Frequently Asked Questions

If you would like to request information, notify us of an error, or share concerns you have about the servicing of the loan, contact us using one of the methods below. Please include the loan number on any correspondence.

Vanderbilt Mortgage and Finance, Inc. is registered with the New York Department of Financial Services. You may file complaints and obtain further information by contacting the New York Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 or by visiting the Department's website at www.dfs.ny.gov.
Email: customercare@vmf.com

Phone: 1-800-970-7250
Attn: Customer Service
Vanderbilt Mortgage and Finance, Inc.
500 Alcoa Trail
Maryville, TN 37804

See our escrow explanation page.

Your initial tax escrow payment is determined at the time you apply for financing of your home and land if land is included with your mortgage. The sales price of the home and value of real estate included with your mortgage is multiplied by the most recent rate charged by your taxing authority and becomes your annual property tax estimate. Your initial escrow payment is 1/12th of your annual property tax estimate. Your annual tax escrow projections will be determined by taxes owed and paid the previous year.

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.

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.

Options Exist to Avoid Foreclosure
If you are experiencing financial hardships and are worried that you cannot make your scheduled loan payments, please call Vanderbilt Mortgage and Finance, Inc. today at 1‑800‑970‑7250 so that one of our experienced account representatives can review the options that are available to assist you.
Available options vary with the unique circumstances of each individual, but some of the different alternatives that exist include:

• Repayment Plans
• Extensions from 1-3 months
• Debt management programs with independent, non-profit agencies
• Modifications
• Creating or increasing a balloon payment due at the maturity of your loan
• Sell Your Home

All documents are mailed to you via U.S. mail 15 days from the date your loan shows that it is paid in full.

To obtain a lien release*, mail a written request along with a check or money order to cover the $25 processing fee to the address below. please be sure to include the loan number and customer's name on both and make your check payable to Vanderbilt Mortgage and Finance, Inc.

Mail: Attn: Paid Out Department
Vanderbilt Mortgage and Finance, Inc.
500 Alcoa Trail
Maryville, TN 37804

*Notes:
If Third Party Request: If the lien release request is from a third party (Attorney, Bank, Title Company, etc.) you will also need to provide us with a copy of our customer's authorization or proof of how you obtained this home.
If Loan Paid Out More Than 7 Years Ago: For loans that have been paid off for seven years or more, you must also provide us with a copy of the Title or a print out from the DMV showing our lien and the home information.

If you have further questions please call our Customer Service Department at 1‑800‑970‑7250.

With written direction from your new lender, we will mail the Title to them.

Generally, there is not. 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 may be a fee included in the payoff quote. Where legally allowed, Vanderbilt charges up to $57 paid to state recording offices to remove Vanderbilt’s lien from the account. This is the only fee involved in paying off your loan.

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.

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.

Any refunds due, for an overpaid loan, will be mailed on the 21st day after the loan is paid in full.

Assurant Agency, Inc.
Attention: Insurance Tracking
PO Box 979165
Miami, FL 33197-9165
Phone: 1‑800‑260‑6762
Fax: 305‑506‑0053

To file a claim on the damages, you will need to contact your current insurance provider.

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 login to our secure website, another way is to login to our secure website. 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 Assurant Agency at 1‑800‑260‑6762 and speak with a customer service representative.

If you have received a claim check from your insurance company due to damages to the home, our process is to monitor repairs and we would like to see them completed within 6 months. We know this is a trying time for you and our goal is to have the repairs completed as quickly and thoroughly as possible.

The following information will be needed in order to issue funds:

• Your signed insurance claim check (All parties required to sign).
• A copy of the Estimate of Loss (Adjuster's Summary) from the insurance company showing the breakdown of the damages that occurred to the home.
• If you will be using a contractor(s): a copy of the contractor's estimate with the name(s) as they would appear on a disbursement check, phone number with area code, and a breakdown of repairs with the amounts clearly printed. If the contractor requires an initial payment please mark the amount clearly on the estimate.
• If you will be doing your own repairs: please provide an estimate from the store where you will be purchasing the materials.

Vanderbilt will issue a partial check payable to you and your contractor or to the store where you will be purchasing your materials once the above mentioned items are received. As you spend the funds from each disbursement send the receipts or paid invoices in order to release additional funds to continue repairs. Once all the repairs are completed, send colored pictures of the repairs.

The required information and color pictures may be emailed to Claims@VMF.com or mailed to the address below. You may fax estimates and receipts to 800-970-7250.

ATTN: Mortgage Claims
Vanderbilt Mortgage and Finance, Inc.
PO Box 9800
Maryville, TN 37802

IMPORTANT NOTE: Always include your VMF loan number on all correspondence and color pictures.

• Phone: 1‑800‑970‑7250
• Fax: 865-380-3427
• Email: Claims@VMF.com

You may e-mail color pictures of the completed repairs to the home as .jpg attachments only to Claims@VMF.com.

Any name listed as a “payee” on a check must sign the back of the check exactly as the name appears on the front of the check. This is known as “endorsing” the claim check. Additional instructions for:

• Power of Attorney (POA). If you have a Power of Attorney for a signor listed on the claim check, you will need to sign their name first on the back of the check, then list your name with POA listed next to your name. Mail a copy of the POA paperwork and the endorsed check to the address below. Please be advised that the POA is only in effect while the person is alive.
  
  ATTN: Mortgage Claims
  Vanderbilt Mortgage and Finance, Inc.
  PO Box 9800
  Maryville, TN 37802
  
  IMPORTANT NOTE: Always include your VMF loan number on all correspondence, checks and color pictures.
• Executor of Estate (EOE). If you are Executor of Estate for a signor listed on the claim check, you will need to sign their name first on the back of the check, then sign your name with EOE listed next to your name. Mail a copy of the EOE paperwork, a copy of the death certificate and the endorsed check to the address below. Please be advised EOE is only in effect for the deceased.
  
  ATTN: Mortgage Claims
  Vanderbilt Mortgage and Finance, Inc.
  PO Box 9800
  Maryville, TN 37802
  
  IMPORTANT NOTE: Always include your VMF loan number on all correspondence, checks and color pictures.
• Name changes. If a name appears different on the claim check due to marriage or divorce, please contact Vanderbilt. Mail a copy of the marriage certificate or divorce decree and the endorsed check to the address below. When Vanderbilt issues funds for your claim, the name will be hyphenated. We will list the name as our records show and your new last name as well.
  
  ATTN: Mortgage Claims
  Vanderbilt Mortgage and Finance, Inc.
  PO Box 9800
  Maryville, TN 37802
  
  IMPORTANT NOTE: Always include your VMF loan number on all correspondence, checks and color pictures.
• Divorce decree. In the event of a divorce with someone who is signed on Vanderbilt’s contract, we will need proper paperwork showing who was awarded the home. Please be advised if you receive the claim check from your insurance company with a divorced parties name listed on the check, you will need to contact your insurance company.

1. Forward a copy of your new policy to Assurant Agency. Please make sure the new policy meets the insurance requirements listed previously. What type of coverage is required (see below)? You may also login to your secure online account or create a secure online account to submit a request to update your insurance information or review other options regarding “How do I update my policy information?” (see below).
2. Important! You must contact Assurant at 1‑800‑260‑6762 to give authorization to accept the new insurance information.
3. Contact your previous insurance carrier to cancel coverage and obtain any refund of premiums due.

There are a few ways to update your insurance policy information. First, if you do not have access to login to our secure website, 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 login to our secure website, you can submit your updated insurance information and we will do the leg work for you! Login, 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 login to our secure website.

1. 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.
2. 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.

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, Assurant Agency, at 1‑800‑260‑6762 to make your request.

Please contact Assurant Agency at 1‑800‑260‑6762 and speak with a customer service representative.

Please contact Assurant Agency, Inc. at 1‑800‑260‑6762 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).

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.

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.

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 1‑800‑621‑3362.

Please forward these documents to:

Assurant Agency, Inc.
ATTN: Insurance Tracking
PO Box 979165
Miami, FL 33197-9165
—OR—
Fax: (305) 506-0053

Upon receipt of these documents, Assurant Agency will review your request. Please allow 2 weeks for the review process. Assurant 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.

Vanderbilt Mortgage and Finance, Inc.
ISAOA/ATIMA
PO Box 979165
Miami, FL 33197-9165

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 Assurant Agency at 1‑800‑260‑6762.

All 1098 Tax Forms for the previous calendar year are mailed on or before January 31st.

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.

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 login to our secure site and print your Mortgage Interest Statement (1098 Tax Form) free of charge as soon as it is available.

If you have not received your 1098 Tax Form by February 1st or need a replacement, please do one of the following:

• Login 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.

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.

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

You may mail a check to the address mentioned below. 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.

ATTN: TAX DEPARTMENT
PO Box 9800
MARYVILLE, TN 37802

Your initial tax escrow payment is determined at the time you apply for financing of your home and land if land is included with your mortgage. The sales price of the home and value of real estate included with your mortgage is multiplied by the most recent rate charged by your taxing authority and becomes your annual property tax estimate. Your initial escrow payment is 1/12th of your annual property tax estimate. Your annual tax escrow projections will be determined by taxes owed and paid the previous year.

Contact your local taxing authority to find out if you are eligible for exemptions.

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.

Inform your local taxing authority of the change as soon as possible.

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

See our Payment Options page.

Please use one of the following options to enroll or change your bank account information on a recurring ACH monthly draft.
Option 1. Login or create a secure online account to access your Vanderbilt loan information. You can enroll, change or remove your bank information for a recurring ACH draft payment from the "Loan Summary" page.
Option 2. Fax a copy of your blank “voided” check and the Auto Draft Letter 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 3. Mail a blank “voided” check and an Auto Draft Letter 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.

To be removed from your monthly draft, you must login or create a secure online account to access your Vanderbilt loan information or call our Customer Service Department at 1‑800‑970‑7250.

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 for a recurring ACH draft payment from the “Loan Summary” page.
Option 2. Fax a copy of your blank “voided” check and the Biweekly Draft Change 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 Change 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.

To be removed from your biweekly draft, you must call our Customer Service Department at 1‑800‑970‑7250.

A Military Allotment is a service offered by the military to pay bills for its military members. This is not a draft. Military Allotments are set up by the military service member through their Payroll Office. To be set up on a Blanket Disbursement, please call our customer service department and obtain the necessary information needed to use the Military Allotment.

Any partial payments received are not applied to the loan, but instead are held in a separate suspense account. The funds will be applied when the remainder of the payment is received.

90 days after an returned or failed payment, Vanderbilt will resume accepting funds on VMF.com and the automated phone pay system. Please contact us at 1‑800‑970‑7250 to discuss alternative payment options or view our Payment Options.

Reoccurring Automated Draft payments will start again once the loan is up to date.

Vanderbilt only submits a payment to a bank once to avoid multiple penalties. Questions regarding insufficient funds may be best answered by contacting your banking institution.

The term “simple interest” means that interest is charged only on the principal amount you still owe us.

Your contract shows the required monthly payment amount. It also shows the monthly due date. The payment schedule assumes you will pay the required amount on the due date every month. When a payment is received, it will be applied first to any interest that has accrued on the unpaid Principal Balance, then to Escrow and/or Advances, Service Fees (if applicable) and then to the actual Principal Balance. If payments are received every month on the scheduled due date, the final payment due at maturity will be the same as what is listed as the final payment on the contract.

If payments are paid prior to the scheduled due date, less interest is owed and the Principal Balance will reduce at a faster rate. Consistently reducing the number of days between payments posting is the key factor in controlling the amount of daily interest charged, giving a better opportunity to have the Principal Balance reduced without the need to send more than the regular scheduled payment amount. If you choose to pay more than the regular monthly payment, you will save more interest over the life of your loan.

If we receive your payment after your due date, less of your payment will go towards paying off the principal balance. This means more of your payment will go towards interest. It will also take you longer to pay off your loan than the payment schedule says. The payment schedule assumes you pay on the due date every month. You may also owe a late fee under your contract.

If, when we receive your late payment, the total interest charges you owe are more than the amount of your payment, you will have to pay the difference. This difference is called an “interest deficit”. You must pay the interest deficit before you can begin reducing your principal balance again. Refer to the “Payment Breakdown” box on your monthly informational statement to see your current interest deficit.

To further assist you with money saving options, please see our Payment Calculators.

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® website.

Western Union®:

Contact Western Union® at 1‑800‑999‑9660 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 Western Union® Tracing / Refund Request Form to Western Union®.

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®.

Per your contract, you can move your home with Vanderbilt’s approval. For a list of requirements please download the printable request to move home forms: Non-FHA loans or FHA loans.

For a list of requirements please download the printable request to move home forms: Non-FHA loans or FHA Loans.

This is at the lenders discretion, and may be based on the creditworthiness of the proposed buyer. Vanderbilt may offer an alternative financing option for the sell/purchase of your home. If you have any questions about the application process, please contact our Credit Services Department at 1‑866‑701‑0467.

The appropriate service charge (shown below) will be added to your loan when you submit your request. Where legally allowed, the maximum fees charged by Vanderbilt for the indicated services are as follows: