Making your mortgage payments and mortgage payment options | HSBC

Notice:

The Home Depot has reported a breach of its payment data systems, which could potentially impact customers at its U.S.and Canadian stores. For further information regarding this data breach please visit The Home Depot website at www.homedepot.com

As always, we are closely monitoring HSBC accounts for unusual activity and will contact you as appropriate. We strongly encourage you to monitor your transactions and notify us immediately if you see anything suspicious.

Mortgage payment options

As an HSBC mortgage customer, we want to provide convenient options for you to make your payments. We've assembled a list of common questions here.

If you have further questions about making a payment, please call us at 866.435.7085. If you are an HSBC Premier client, call 888.435.7089. To apply for a new mortgage, please call 866.731.4722.

Mortgage Payments

Taxes

Special loans

Payoffs

ACH (Automated Clearing House)


Mortgage Payments

How long does it take to receive a coupon book from the time of closing?

You should receive your coupon book before your second payment is due. You can also log in to the existing customer section of this site and request your coupon book online.

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If I have selected Automatic Direct Debit as my payment option, when is my payment draft date?

Your payments will be drafted from your designated bank account on the first or the fifth (whichever day you choose) calendar day of the month. If the first or the fifth of the month falls on a weekend or holiday, your payment will be drafted on the next business day. We also give you the option to have drafting occur after the fifth for a fee.

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Can I make additional principal payments on Automatic Direct Debit?

Additional principal payments can be drafted on a monthly basis along with your regular monthly payment. The additional principal amount must be the same amount each month. Please notify us of your desire to do this. If you wish to occasionally make additional payments to your principal, your check should be mailed to

The Mortgage Service Center
P.O. Box 5457
Mt Laurel, NJ 08054-5457
Attn: Payment Processing SV-19

You may also make an additional payment to your principal for a small fee after your account drafts for the month by visiting this website; the amount will be automatically taken from your bank account.

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What is your turnaround time for posting payments?

All payments are posted to your account within 24 hours of receipt at our Payment Processing Center.

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How do I stop my Automatic Direct Debit of payments before the next draft date?

If you wish to discontinue your automatic payment, please contact us at least 15 days prior to the next draft date. We will send you payment coupons for future payments.

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If I am in the process of prepaying my loan in full, should I notify Customer Service to stop my Automatic Direct Debit payment?

Yes, please contact us to cancel your automatic payment 15 days prior to the payoff date of your loan. If your mortgage payment due date occurs before the payoff date, you are still responsible to make this monthly mortgage payment.

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If I don't make my mortgage payment on time, will I be reported to the credit bureau?

Payments are typically due on the first day of each month. However, we do offer you a 15-day grace period before late charges are assessed. If your payment is not received by the last business day of the month, you risk being reported to the credit agencies.

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May I overnight my payment to you?

Yes, you may overnight any payment to us.

If you typically send your payments to our Pittsburgh, Pennsylvania address, you can overnight your payment to:

Mortgage Service Center
Attn: Box 371458
500 Ross Street 154-0470
Pittsburgh, PA 15250

If you typically send your payments to our Los Angeles or Irwindale, California addresses, you can overnight your payment to:

Mortgage Service Center
Attn: 7151
14005 Live Oak Ave.
Irwindale, CA 91706-1300

If you typically send your payments to our Chicago, Illinois payment address, you can overnight your payment to:

Mortgage Service Center
Attn: PO Box 0112
5505 N. Cumberland Ave. Suite 307
Chicago, IL 60656

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If I bounce a check, will the check be presented to my bank a second time?

It is not guaranteed that we will present your check a second time. Please check with your bank regarding their procedures.

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Do you offer an online or phone payment?

Yes, in a joint venture with SpeedPay, Inc., we allow a one-time ACH from your banking account for a payment or for additional/sole principal or escrow amounts once your current payment is made. The number of 877-PAY-EASE is used for phone payments, 24 hours per day, 7 days per week. All payments must be received by 7:30 p.m. each business day to be processed overnight for that business day. Fees for this service are 0.00 (Free) for payments received on or before the due date, $1.50 for payments received through the fourth day past the due date, $7.50 for payments received from the fifth day through the ninth day past the due date, $12.50 for payments received past the tenth day through the fourteenth day past the due date, and $15.00 for payments received from the fifteenth day forward past the due date. If the current month's payment has already been made and you desire to pay escrow or principal alone, there will be no charge for this transaction.

If you wish to make an occasional additional Principal Reduction Only payment, this is best done by check, and is allowable providing your account is current. Please mail your check to

The Mortgage Service Center
Attn: Cash Management
P.O. Box 5457
Mt. Laurel
NJ 08054-5457
Attn: Payment Processing SV-19

Make sure to mark the check that it is to be applied to principal reduction only to reduce your outstanding principal balance.

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I recently utilized Western Union to make a payment, but forgot your Western Union code city. What is it?

The Code City is PHHUSNJ.

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Taxes

Who can tell me what my property taxes will be?

The seller and/or your realtor should be able to provide you with the current property taxes for the property. Property taxes are reassessed from time to time so this amount may change.

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My HUD1 Settlement Statement reflects moneys collected for a tax service. What is a tax service and how does it work?

We utilize First American Real Estate Tax Service (FARETS) to procure all tax information from your tax department. This process is done electronically. We submit all pertinent information about your property to FARETS who in turn submits this information to the tax department electronically. The tax department responds with the tax due amounts. These amounts are then forwarded to us electronically and the tax payments are processed when due.

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When are taxes paid?

Taxes are paid the month they are due based on the due date established by your local tax department.

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How are my property tax bills paid?

Depending on your loan program and state restrictions, your monthly mortgage payment may or may not include funds to pay your property taxes. If your payment includes money for property taxes, these funds are held in escrow by the lender and the lender pays your property taxes as they are due. If your payment does not include property taxes, you are responsible for paying them by the due date.

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How do I know what amount to pay for my taxes?

The tax department provides the amount of the taxes.

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Do you pay taxes at the discount amount?

Yes, for those states that offer a discount amount. For all other states, we will pay upon the due date provided to us by your tax department.

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Why would I receive a tax bill if I was escrowed for taxes?

If the loan closed within 30 days of the tax due date, it is likely the tax department will send the bill directly to you. That bill should be forwarded to us to be processed promptly. You may fax the bill to (817) 826-1883 or mail it to:

Mortgage Service Center
P.O. Box 23750
Rochester, NY 14692

Some states are called a "homeowner areas or restricted areas." The tax department will not give the bill or any tax information to anyone except the homeowner. In these cases, the homeowner must forward the bills to us immediately as taxes cannot be paid without the bill. If you live in a "homeowner or restricted area" other than Pennsylvania, please forward your tax bills to fax (817) 826-1883 or mail it to:

Mortgage Service Center
P.O. Box 23750
Rochester, NY 14692

If you live in Pennsylvania, please forward all tax bills to fax (817) 826-1874 or mail it to:

Mortgage Service Center
P.O. Box 961242
Fort Worth, TX 76161

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Do I receive a paid receipt for taxes paid from an escrow account?

Only in the state of NY are we required to provide a paid receipt to the homeowner. However, both your quarterly and year-end statements will provide you with taxes paid.

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What is a supplemental tax bill?

Your tax department sends supplemental bills to you due to a change in tax amounts from a recent assessment on the property. This may happen, for example, if an addition or improvement is made. In CA, when you buy a home, you are issued a supplemental bill. The assessment has then changed. In NJ, when an improvement has been made or new construction has occurred, you are issued an added assessment bill.

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How often is this supplemental tax assessed?

It varies by state and county.

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What states have these types of supplemental taxes?

The following states have these types of supplemental taxes: CA, OH, VA, ID, NV, CT. (called C/O or certificate of occupancy bills), NJ (added assessments) and PA (interim bills). However, we do not pay occupational taxes given to homeowners in PA.

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Why is it my responsibility to pay a supplemental bill? Why isn't it paid out of escrow?

Tax offices will only send the supplemental bills to you. If you desire to have it paid from escrow, you must forward the bill to us. We then pay the annual installment amount from the assessment, even if there is not enough accumulated in your escrow account. We need to receive this bill from you prior to the delinquency date, or you will be charged the penalty. If there is a penalty, it will be removed from the escrow account with the supplemental payment.

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Special Loans

When can I convert my ARM Loan?

Not all adjustable rate mortgage (ARM) loans include a conversion option. Please refer to your ARM Note and/or Mortgage Rider for details regarding your conversion. Please be aware that every Conversion Option has an expiration date, which is detailed in your ARM Note and/or Mortgage Rider.

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What happens at the Balloon Maturity Date?

Sixteen Months prior to the Balloon Maturity Date, we will forward an "Early Notice" to you. This notice outlines the conditions necessary to reset your loan. This information can also be found in your Balloon Rider. Approximately four months prior to maturity we will forward a "Required Notice" which includes the instructions and time frames for resetting your loan or paying your loan in full.

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Payoffs

How do I order a payoff statement?

Call 866.435.7085
Premier clients can call 866.435.7089
Monday through Friday 8:30 a.m. to 8:30 p.m. EST

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Why is the amount of payoff higher than the principal balance?

The payoff statement reflects your unpaid principal balance, interest due and any outstanding fees, (i.e. priority statement fee, late charge, escrow advances, recoverable balances, attorney fees).

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Once my loan is paid in full, when will I receive my escrow account balance?

Escrows are disbursed within 30 business days after the loan is paid in full. We ask that you allow additional mail time to receive this check at your current mailing address.

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Once my loan is paid in full, when will I get my PMI/Hazard refund?

It takes approximately eight weeks for this transaction to be sent to your home address.

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How do I know when to refinance?

There are many factors that go into a decision to refinance. The first step is determining your financial goals. For example, are you looking to lower your monthly payment, reduce your mortgage term, consolidate bills, or take cash out for home repairs and other expenses? These are all things to be considered. Just call the number above to discuss your options with one of our sales consultants. You may even qualify for a streamline process that could save you time and money.

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ACH (Automated Clearing House)

Will I receive any confirmation informing me when my draft will begin?

Yes. A confirmation letter will be mailed to all new ACH customers informing them of the exact month of their first draft. We advise you to continue to make your mortgage payment with the coupons until the confirmation letter has been received, and the drafting date has been confirmed.

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Can I have an ACH authorization form faxed to me?

Yes. A representative from our Customer Service Department can have this form faxed to you within 24 hours.

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My account should have been drafted on a specific date, but it has not been, why?

If the draft day falls on a weekend or holiday, your payment will be drafted on the next business day.

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How long does it take to set up my ACH draft?

Our ACH team will set this up upon receipt of the signed authorization and voided check or deposit slip. This request must be received by the 10th of the previous month prior to the first draft. Please send the signed authorization to:

The Mortgage Service Center
Attention : Cash Management
P.O. Box 5456
Mt. Laurel, NJ 08054

Or you can fax the information to us at (856)917-8322, Attention: ACH. We advise you to continue to make your mortgage payment with your coupons until your confirmation letter has been received, and the drafting date has been confirmed.

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Do I notify my bank of any changes to my mortgage payment amount?

Each year there may be a change in the amount of your monthly mortgage payment as a result of an Escrow Analysis and/or an Adjustable Rate Mortgage rate change. We will notify you in advance of any changes and the start date for the new payment amount.

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What should I do if I change my bank account?

When changing bank accounts, please provide the Mortgage Service Center notice and include a voided check for the new account. You may notify us in writing at:

The Mortgage Service Center
Attention: Cash Management
P.O. Box 5456
Mt. Laurel, NJ 08054

Or copy and fax the voided check to us at (856)917-8322, Attention: ACH. The new bank information must be received by the 10th of the month to be effective for the following month. We will process your request and notify you in writing with the effective date of your change. Payments will continue to be withdrawn from your old account until the effective start date of automatically drafting from the new account.

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If I am in the process of paying my loan in full, should I notify Customer Service to stop my automatic payment?

Please request The Mortgage Service Center to cancel your automatic payment by the 20th day of the month prior to the payoff of your loan. If you are unable to contact us by the 20th of the previous month, you may contact your financial institution and request that they stop the draft. If your mortgage payment due date occurs before the payoff date, you are still responsible to make this monthly mortgage payment.

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Can I make additional principal payments on Automatic ACH?

Additional principal payments can be drafted on a monthly basis along with your regular monthly payment. The additional principal amount must be the same amount each month. Please notify us of your desire to do so by contacting Customer Service or through this website. If you wish to occasionally make additional payments to your principal, you may do so providing the account is current. Please mail your check to The Mortgage Service Center, P.O. Box 5457, Mt. Laurel, NJ 08054-5457, Attn: Payment Processing SV-19. Make sure to mark the check that it is to be applied to principal only. Another option is to make an additional principal payment via this website.

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How do I stop my direct draft of payments before the next draft date?

If you wish to discontinue your automatic payment, you may do so by contacting our Customer Service. The request to cancel the ACH must be received by the 20th of the prior month. If you are unable to notify us by the 20th of the month, please contact your financial institution and request that they stop the draft.

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What types of accounts can be drafted?

We typically draft from checking or savings accounts. However, we can draft from any account providing your banking authority allows it. Please refer to your banking authority.

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Mortgage and home equity products offered in the U.S. by HSBC Bank USA, N.A..Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply. Discounts can be cancelled or are subject to change at anytime and cannot be combined with any other offer or discount.

†† Investments, Annuity and Insurance Products:
ARE NOT A BANK DEPOSIT OR OBLIGATION OF THE BANK OR ANY OF ITS AFFILIATES ARE NOT FDIC INSURED ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY ARE NOT GUARANTEED BY THE BANK OR ANY OF ITS AFFILIATES MAY LOSE VALUE
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