Repayment of loan
Once you take a mortgage and get funded, you will start making a payment toward your loan. These payments include:
- Principal - the amount of your loan.
- Interest - the percentage of the principal you owe to the lender.
- The property tax that you pay to the local government. If you have an escrow account, Shellpoint will include a portion of your payment.
- Homeowner's insurance you pay to protect your home from fire, theft, and other losses. A portion of the insurance premium is included in your payment on an escrow account.
- Fees. Your payment can include HOA, late payment fee, water/sewer assessment fee, and more.
Shellpoint has several payment methods you can opt for:
- Automatic withdrawals. The payments will be withdrawn automatically from your bank account. You can opt for monthly or bi-weekly payments.
- Online bill-pay. You will need to enter the payment sum and set the payee name to Shellpoint Mortgage Servicing.
- Shellpoint's website. You can make one-time payments toward your loan through the website. Sign in to your account and click on the loan number. Tap Payments and One Time Payment.
- Phone. Shellpoint allows you to pay by the automated phone system at +1 (800) 365-7107.
- Check and money order. You will need to write your loan number on the paper.
Through the website, you can schedule your payment, make additional payments, or cancel a scheduled payment. To do this, log into your Shellpoint account and click on Payments, View Pending Payments. You will see the status of your payments. To make additional principal or escrow payment, clock Schedule Recurring Payment, then Continue and Edit. You need to choose the checkbox and fill in the amount and data of the payment. Verify and save the transaction details.
Canceling a scheduled payment
Shellpoint doesn't allow you to cancel same-day payments. If you have one-time Shellpoint mortgage payments scheduled to be paid that very day, you cannot cancel them.
The cancellation can be requested no less than three days before the payment date. You will need to contact the company during working hours through the phone. If your payment is more than five days before the payment date, you can cancel the payment online through your Shellpoint account. Click on Schedule Recurring Payment, Continue, and Stop. If the payment date is five or fewer business days before the payment date, you will need to call the company.
