Select Your Question:
Advance
What is an Advance?
Draft
How do I enroll in or change my monthly draft information?
How do I change my bank account information on my biweekly draft?
How can I be removed from my monthly or biweekly draft?
Escrow
What is escrow?
Foreclosure Prevention
What can I do if I am worried about foreclosure?
USER ID and/or PASSWORD
I Forgot my USER ID and/or PASSWORD?
Trouble Logging In?
Insurance
What type of coverage is required?
Who monitors Vanderbilt loans for homeowners insurance maintenance?
How do I update my policy information?
How can I tell if Vanderbilt has received my renewal?
What do I do if I decide to change insurance companies or carriers?
If I change insurance carriers, can payment for the new premium be taken from my escrow account?
How can I tell if my policy has been paid?
What do I do if my current policy is being canceled or non-renewed?
What is Lender Placed Coverage?
Why do I have to carry flood insurance on my property?
What if I believe I am no longer in a Special Flood Hazard Area?
Who is to be listed as the Loss Payee on the policy?
Can I get a quote or receive help finding the right homeowners insurance?
Loan Assumption
How can I add or remove a borrower to or from my loan?
How does someone assume my loan?
Is my loan assumable?
Monthly Statement
If I received a monthly statement do I still need my payment book?
Why am I getting a monthly statement when I am set up for monthly/biweekly draft?
What if I do not want a monthly statement mailed to me?
Mortgage Claims
How do I file a claim on damage to my home?
I have received a claim check. What do I do now?
How do I contact Vanderbilt about my mortgage claim?
Can I send my pictures via the web?
Mortgage Interest Statement (1098 Tax Form)
When will you mail my 1098 Tax Form?
Can I get my 1098 Tax Form sooner?
What if I do not receive my 1098 Tax Form or need a replacement?
Moving Your Home
Can I move my home?
What should I know before moving my home to a different county or out of state?
Name Change
I recently got married/divorced and would like to change the name on my loan?
Payment Options
Where do I mail my payment?
What Payment Options are available to me?
Payoff
How do I obtain a payoff on my loan?
Is there a penalty if I payoff my loan early?
What is the difference between current principal balance and a payoff?
When will I receive the title to my manufactured home?
Where will the title be mailed, if I refinanced my home?
When will my land be released once my loan is paid in full?
When will I receive a refund for any money overpaid when paying off my loan?
Where do I send my payoff?
Private Mortgage Insurance
What is Private Mortgage Insurance (PMI)?
Property Taxes
Is an Escrow Account required for my taxes?
Why did Vanderbilt pay my taxes without my authorization when I am not escrowed for taxes?
What should I do with the tax bill I have received?
How do I repay the Advancement for taxes paid on my behalf by Vanderbilt?
How is my initial tax escrow payment calculated?
How can I lower my taxes?
Why did my tax escrow payment increase?
I sold this property. What should I do with the tax bill?
I am the new owner of this property. Why am I being billed for the entire year?
What if my payment gets lost?
By Check
USPS® Money Order
Western Union®
MoneyGram®
Frequently Asked Questions answered by Category
Advance
What is an Advance?
An "advance" is a separate amount that is collected along with your scheduled mortgage payment for any expenditure that Vanderbilt paid on your behalf for items not described in your Escrow Agreement such as delinquent property taxes, Lender Placed Insurance Policies, etc.
Draft
How do I enroll in or change my monthly draft information?
Please use one of the following options to enroll or change your bank account information on a recurring ACH monthly draft.
Option 1. Fax a copy of your blank "voided" check and the
Monthly Draft Authorization form authorizing Vanderbilt Mortgage to draft from your bank account. Fax this information to Attn: Customer Service to
865-380-3418. Please allow 5-7 business days for this draft information to take effect.
Option 2. Mail a blank "voided" check and a
Monthly Draft Authorization form to:
Attn: Customer Service
Vanderbilt Mortgage and Finance, Inc.
PO Box 9800
Maryville, TN 37802
Please allow 5-7 business days prior to your payment draft date for this information to take effect.
Drafting from a Savings Account. If you wish Vanderbilt Mortgage to set-up a recurring ACH draft from your savings account, please verify the routing number with your credit union or bank.
Third Party Drafting. If the bank account belongs to anyone other than the parties signed on the contract, we must have written authorization from our customer and the bank account holder.
Important notes regarding your recurring ACH Draft Payment:
- If your payment draft date falls on a Saturday, Sunday or a Holiday then your account will draft the previous business day. For instance, if your draft date falls on a Saturday, Sunday or there is a Holiday on a Monday, your account will draft the preceding Friday.
- You will receive a confirmation letter in the mail from us within 14 days when your recurring ACH draft request has been processed.
How do I change my bank account information on my biweekly draft?
To change your bank account information for your biweekly draft, you must do one of the following options:
Option 1. Login or create a
secure online account to access your Vanderbilt loan information.You can change your bank information from a recurring ACH draft payment from the "Loan Details" page.
Option 2. Fax a copy of your blank "voided" check and the
Biweekly Draft Authorization form authorizing Vanderbilt Mortgage to draft from your bank account every 14 days. Fax this information to Attn: Customer Service to
865-380-3418. Please allow 5-7 business days prior to your payment draft date for this information to take effect.
Option 3. Mail a blank "voided" check and a
Biweekly Draft Authorization form to:
Attn: Customer Service
Vanderbilt Mortgage and Finance, Inc.
PO Box 9800
Maryville, TN 37802
Please allow 5-7 business days prior to your payment draft date for this information to take effect.
Biweekly Drafting from a Savings Account. If you wish Vanderbilt Mortgage to set-up a recurring ACH draft from your savings account, please verify the routing number with your credit union or bank.
Third Party Biweekly Drafting. If the bank account belongs to anyone other than the parties signed on the contract, we must have written authorization from our customer and the bank account holder.
Important notes regarding your biweekly recurring ACH Draft Payment:
- If your payment draft date falls on a Saturday, Sunday or a Holiday then your account will draft the previous business day. For instance, if your draft date falls on a Saturday, Sunday or there is a Holiday on a Monday, your account will draft the preceding Friday.
- You will receive a confirmation letter in the mail from us within 14 days when your recurring biweekly ACH draft request has been processed.
How can I be removed from my monthly or biweekly draft?
To be removed from your monthly or biweekly draft, you must call our Customer Service Department at
1-800-970-7250.
I forgot my USER ID and/or PASSWORD?
When you registered to create your
secure online account to view your VMF loan information, you created a unique USER ID, PASSWORD, SECURITY QUESTIONS and ANSWERS.
- Forgot User ID? Inside the Login box, click "User ID: Forgot?". You will be prompted to enter you VMF loan number, your
first and last name, and email address. Next, click "Submit". You will be given the option to answer your Security Question. Once the question
has been answered correctly, your User ID will be emailed to the email address on record.
- Forgot Password? Inside the Login box, click "Password: Forgot?". You will be prompted to enter you VMF loan number
and your User ID. Next, click "Submit". You will then be given the option to answer your Security Question. Once the question has been
answered correctly, you will be given the opportunity to reset your password.
If you no longer have the same email, have forgotten which email you used, or need further assistance logging into your
secure online account, please call the Customer Service Department at
1-800-970-7250.
Trouble Logging In?
If you are experiencing problems logging in, there could be two reasons.
- If you previously used Vanderbilt's e-Payment System to make your payments, your old login is no longer valid. You must register to use our new system and then re-enter your bank account information.
- Forgot your User ID and Password.
If you continue having difficulty logging in, please contact our
Customer Service Department.
Insurance
What type of coverage is required?
- Full coverage homeowner's insurance with Vanderbilt Mortgage and Finance, Inc. as loss payee is required at all
times. Some states require a separate policy to protect against wind/hail damage.
- If you want to fully protect your home, coverage should include the current value of your home and
improvements. This amount may differ from your existing loan balance. Vanderbilt may accept a policy with coverage
less than the loan balance if your loan includes financed non-insurable items such as land or land
improvements. However, in the event of total destruction of your property, your insurance settlement may not
pay off your obligation to Vanderbilt. We suggest you consult an insurance agent of your choice regarding
type and amount of coverage.
Who monitors Vanderbilt loans for homeowners insurance maintenance?
HomeFirst Agency, Inc.
Attention: Insurance Tracking
PO Box 9770
Maryville, TN 37802
Phone: (800) 804-9389
Fax: (865) 380-3785
How do I update my policy information?
There are a few ways to update your insurance policy information. First, if you do not have
access to log in to our
secure web site, you can update your insurance information by mail or
facsimile. See
Who monitors Vanderbilt loans for homeowners insurance maintenance?
Please have the following information available:
Name and Address of Insurance Company
Policy number
Effective and expiration dates
Premium amount
Deductible
Coverage Amounts
Second, if you have access to log in to our
secure web site, you can submit your updated
insurance information and we will do the leg work for you! Log in, select “Insurance” from the
left hand menu. Click the “Update” button. Fill in the requested information. Click “Submit”
and we’ll take care of the rest. Once we verify your policy information and update your
account, you will see your new policy information next time you log in to our
secure web site.
How can I tell if Vanderbilt has received my renewal?
There are two ways for you to see if
Vanderbilt has received your insurance renewal. First,
look at your policy effective date and expiration date on your insurance renewal notification.
If they are for a new term and
Vanderbilt is listed as the Loss Payee, we should have
received a copy of the renewal policy directly from your insurance company.
If you have access to log in to our
secure web site, another way is to log in to our
secure web site.
Click on “Insurance” from the left hand menu and look at your policy “Expiration Date” to see if it has been updated. If not, see
How do I update my policy information?
If you have questions, please call HomeFirst Agency at (800) 804-9389 and speak with a
customer service representative.
What do I do if I decide to change insurance companies or carriers?
- Forward a copy of your new policy to HomeFirst Agency. Please make sure the new policy meets the insurance requirements listed previously. What type of coverage is required? You may also log in to your secure online account or create a secure online account to submit a request to update your insurance information or review other options on How do I update my policy information?
- Important! You must contact HomeFirst at 1-800-804-9389 to give authorization to accept the new insurance information.
- Contact your previous insurance carrier to cancel coverage and obtain any refund of premiums due.
If I change insurance carriers, can payment for the new premium be taken from my escrow account?
If you have enough money in your
escrow account,
Vanderbilt can send payment to your new insurance carrier upon
request. Please call our insurance tracking company, HomeFirst Agency, at (800) 804-9389 to make your request.
How can I tell if my policy has been paid?
Please contact HomeFirst Agency at (800) 804-9389 and speak with a customer service representative.
What do I do if my current policy is being canceled or non-renewed?
Please contact HomeFirst Agency, Inc. at (800) 804-9389 to discuss your intentions of keeping your home protected.
Failure to maintain insurance on your home may result in the placement of Lender Placed Coverage (see below).
What is Lender Placed Coverage?
Lender Placed Coverage is a policy obtained by the lender when a cancellation notice has been received on your present policy. Lender Placed Coverage protects the home only, with no personal contents or liability coverage and is generally more expensive than your normal homeowner's insurance policy.
Why do I have to carry flood insurance on my property?
Vanderbilt follows federal guidelines to determine if flood insurance is required. It was determined that your
home is located in a Special Flood Hazard Area, an area designated by the federal government to be at greater risk of
flooding.
What if I believe I am no longer in a Special Flood Hazard Area?
Provide
Vanderbilt Mortgage and Finance, Inc. with:
- A Letter of Map Amendment (LOMA)
- A Letter of Map Revision (LOMR)
Both of these documents are issued by the Federal Emergency Management Agency. You may contact them at
(800) 621-3362.
Please forward these documents to:
HomeFirst Agency, Inc.
ATTN: Insurance Tracking
PO Box 9770
Maryville, TN 37802
OR
Fax: (865) 380-3785
Upon receipt of these documents, HomeFirst Agency will review your request. Please allow 2 weeks for the review
process. HomeFirst Agency will notify you if the flood insurance requirement can be waived.
Please note
Vanderbilt will not accept any of the following items as proof that the property is no longer in a
mandatory flood zone: an appraisal, a survey, an elevation certificate, topography studies, building permits or
letters from community officials.
Who is to be listed as the Loss Payee on the policy?
Vanderbilt Mortgage and Finance, Inc.
ISAOA/ATIMA
PO Box 9800
Maryville, TN 37802
Can I get a quote or receive help finding the right homeowners insurance?
Having the right insurance protection gives you the peace of mind you want for your most valuable possessions.
If you need help with insurance or would like a no cost, no-obligation insurance review and quote, call HomeFirst
Agency at (800) 804-9389.
Loan Assumption
How can I add or remove a borrower to or from my loan?
To add or remove a borrower to or from an existing loan please
contact us at 1-800-970-7250 to discuss a loan assumption. Please note that not all loans are eligible for loan assumption.
How does someone assume my loan?
If your loan is eligible, and you have someone interested in taking over the payments on your home, you may download a
credit application which you can give to the interested party:
Is my loan assumable?
To check the eligibility of your loan, or if you have any questions about the Loan Assumption process, please contact our Credit Services Department at 1-877-656-4636, Option 3.
Monthly Statement
If I received a monthly statement do I still need my payment book?
No. In October 2008,
Vanderbilt transitioned from sending yearly payment
books to sending monthly statements. Please discard your payment book and use the payment coupon located at the bottom of your monthly statement.
Why am I getting a monthly statement when I am set up for monthly/biweekly draft?
If you are on a monthly or biweekly draft, the statement is for information purposes only. However,
if you wish to send additional funds toward your loan, you may use the coupon provided with your monthly statement.
What if I do not want a monthly statement mailed to me?
We have enhanced our
secure web site to allow you to view your monthly statements online. We are also working on adding the ability to discontinue
receiving monthly statements by mail. If you do not have access to our
secure web site, please direct questions to our Customer Service Department at
1-800-970-7250.
Mortgage Claims
How do I file a claim on damage to my home?
To file a claim on the damages, you will need to contact your current insurance provider.
I have received a claim check. What do I do now?
If you have received a claim check from your insurance company due to damages to the home, you will need to
endorse the check and mail it to
Vanderbilt at the address below.
We will also need a copy of the Estimate of Loss (Adjuster Summary) your insurance company provided to you.
Depending on the amount, it may be necessary for
Vanderbilt to open a claim and monitor repairs to the home.
If you have any questions regarding this process, please contact our Mortgage Claims department at 1-800-970-7250.
We will be happy to explain the process to you.
ATTN: Mortgage Claims
Vanderbilt Mortgage and Finance, Inc.
500 Alcoa Trail
Maryville, TN 37804
How do I contact Vanderbilt about my mortgage claim?
Can I send my pictures of completed repairs via the web?
You may e-mail pictures of the completed repairs to the home as .jpg attachments only to
vmfclaims@vmf.com.
Mortgage Interest Statement (1098 Tax Form)
When will you mail my 1098 Tax Form?
All 1098 Tax Forms for the previous calendar year are mailed on or before January 31st.
Can I get my 1098 Tax Form sooner?
Yes. If you want to file your Federal Income Tax without waiting for your Mortgage Interest Statement (1098 Tax Form) to arrive in the mail, you can log in to our
secure site and print your Mortgage Interest Statement (1098 Tax Form)
free of charge as soon as it is available.
What if I do not receive my 1098 Tax Form or need a replacement?
If you have not received your 1098 Tax Form by February 1st or need a replacement, please do one of the following:
- Log in to our secure site and print your 1098 Tax Form free of charge.
- For a fee of $15 you can order a replacement 1098 Tax Form
.
- Call 1-800-970-7250 to request a duplicate from one of our representatives (fee may apply).
- Call our toll free number and using our automated system select your language preference then choose option 36 to obtain the information.
Moving Your Home
Can I move my home?
Per your contract, you can move your home with
Vanderbilt’s approval. Please download this printable
moving form for a list of requirements.
What should I know before moving my home to a different county or out of state?
Please review the printable
moving form for a list of requirements.
Name Change
I recently got married/divorced and would like to change the name on my loan?
If you are a signer on the loan and had your name changed due to marriage or divorce, you will need to send in a copy of your
marriage license or divorce decree and updated social security card (with your new name) and drivers license (with your new name)
as proof of the change. Please write your loan number on each document then fax or mail them to:
Fax: 1-865-380-3418
Attn: Customer Service
Mail: Attn: Customer Service
Vanderbilt Mortgage and Finance, Inc.
500 Alcoa Trail
Maryville TN 37804
Payoff
How do I obtain a payoff quote on my loan?
You may obtain a payoff quote
immediately by
logging in to your online account or by
creating a secure online account
on our website. You may also call our Customer Service Department
at
1-800-970-7250, fax your request to
1-865-380-3418, or submit a request by
email or
mail.
Is there a penalty if I pay off my loan early?
Generally, no. Check your loan documents to see if no prepayment penalty is referenced. If it is not, then no
early pay off penalty will be due. There is a $35.00 fee included in the quote you receive to cover processing
fees for the title and other paper work involved in the payoff process. This is the only fee involved in paying
off your loan.
What is the difference between the current principal balance and the payoff quote?
The current principal balance is the amount still owed on the original amount financed without any interest
or finance charges. A payoff quote is the total amount owed to pay off the loan including any and all
interest and/or finance charges. Payoff quotes are quoted to cover a 30-day period of calculated interest
and/or finance charges. After that 30-day period a new quote is necessary for the correct amount required
to pay off the loan.
When will I receive the title to my Manufactured home?
Upon receipt of payoff in full, of your manufactured home loan,
Vanderbilt will release your title to you within
30 days.
Where will the title be mailed, if I refinanced my home?
With written direction from your new lender, we will mail the title to them.
When will my land be released once my loan is paid in full?
Vanderbilt follows county guidelines when releasing your land. You should receive confirmation that your
land has been released within 60 days of paying off your loan.
When will I receive a refund for any money overpaid when paying off my loan?
Any refunds due, for an overpaid loan, will be mailed on the 21
st day after the loan is paid in full.
Private Mortgage Insurance
What is Private Mortgage Insurance?
Private Mortgage Insurance (PMI) is insurance to protect the lender against loss if the borrower defaults on the loan and the lender is
unable to recover the loan balance and expenses. Borrowers with less than a 20 percent down payment are generally required to pay private
mortgage insurance.
Property Taxes
Is an Escrow Account required for my taxes?
The state of Texas requires lenders to
escrow taxes for loans with contract dates after June 18, 2003. An
escrow agreement is signed at loan closing and is binding for the life of the loan. You may have entered into
a tax
escrow agreement in another state. If you have, then you will have a tax
escrow payment.
Why did Vanderbilt pay my taxes without my authorization when I am not escrowed for taxes?
In most cases, it is the customer’s responsibility to pay his/her taxes. However,
Vanderbilt may do so on
your behalf should taxes not be paid in accordance with policy set forth in your contract. You may contact your
local taxing authority to request a receipt for taxes paid.
What should I do with the tax bill I have received?
If an
escrow account has not been established for your loan, payment is due to the taxing authority indicated
on the bill. However, if your loan is escrowed for taxes, through
Vanderbilt Mortgage and Finance, Inc. (VMF),
you may receive an informational copy of the tax bill. Because some taxing authorities do not forward tax bills to
mortgage companies, write your loan number on the bill and send a copy to our tax department via fax at 1-865-380-3726,
or by mail to the following address:
ATTN: TAX DEPARTMENT
PO Box 9800
MARYVILLE, TN 37802
How do I repay the Advancement for taxes paid on my behalf by Vanderbilt?
You may mail a check to the address mentioned above. Please be sure that your loan number and “Tax
Advance Repayment” are clearly noted on your check. If repayment is not received by check, a Monthly/Biweekly
advance amount will be set up and collected along with your scheduled mortgage payment (and
escrow payment, if
applicable). An Advance is a separate amount collected for any expenditure paid on your behalf on items
for which no
Escrow Agreement has been established.
How is my initial tax escrow payment calculated?
Your initial tax
escrow payment is determined during the first year based on two to two-and-a-half percent of the
sale price of your home. This may or may not be enough to cover your taxes. Your annual tax
escrow projections
will be determined by taxes owed and paid the previous year.
How can I lower my taxes?
Contact your local taxing authority to find out if you are eligible for exemptions.
Why did my tax escrow payment increase?
An annual review of your
escrow account is performed by
Vanderbilt to determine if your current tax
escrow payment
is sufficient to pay your yearly taxes. Adjustment(s) to your
escrow payment as well as any refund amount due to
you will be determined at this time. Because your taxes due are determined based on changes in property value
and/or reassessment of your property, your monthly tax
escrow payment may be adjusted accordingly.
Vanderbilt
will pay the amount indicated due on the tax bill. Please contact your local taxing authority with questions
and/or concerns regarding adjustments to your taxes owed.
I sold this property. What should I do with the tax bill?
Inform your local taxing authority of the change as soon as possible.
I am the new owner of this property. Why am I being billed for the entire year?
Property taxes are assessed against the property, not the person. Taxes are not pro-rated between new and
previous owners. However, during a typical home-loan closing, tax amounts are pro-rated between the buyer and
seller. You may confirm this by reviewing your contract.
If you have questions and/or concerns regarding your property taxes, or if we may
be of additional service, please do not hesitate to contact our office at the following telephone number and
time(s):
1-800-970-7250
8:30 a.m. to 8:00 p.m. (ET), Monday-Thursday
8:30 a.m. to 5:30 p.m. (ET), Friday
What if my payment gets lost?
If you believe your payment was lost, below are the procedures for the most common payment methods. If your method of payment is not listed, check the front or back of your payment receipt for a phone number to call.
By Check:
Contact a
Vanderbilt representative at 1-800-970-7250 to discuss the situation and obtain a fax number to submit a copy of your cancelled check.
USPS® Money Order:
Go to the nearest Post Office, call 1-866-974-2733, read "
Replacement of Lost or Stolen Money Orders" on the USPS® web site.
Western Union®:
Contact
Western Union® at 1-800-999-9660 to find out if it has been cashed.
MoneyGram®:
Call MoneyGram® at 1-800-542-3590 to find out if it has been cashed.
- If cashed: Provide VMF with a front and back copy of the money order.
- If not cashed: Complete a "Money Order Claim Card" to Money Gram®.
