New Mortgage Guide

The Importance of Your Loan Number

Your loan number serves as your identification. Please be sure to write your loan number on all checks and correspondence. We also ask that you have it close by when you call so that we can serve you more quickly and accurately.

If Your Loan Was Transferred

Transfers of mortgage loan accounts are commonplace in our industry; they happen all the time. But having an individual mortgage loan transferred is a new experience for most of our customers. We understand that you will have questions and concerns:

  • Will the terms of your loan change?
  • Where do you send your check?
  • Do you have a new loan number?
  • Are there new payment requirements?

Your Terms Stay the Same

The terms and conditions of your original mortgage contract have not changed. They are exactly the same as they were before. The amount of your monthly payment remains the same and so does the maturity of your loan.

Pay the Full Amount

Your payment should be mailed to SC Housing, P.O. Box 63008, Charlotte, NC 28263-3008.

You Have a New Loan Number

As previously mentioned, your mortgage loan may have been one of many transferred to SC Housing. The transfer was routine. It doesn’t reflect any problems with your account. When we received your loan, we assigned you a new loan number. It is listed on each coupon in your new coupon book.

Know Your Payment Due Date

Mortgage payments are due on the first day of each month. Be sure to check your coupon book or your mortgage for your specific date. Payments received after the 16th of the month will be considered late. Please allow for mail time when sending payments. Also, please note that payment due dates will not be changed.

Basic Facts about Your Mortgage

Build Good Credit

A good payment record is essential for a good credit score. Late payments may be reported to the credit bureau.

Avoid Late Charges

Make sure SC Housing receives your full payment on or before the 16th of the month. Payments not received by the 16th will be considered late and are subject to late charges. Most late fees are 4%; refer to your mortgage for your late fee rate.

Avoid Late Payments

You should call Delinquent Accounts staff at 800.476.0412 or 803.896.9521 immediately if you encounter any problems such as unemployment, or other loss of income, which may affect the timeliness of your payments. Prompt notification will give our loan counselors sufficient time to work with you to address problems. If you are having difficulty making your payments, please don’t ignore the situation. We may be able to work with you on a revised payment plan to help you keep your home.

Your Monthly Mortgage Payments

You may have a few questions about your new payment program, such as:

  • What happens to this month’s payment?
  • Will there be new coupons?
  • Can automatic payments be made?
  • When are payments due?
  • What happens if payments are late?
  • What if there are problems in making a mortgage payment?

How to Make Your First Payment

All customers should refer to the instructions they were given at closing as to how the first mortgage payment should be made.

How to Pay Using the Coupon Booklet

Detach the proper coupon and mail it with your check or money order made payable to SC Housing. Be sure to write your new loan number on your check or money order. Also, be sure to write your check number on your coupon and mail to:

SC Housing
Attn: Mortgage Servicing Department
P.O. Box 63008
Charlotte, NC 28263-3008

Where to Send Your Payment

For All Your Payments: In your coupon booklet, you will find preaddressed mailing labels for your convenience. Please use the new coupons and address labels provided when making your monthly payment. When using the labels, we recommend placing tape over the label so that it will not fall off the envelope.

Don’t Delay Payment: Do not delay payment while you are waiting for additional or corrected coupons. Simply write your loan number on your check or money order and mail it to SC Housing, P.O. Box 63008, Charlotte, NC 28263-3008.

Please note that coupons will be automatically sent to you each year. It is not necessary to notify us if your coupon supply is low.

How to Handle Payment Changes and Problems

If your loan allows additional payment against the principal, you may do this at any time. You can make a separate payment to principal by sending a check to:

SC Housing
P. O. Box 63008
Charlotte, NC 28263-3008

Be sure to clearly print your loan number on the check and note that the check should be applied toward your principal balance.

You may also include a payment to be applied toward principal with your regular monthly payment. Your payment coupon has a place on it to note any additional amount to be applied toward principal.

Changes in Your Monthly Payment Amount

Sometimes there is a change in the amount of your mortgage payment. This can be caused by an increase in your tax and insurance bills (see How Your Account is Analyzed on page 14). If this happens, we will notify you in advance with a new escrow account disclosure statement. If you are participating in Automatic Draft, we will also notify your bank or other financial institution of the amount and the effective date.

Stopping Automatic Payments

If you wish to stop your automatic payments, inform us in writing at:

SC Housing
Attn: Mortgage Servicing Department
300-C Outlet Pointe Boulevard
Columbia, SC 29210

Be sure to include your loan number on your letter. Please allow 30 days in order to cancel automatic payments. Notify us if you change banks or accounts for your payment.

Insufficient Funds

Only regularly scheduled payment amounts can be transferred from your account to SC Housing. No partial payments can be accepted. If you have insufficient funds in your account on the date your automatic payment is supposed to be withdrawn, no withdrawal will be made. SC Housing and your bank/financial institution will notify you. You must then make your payment by check for that month only, including your NSF fee and send it to:

SC Housing
P. O. Box 63008
Charlotte, NC 28263-3008

Please note that it is possible for automatic payment plans to be canceled after two occurrences of insufficient funds. In that event, we will contact you to arrange a different payment method. A $20 NSF fee will be charged for each occurrence of insufficient funds.

The Purpose of an Escrow Account

Some mortgage contracts have an impound, or escrow, account. SC Housing is obligated, under the terms of your mortgage, to collect and maintain this account for real estate taxes, insurance and certain other expenses connected with your home. This escrow provision cannot be waived.

How Your Account Works

Each mortgage payment includes an amount that is deposited to your escrow account. Usually the deposited amount represents 1/12 of the annual payments for your property taxes and insurance premiums. These property taxes and premiums are paid from the escrow account as they become due. In effect, an escrow account serves as a budget plan—making sure your funds are available as they are needed.

Projected Annual Disbursements

This is the total projected amount that SC Housing will pay on your behalf towards property tax, Federal Housing Administration (FHA) or private mortgage and hazard insurance.

Real Estate Settlement Procedures Act (RESPA)

This is the federal guideline to assist mortgage-servicing organizations in the collection and distribution of escrow funds. RESPA regulates the maximum amount of escrow money that mortgage servicers may collect and hold in an escrow account. Mortgage servicers can collect additional escrow payments (up to two months’ worth) from borrowers to prevent escrow balances from dropping below a certain amount.

Escrow Shortage

If increases in escrow items result in a shortage of required funds, repayment of an escrow shortage occurs with the next 12 payments (each payment will equal the shortage divided by 12). You can also pay this shortage in full by check or money order. Please identify the check as "escrow shortage." Include your loan number and mail it to SC Housing, Attn: Mortgage Servicing Department, 300-C Outlet Pointe Boulevard, Columbia, SC 29210.

Escrow Surplus

If your annual analysis shows surplus funds in your account and if this excess is greater than $50, we will send a refund check to you. If the surplus is less than $50, we will decrease your next 12 monthly payments by 1/12 of the surplus amount.

Understanding Your Annual Escrow Account Disclosure Statement

Your annual escrow account disclosure statement will be included in the front of your new coupon book for your review. The disclosure statement shows your account history. It also shows projected escrow activity—the payment of taxes and insurance —for the coming year. These projections may increase or decrease your monthly mortgage payment to SC Housing.

Projection for Next Cycle

Each year, SC Housing reevaluates your monthly mortgage payment to reflect any changes in local property taxes or insurance. Although the principal and interest portion of your monthly mortgage payment will not change, your total payment may increase or decrease because of changes in your property taxes and homeowners insurance.

On new construction loans, please pay close attention to your property tax projection. The first year of taxes due will be based solely on the land; therefore, the escrow account may not project for the correct tax amount for the following year when you will be taxed on the land and the home. This could potentially cause your escrow account to be in the negative if the correct tax projection is not being used. Be sure to review your new coupon book for accuracy.

If you have any questions, please call the escrow department at:

800.476.0412 (Outside the Columbia area)

803.896.9521 (Inside the Columbia area)

The Amount You Pay

As a property owner, you are required by the County Assessors’ office to pay taxes on your property. The taxes you pay are in proportion to the value of your property. The exact amount is determined by multiplying the taxing authority’s valuation of the property by a percentage they establish. SC Housing has no control over the amount of your property tax.

If you have an escrow account and receive an original tax bill from any source, please send the bill immediately to:

SC Housing
Attn: Mortgage Servicing Department
300-C Outlet Pointe Boulevard
Columbia, SC 29210

Write your loan number on the tax bill. Delays in sending the bill may result in penalties being added to your taxes. SC Housing will not be responsible for payment of penalties.

Property Tax Exemptions

Depending on your age or where you live, you may be eligible for a property tax exemption. If you are over age 65 or you receive a Social Security Disability benefit, you may be eligible for a homestead or disability exemption. Your local taxing authority can determine whether you qualify for an exemption. You must apply for the exemption. If you do qualify and receive a reduced or corrected tax bill, please send it to SC Housing at the address listed above, immediately.

Tax Bill Questions

If you have questions about your tax bill, contact your local County Assessors’ Office. They can explain the amount and how it was calculated. They can also give you a copy of your tax receipt and information about exemptions.

SC Housing will request that the taxing authority send your tax bill directly to us. After we receive the bill, it will be processed for payment. However, you should know that most taxing authorities mail the tax bills to the property owners. If you have questions about your property assessment, contact your county assessor’s office.

Year End Statements

For income tax purposes, year-end statements are furnished prior to January 31 of the following year. Please do not contact SC Housing requesting your statement prior to the end of January.

Homeowner's Insurance

Hazard and Flood Insurance

Maintaining sufficient insurance is extremely important in protecting your property against disaster. The best protection you can have is adequate property insurance coverage. Basic coverage, such as fire and extended coverage or a homeowner’s policy on your property, is your responsibility to maintain at all times in an amount at least equal to the current principal balance. SC Housing only permits a deductible of $2,500 or 2.5 percent of the face amount of the policy, whichever is higher. If your property is located in a designated flood area, adequate flood insurance coverage is also required.

Proof of Insurance

Your property must have insurance coverage at all times. You are responsible for making sure your renewal policy reaches our office before the expiration date of existing coverage. Failure to do so can result in incorrect premium payments along with additional insurance costs to protect your mortgage lender. If we do not receive proof of insurance, dwelling coverage only (not contents) will be purchased on your behalf and charged to your escrow account. You will be given prior written notice in this event. The coverage provided by this temporary insurance may be different and more expensive than your expired coverage. If we secure this special insurance for you, it can be cancelled after you obtain a policy and provide proof of coverage to:

SC Housing
Attn: Mortgage Servicing Department
300-C Outlet Pointe Boulevard
Columbia, SC 29210

Premium Notices and/or Invoices

Always review any renewal policies or insurance invoices for your homeowner’s insurance. Make sure that it covers the correct property and provides the coverage and policy limits you desire. Check to see that it contains a mortgage or loss payable clause naming SC Housing as first mortgagee.

Verify that the correct amount has been billed. If there are any discrepancies, contact your insurance agent to make the necessary adjustments. If the mortgage clause is incorrect, please mail your renewal policy to the above address.

In some cases, your agent may send you a copy of the premium notice for your records. However, original invoices that request payment must be sent to SC Housing immediately. Mail these to Mortgage Servicing at SC Housing at the address listed above.

Transferring or Selling Your Property

Assumability

If you have an assumable mortgage and decide to sell your home, you may be able to transfer the mortgage to the new buyer. In that case, we require a credit review of the new borrower and will charge a fee for the assumption. Some mortgages, however, contain a “due-on-sale” clause. This means that your mortgage may not be transferred to anyone, including a new buyer. Instead, you may be required to pay the entire balance due when you sell or transfer all or a part of your property.

SC Housing loans are only assumable under certain conditions. To determine whether your loan is assumable, refer to the terms of your mortgage contract or call SC Housing. Before entering into any contract for sale of your property under an assumption of your mortgage, please contact our office so that we can give you the requirements that apply to your mortgage loan.

800.476.0412 (Outside the Columbia area)

803.896.9178 (Inside the Columbia area)

How to Receive a Mortgage Loan Payoff Quote

If you want to prepay (payoff) your loan in full, you will need a loan payoff quote. Send your written request to:

SC Housing
Attn: Mortgage Servicing Department
300-C Outlet Pointe Boulevard
Columbia, SC 29210

or fax it to 803.896.8592

When you receive your payoff quote, be sure to read it carefully. If you would like us to fax your payoff quote to you, the cost is $5. This will be added to your account fees and can be paid by check.

After receiving your loan payoff, a notice will be forwarded to your insurance company and/or insurance agent. If your agent has not contacted you within 30 days after you submit the payoff amount to SC Housing, please call your agent directly with the payoff information.

Where to Mail or Deliver Your Payoff Check

Payment should be mailed to the above address for REGULAR and OVERNIGHT mail delivery.

Forms of Payment

Prepayments in full (payoffs) must be made by cashier’s check, certified check, money order or attorney’s escrow check and made payable to SC Housing. Your account number must be written on the check or money order. Personal checks will not be accepted.

Address Change

Notification of your change of address must be made in writing to:

SC Housing
Attn: Mortgage Servicing Department
300-C Outlet Pointe Boulevard
Columbia, SC 29210

SC Housing can not accept this change by phone. For your convenience, a change of address form is included in your coupon book. The Mailing Address Change Form is also available online.

Name Change

Notification of a name change must be made to SC Housing in writing. If you have legally changed your name, the following documents must accompany your request:

  • a copy of the recorded or filed document providing the change (e.g., marriage license)
  • a copy of your Social Security card reflecting the updated name

In the case of a death, if either titleholder dies, a copy of the death certificate and a copy of the probated will or estate settlement must be sent to the address listed above.

In the case of a divorce, please send a copy of the final divorce decree and property settlement agreement, and a copy of the recorded quit claim deed, if applicable.

Paying Property Taxes

Because your mortgage includes a tax escrow account, your property taxes will be paid from that account. If you receive a real estate tax bill, write your loan number on the bill and send it to:

SC Housing
Attn: Mortgage Servicing Department
300-C Outlet Pointe Boulevard
Columbia, SC 29210

SC Housing will not be responsible for your loss of discount or penalties if your bill is not mailed to us in a timely manner.

Paying Homeowner’s Insurance Premiums

Your homeowner’s insurance premiums will also be paid from your escrow account. If you receive a premium notice for your insurance, write your loan number on the bill and send it immediately to the address listed above.

IRS 1098 Year-End Statements

Prior to January 31 of each year, SC Housing will send you a year-end statement for Internal Revenue Service (IRS) reporting. If your loan has been transferred to SC Housing in the last year, you may receive two mortgage record statements at the end of the year; one statement from your previous servicer for the portion of the year your mortgage was in their hands and one from SC Housing showing all activity on your mortgage from the time of transfer through the end of the year. In some instances, SC Housing will provide all this information to you.

Fee Schedule

ServicePrice
Amortization Schedule$10
Replacement Coupon Book$5
Fax for Copy of Pay-Off$5
Fax for Copy of 1098$5
Insufficient Funds (NSF) Fees$20
Verification of Mortgage$20
Copy of Note$10
Copy of Mortgage$10
Copy of Survey$10
Other copies of loan documents$10
Payment by Phone$7.50
Recording Fee$10

Note: Fees are priced per copy.

Effective November 1, 2017