Mortgage Facts, Questions and Answers
Resources to assist you with your Elevations Credit Union mortgage, getting a new mortgage, refinancing and more!
Getting a New Home or Refinancing
Do’s and don’ts when you are getting a mortgage (PDF)
What is the loan process and what can I expect? (PDF)
FAQs About Your New Mortgage
Did you just get a mortgage with us? Read our FAQs to learn more about accessing your account, making payments, and more.
New Mortgage FAQs (PDF)
Click a topic below to find out more.
Homeowners or Flood Insurance Information
All loans require evidence of homeowners insurance. Homes within a flood zone also require evidence of flood insurance. There are minimum coverage requirements for both homeowners insurance and flood insurance. You are responsible for maintaining coverage on your home at all times during the life of the loan. Any lapse in coverage that occurs may have an insurance policy purchased at your expense.
If your Homeowners Association (HOA) provides a policy which covers your home, it is your responsibility to submit a copy of this policy to Dovenmuehle Mortgage Inc. (DMI) as evidence of insurance.
Can I change my Homeowners Insurance?
Yes! This is known as a mid-term change. When changing insurance carriers or coverages, you will be billed by your insurance company. You are responsible for making this payment – Elevations Credit Union will not make this payment. If you receive a refund, you may apply it towards your new policy.
If escrowing, Elevations Credit Union will be responsible for making the payment upon the renewal of your policy.
You will need to provide your new insurance carrier with our mortgagee clause below to ensure DMI receives declarations and billings.
Mortgagee Clause: 1st Mortgage Only
Elevations Credit Union ISAOA
PO Box 961292
Fort Worth, TX 76161-0292
Reference your 10-digit loan number
Should you have any further questions, or need to provide insurance information to DMI for processing, please contact them using the information listed below.
Insurance Department numbers
Phone – 1-866-242-7514
Fax – 1-855-640-4865
Property Damage Information
Dovenmuehle Mortgage Inc. (DMI) must be notified of any damage sustained on your home. Please contact them as soon as possible.
DMI is the source for all information regarding property damage, also referred to as a Loss Draft, including how the claim will be handled. You will need to have a copy of your insurance adjuster’s report and in some cases the contractor’s estimate. The handling of your claim will be discussed with you when you contact DMI, including timeframes and expectations. Generally, you will also receive a letter from DMI.
Depending on the size of your claim, this process may take several weeks. Federal guidelines require certain steps to be taken ensuring the property is restored to its original or improved condition.
Insurance checks for property damage must be fully endorsed by all
payees before being deposited. Frequently, this involves additional endorsement steps to be fulfilled by each payee. DMI must complete endorsement on behalf of Elevations Credit Union. Elevations branches are not authorized to endorse these checks.
When mailing or faxing information to DMI, please write your 10-digit loan number on every document.
Property Damage/Loss numbers
Phone – 1-877-592-0192
Fax – 1-847-574-7617
Many loan terms state that Elevations Credit Union will set up an escrow account to pay your property taxes and insurance (including homeowners insurance and flood insurance) on your behalf. In most cases, if Elevations is escrowing on your behalf, you will not need to make these payments. Our service processor Dovenmuehle Mortgage Inc. (DMI) handles all escrow accounts.
Why does escrow change?
Each year, counties in Colorado assess property taxes that are based on the assessed value of your home. Depending on the value of your home, taxes may therefore increase or decrease.
Insurance may also change each year depending on the value of the home and coverages purchased. This includes homeowners insurance and possibly flood insurance.
Due to these changes, the amount required to be escrowed may change. On an annual basis, DMI completes a scheduled escrow analysis to determine if any changes have occurred for your loan to ensure we are collecting enough funds. You will receive an Annual Escrow Account Disclosure Statement from DMI that details both a projection of payments for the coming year, as well as a history of the payments which have already occurred.
The escrow analysis will determine your new escrow payment, based on the updated information for property taxes and insurance.
What is an escrow shortage/overage?
As described above, escrow payments may change. When you receive your Escrow Account Disclosure Statement, this will detail if there are any overages or shortages for your escrow account. Any overages over $50.00 will be paid directly to you in a check included with the statement. When a shortage has occurred, this means there were not enough funds collected to cover the payments disbursed throughout the year to pay the increased taxes and/or insurance.
DMI will automatically spread your escrow shortage over a 12 month period, which will be added on top of your monthly mortgage payment. You are given the option to pay this entire shortage using the Escrow Shortage Remittance Form included with the Escrow Account Disclosure Statement. If you choose to pay the shortage entirely, it is recommended to remit a check payment with the remittance form directly to DMI.
Upon receipt of the entire shortage payment, the monthly escrow shortage amount will be removed from your mortgage payment by DMI, which is reflected on the remittance form.
How do I remove escrow?
Due to qualification requirements, please contact DMI for all requests to remove escrow on a loan. The customer service line is 1-877-849-9267 for further assistance. This request must be made in writing and signed by all borrowers.
Private Mortgage Insurance (PMI/MI)
Generally, Private Mortgage Insurance (PMI/MI) is required on your loan when the loan amount compared to the house value is over 80%. This is called your loan-to-value ratio. This insurance protects Elevations Credit Union in case of default.
Your PMI/MI disclosure statement received at closing will detail when your monthly PMI payment will auto-terminate. If you have a monthly PMI/MI payment, you may qualify to have this removed upon meeting required federal guidelines.
The earliest date to request removal of PMI/MI will be determined based on the loan-to-value ratio, the seasoning of your loan, property value by appraisal, and payment history. Removal of PMI/MI will require a written request signed by all borrowers.
To remove PMI/MI, please contact Dovenmuehle Mortgage Inc. (DMI) for further assistance.
1st Mortgage Payment Options
Set up automatic payments through Elevations Online Banking
Transfer your mortgage loan payment through Elevations Online Banking from an Elevations savings or checking account
- Visit the Mortgage section found in the Products & Services tab. Once you're in our trusted partner DMI's section of Online Banking, click on "Online Payment" then "Automatic Payments."
Use your financial institution's bill payment service. Most bill payment servicers will have Dovenmuehle Mortgage Inc. (DMI) as a preset payee.
- Visit the Transfers & Payments tab to set up as a one-time transfer or recurring transfers
In order to set this up with your financial institution, follow these steps:
- Access your online banking for your financial institution
- Access the Bill Payment service
- Search for the payee of Dovenmuehle Mortgage Inc
- If Dovenmuehle Mortgage Inc is not found, enter a manual payee:
- Enter the payee of Dovenmuehle Mortgage Inc
- Enter the billing address as:
PO Box 660592
Dallas, TX 75266-0592
- You may also use the billing address found on your mortgage statement
- Enter the billing phone number:
- Enter your 10-digit mortgage loan number
- You may set your Bill Payment as reoccurring or as a manual payment
- Mortgage payments are due the 1st of every month
- Processing time will be determined by your Bill Payment servicer
Keep in mind that you are responsible for changing the payment amount should your monthly mortgage payment change.
Online Banking to Access 1st Mortgage
Visit the Mortgage section found in the Products & Services tab then click the Enter button under the DMI – Elevations Credit Union’s Mortgage Loan Partner section of the page.
You can also access your mortgage statements in your Online Banking account, by going to your eDocuments (if you are already enrolled).
Paying Off Your Mortgage
Congratulations! If you are ready to pay off your mortgage, there are certain requirements which must be met. You will need a Payoff Statement, showing the final amounts to be paid which must be ordered through Dovenmuehle Mortgage Inc. (DMI). You can call DMI to make this request.
When you receive your Payoff Statement, it will detail how you may make this payment. Certified funds are required for all payoff payments to be submitted directly to DMI. Elevations can offer support in remitting certified funds to DMI.
Upon receipt of your final payment, DMI will begin the process of releasing your Deed of Trust recorded in your county. This can take up to 90 days. You will receive a paid in full letter along with a copy of your loan Note.
Any excess funds remaining in your escrow account will be remitted to you in a check sent by regular mail from DMI. This can take up to 30 days.
Please make sure you have your 10-digit loan number, last 4 of your social security number, and property zip code available when calling.
Miscellaneous Information & Questions
Throughout the life of your loan, you may have additional questions or needs. Dovenmuehle Mortgage Inc. (DMI) will be the point of contact for any of these concerns. Some additional information may be found below to help you. If you wish to change the terms of your mortgage in any way, including changing borrowers, you must refinance your loan.
Re-amortization of your loan
A re-amortization (sometimes called a recast) is when you wish to make, or have made, a significant payment to your principal and wish to modify the monthly payments based on this new principal balance. The new principal amount is re-amortized over the remaining years left on your loan.
This does not change the terms of your mortgage or the interest rate. If you wish to change these, you will need to refinance your loan.
To request a re-amortization, please send in a written request to DMI expressing your intent, including a check for the principal payment reduction, if applicable. Please include a separate check for $300.00 payable to Elevations Credit Union for the nonrefundable fee required for processing the re-amortization.
Assumption of your loan
Elevations Credit Union does not allow assumptions on any of our mortgage loans.
Transferring your Deed of Trust
Transferring your Deed of Trust into a business entity is not allowed. This is a violation of section 18 of your Deed of Trust which will result in your loan becoming due on sale.
You may transfer your Deed of Trust into the name of a trust entity. This is completed by contacting DMI directly.
Name Changes or Additions to your Deed of Trust
You may change the name on your Deed of Trust per marriage, divorce, or legal name change by filing a Quit Claim Deed in the county where your Deed is recorded. Please also contact Elevations Credit Union to update your name listed on your membership.
You may add an individual to your Deed of Trust also by filing a Quit Claim Deed in the county where your Deed is recorded.
Making Additional Payments
You are able to make additional payments to principal and/or escrow at any time after your monthly mortgage payment has been satisfied. By making additional payments towards principal, you may reduce the total amount of interest paid over the life of the loan. This may allow you to pay off your entire loan sooner than the original maturity date.
Making additional payments to your escrow account allows you to ensure sufficient funds are available to pay insurance and property taxes. A standard additional payment to escrow will not remove any shortage collection. Should you wish to pay a shortage on your escrow please refer to the 1st Mortgage Escrow Information instructions.
You may make these additional payments by visiting any Elevations branch location, contacting Elevations at 800-429-7626, or mailing a check directly to DMI. When sending a check, make sure to list your 10-digit loan number as well as notate that this is for a principal or escrow payment.
Contact Dovenmuehle (DMI, Elevations Trusted Servicing Partner)
Customer Service – 1-877-849-9267
Property Damage/Loss Draft – 1-877-592-0192 (phone)
Property Damage/Loss Draft – 1-847-574-7617 (fax)
Elevations Credit Union
1 Corporate Dr Ste 360
Lake Zurich, IL 60047
Make sure to reference your 10 digit loan number with any correspondence.