FAQs

• Why did my mortgage payment change?

  Your mortgage payment may have changed due to one of the following reasons:

  • Your property taxes or homeowner’s insurance has either increased or decreased, resulting in a change in your escrow payment. You should have received an Annual Escrow Account Disclosure Statement.
  • You have a variable-rate loan. These loan types may include Adjustable-Rate Mortgages or Home Equity Lines of Credit.
  • If you have taken a draw on your Home Equity Line of Credit, this will cause a change in your payment.
• Can I make a partial payment?

  Partial payments can only be accepted on Equity Loans. You cannot make a partial payment on a Fixed Mortgage Product. However, you can make a principal payment at any time without penalty.

• What happens to the balance in my escrow account if I pay off my mortgage?

  It is ECU’s policy to apply any funds in escrow to the note balance of your loan at the time of the payoff transaction, which results in a lower payoff amount. You will not receive a check or a refund from your escrow account.

• I paid off my mortgage, what will I receive from ECU?

  Once your mortgage or equity loan is paid in full, ECU must file a Release of Lien with the county your property is located in. This process can take up to 6 weeks. Once ECU receives the recorded Release of Lien, you will be mailed the following: The Recorded Release of Lien, Your Deed of Trust, and your Note or HELOC Agreement.

• I switched my homeowner’s insurance to a different company, what’s the next step?

  First, please contact the Mortgage Servicing Department at 423-578-7325 to inform ECU that you plan to change your insurance provider.

  Make sure your new insurance provider lists Eastman Credit Union as the Mortgagee. Our Mortgagee Clause is Eastman Credit Union, ISAOA, PO Box 1989 Kingsport, TN 37662. Have the insurance company email or fax ECU the new policy information.

  Email: msls@ecu.org

  Fax: 423-578-7326

  Once you have your new insurance policy in effect, be sure to cancel your policy with the former insurance provider. Please keep in mind that you are likely to receive a refund from your former insurance provider. If you have an escrow account with ECU, please return the refund to your escrow account.

  Submit New Insurance Information

• I received a tax bill in the mail, and I am escrowed. What should I do?

  ECU obtains most of our member’s tax bills electronically. Often municipalities mail a hard copy to the property owner as well. If your property is located within the Tri-Cities region of East Tennessee, there is no need to forward your property tax bill to ECU. If your property is located outside of this region, please forward your tax bill to ECU Mortgage Servicing by mail, fax, or email.

  Mail:      ECU Mortgage Servicing

                  P.O. Box 1989

                  Kingsport, TN 37662

  Fax: 423-578-7326

  Email: msls@ecu.org

• What is PMI?

  Private Mortgage Insurance (PMI) is a type of insurance that is required for conventional loans where the loan amount exceeds 80% of the property value. This insurance protects the lender in the event of default.

• Can I get a new property valuation to have my PMI dropped?

  If you have PMI on a conventional loan with ECU, you can request a new appraisal to have your PMI removed. Your request must be in writing, and the appraisal must be ordered through ECU. We cannot accept an outside appraisal. Your written request must include your name, property address, and phone number. You may submit your request by mail or email.

   Mail:     ECU Mortgage Servicing

                  P.O. Box 1989

                  Kingsport, TN 37662

  Email: msls@ecu.org

• Can I make a principal payment to have my PMI dropped?

  You may make a principal payment to have your PMI dropped. The removal of PMI is subject to other criteria. Please contact Mortgage Servicing to discuss the removal of PMI.

• Have a Property Insurance Claim?

  1. If you have had damage to your property, please contact your homeowner’s insurance provider to start the claims process.

  2. Contact ECUs Mortgage Servicing Department so we are aware of the property damage.

  Submit Insurance Claim Information

  Tel: 423-578-7325 Fax: 423-578-7326

  3. Once you receive payment for your insurance claim, the check will likely be made payable to ECU and you. Please bring this check to your local branch or contact Mortgage Servicing for more information.