Loan Servicing FAQs

With OwnersChoice, you can customize your mortgage program to fit your credit union’s individual needs. We offer several options based on how much of the mortgage process your credit union wants to control.

Account Information

How do I access my account online?

Click here to access your “Existing Loan Information” and follow the prompts.

What tools are available online?

Our Online Mortgage Center lets you manage your mortgage loan online – 24 hours a day, 7 days a week.

  • Pay your mortgage.
  • Review payment history, loan balances, and general mortgage information.
  • Update account information.
  • Review loan statements and escrow disclosure statements.
  • Access your 1098 information for tax purposes.

What should I do if I forget my password?

Click here to access the “Forgot Password” link. You will be prompted to enter your username, loan number and social security number. You must then create a new password.

What should I do if I forget my username?

Click here to access the “Forgot Username” link. You will be prompted to enter your loan number and social security number. You will be provided with your username and prompted to create a new password.

Automatic Payment Withdrawal

How does the ACH/Auto Pay/Draft program work?

You can setup Auto Pay service online. Have your checking or savings account information ready when you begin. Click here to initiate a payment.

  • Log on with your username and password
  • Click “Payment Options”
  • Click “Auto Pay – Recurring Draft” or “Auto Pay – This Month’s Payment” and follow the step-by-step instructions.
  • You have the option of selecting “This Month’s Payment”. This is a one-time authorization and must be completed each time you wish to make a payment.

The exact amount of you monthly mortgage payment (and, if requested, additional principal payment) will be electronically transferred to OwnersChoice by your financial institution. During normal business days, payments submitted prior to 1pm eastern time will be credited to your account on the next business day. The financial transaction with your bank or credit union may not appear for three business days.

What happens if I do not have enough funds to cover my automatic withdrawal payments?

Like a paper check, your automatic withdrawal will be returned as non-sufficient funds. There is a $20.00 fee for all returned payments.

To Pay Off Your Mortgage

How do I request a payoff statement?

If you are a borrower, you may click here and select “Payoff Request”.

You may also request a payoff by contacting our Loan Servicing Department at (800) 342-4998 prompt 3 or send a written request to:
OwnersChoice Funding
Attention: Servicing Department
PO Box 12880
Albany, NY 12212-9903

Or email us at

Please include in your payoff request your loan number, name and estimated payoff date. If you would like the payoff statement faxed, please include you fax number.

Do payoff figures need to be verified at closing?

If payments were posted to or removed from the account after the payoff statement was ordered, the amount due will change. If payoff funds are received after the date the payoff statement expires, the interest amount due will be different. You should contact our Loan Servicing Department at (800) 342-4998 prompt 3 on the day of closing to verify the payoff figures.

What happens to the funds in my escrow account?

Any funds remaining in your escrow account will be submitted from the payoff amount. If you have a negative balance in your escrow account, the negative balance will be added to the amount due.

What are the acceptable forms of payment for paying off my loan?

A certified check, cashier’s check, member-to-member share transfer or wire are the only acceptable forms of payment for paying off a loan. Personal checka re not accepted. When the payoff funds are sent, please include your name, loan number and a copy of the Payoff Statement.

Your Payoff Statement will include instructions for remitting the necessary funds to pay your loan in full. Before paying off your loan, it is important that you call our Loan Servicing Department at (800) 342-4998 prompt 6 to confirm the funds necessary to pay your loan in full.

Please see you Credit Union for transferring funds via member-to-member share transfer.

Where do I mail my payoff funds?

Please overnight the payoff funds to:
OwnersChoice Funding
Attention: Servicing Department
1021 Watervliet-Shaker Road
Albany, NY 12205

When my account is paid in full, how long will it take before any overpayment will be sent back to me?

Once an account is paid in full and a refund is due, it takes approximately 15 business days to process the refund check. It will be mailed back to the member(s) on the account. Please make sure if the mailing address has changed to notify the servicing department of the new address to avoid any delays.

Other Loan Servicing FAQs

What fees will I be charged for the servicing of my mortgage?

OwnersChoice has a courtesy period of 16 days from your payment due date. If your payment is received after the courtesy period has ended you will be accessed a late fee. Consult your monthly loan statement for the exact amount your late fee would be.

What happens if my check or automatic payment (ACH) is returned due duue to Non-Sufficient Funds (NSF)?

OwnersChoice assesses a $20.00 returned check charge for all checks returned for non-payment. In addition to the fee OwnersChoice does not redeposit NSF checks. You will need to mail OwnersChoice a replacement check. If you are due for the current month you can also submit an ACH payment through our website.

Will OwnersChoice charge a fee if my credit union approves a loan modification?

OwnersChoice charges $100.00 for loan modifications.

When will I receive my IRS tax forms?

OwnersChoice mails the IRS form 1098 and, if applicable, the form 1099 to all members no later than January 31. You can also click here to access this information. Log in and select the "see Previous Year End’ link under the "Loan Balances’ tab. An image of your IRS form(s) will be available under the Statement/Documents tab as soon as it is printed by OwnersChoice.

How do I update my phone number, mailing address or email address?

Click here to login to your account. Under the account information tab, click on the “Change Address/Email” link and update your information as needed.

You can also submit a written request to:
Attention: Servicing Department
PO Box 12880
Albany, NY 12212-9903

Or e-mail us at “”

How do I contact OwnersChoice regarding my existing mortgage loan?

You can contact OwnersChoice several ways:

  • By E-mail: “”
  • By Phone: Call (800) 342-4998, prompt 6. Our loan servicing hours are Monday – Friday, 8:30 – 4:30 EST
  • By Mail:
    OwnersChoice Funding
    Attention:Serevicing Department
    PO Box 12880
    Albany, NY 1221-9903

What if I am having trouble making payments?

We can work with you to determine the best option for your situation. The most important step is to contact us as soon as possible. Even if you have not fallen behind on your payments, but are facing financial difficulties, it is never too early to reach out. Simply call one of our Loss Mitigation Specialists. They are here to help and can present the best options for you. They are available Monday – Friday, 8:30 – 4:30 EST – (800) 342-4998 option 5.

How do I know if I am eligible for a Home Afforadble Foreclosure Alternative Program?

See attached HAFA Matrix.. If you are not eligible for HAMP or HAFA, you may still be eligible for a modification. OwnersChoice will assist in determining if your loan is eligible for a modification or other loss mitigation option.

How are property claims handled?

If your home suffered damage and your insurance company has issued an Insurance Claim, the check may be payable jointly to the member and OwnersChoice. When a check is presented to OwnersChoice for endorsement as the lienholder, we may either:

1. Deposit the check and disburse the proceeds in increments as the repairs are completed.
2. Endorse the check and return it to the member.

Which action depends on several factors such as the amount of the check, the payment status of the loan and the type of repairs needed to be made.
Should you receive an Insurance Claim Check, please contact our Insurance Department to speak with one of our Insurance Specialists Monday through Friday at 800-342-4998 option 6.

Why is my insurance claim check payable to me and to OwnersChoice?

The terms of your Mortgage state that insurance payments are security for your loan and are paid to both you and OwnersChoice. Your required insurance policy or policies must carry a current Mortgagee Clause. This clause directs your insurance company to issue claim checks payable to you and OwnersChoice in the event that damage to the property results in the payment of a claim.

Will OwnersChoice endorse my check?

If you have suffered damages to your home which results in the payment of a claim, you need to contact one of our Insurance Specialists in the Insurance Department at 800-342-4998 option 6 as soon as possible during normal business hours. Your claim check should be endorsed by all parties and immediately sent to our insurance department for processing with supporting document, if requested.

Please remember to reference your loan number on the check(s) to expedite processing. Please mail your check to:

Insurance Department
Box 12910
Albany, New York 12212

Once received your claim will be reviewed. If the loss has resulted in a claim that does not require repairs to be monitored, your claim check will be endorsed by OwnersChoice and returned to you. If the loss requires that repairs be monitored, a claim will be opened to facilitate the repairs to the property. Your claim check will be deposited to a restricted loss draft account for distribution to you.

Why is an inspection necessary?

As the mortgage holder, we have an interest in the property because it serves as collateral for the loan. We must monitor the repair process to ensure that the value and condition of the property is maintained. As repairs are completed, please contact an Insurance Department Specialist at 800-342-4998 option 6, so an inspection can be scheduled.

My repairs are almost completed, how do I get the final disbursement released?

You should contact us to request a final inspection when you are near completion of the repairs. Inspections can be requested by contacting our Insurance Department at 800-342-4998 option 6. Additional documentation verifying completion of the work may be required.

How can I cancel my Private Mortgage Insurance (PMI)?

You have the right to request that PMI be cancelled on or after either of these dates: (1) the date the principal balance of your loan is first scheduled to reach 80% of the original value of the property or (2) the date the principal balance actually reaches 80% of the original value of the property. In order to cancel PMI on these dates certain conditions must be met; (1) you must submit a written request for cancellation; (2) you have a good payment history; and (3) OwnersChoice receives, if requested and at your expense, evidence that the value of the property has not declined below its original value and certification that there are no subordinate liens on the property. A “good payment history” means no payments 60 or more days past due within two years and no payments 30 or more days past due within one year of the cancellation date. “Original value" means the lesser of the contract sales price of the property or the appraised value of the property at the time the loan was closed

Existing Loan Information Technical Support

What internet browser should I use?

It is recommended that you use Internet Explorer or Firefox.

What if I forgot my username and/or password?

If you can not login it is best to verify your user name and password. You may do so on the login page by clicking on
If you can not login it is best to verify your user name and password. You may do so on the login page by clicking on Forgot Username or Forgot Password. If you still can not login after verifying this information please contact the Servicing Department for further support.

Why do I see a red “x” under the log in box where the image should be?

To resolve this problem delete your browsers cookies. If you are using Internet Explorer you can delete your cookies on the General Tab found under “Tools”, “Internet Options”. After deleting your cookies close and then restart your browser.

Why can I not activate my new account?

After you register as a first time new user you will receive an email with instructions for activating your new account. Spam blockers may interfere with receiving this email. If you can not find the email in your spam folder it may be that your spam filter is set to immediately delete mail marked as spam. The activation email is only sent once and does not expire. If you did not receive the activation email please contact our Servicing Department for further assistance.

I received the activation email, but what if the link does not work?

If the activation link in your email is not working properly you may cut & paste the link into your web browser’s address field to activate your account.

I forgot the answers to my secret questions, what do I do?

After you fail to answer your security question twice, your account will be locked out. To have your account unlocked, you must contact our Servicing Department by e-mail. Please be sure to include your full name and address. If you can not remember the answers to your security questions, you must call our Servicing Department to have them reset.

Servicing Fees and Costs

Where can I find a list of servicing fees and costs?

An explanation of common fees charged for the basic servicing of your loan are available for your review. To view these fees, sign in to your account and click on the Servicing Fees and Costs link on the welcome page. A copy of the explanation of fees is also available upon request.