application intentions when using bill pay services through your bank. We may be able to provide you more flexibility with your payment application through enrollment in Pacific Union Autopay. Please visit the Automatic Payments page of your online account to set up your program.