How does the program work?
Once you sign up with Automatic Clearinghouse (ACH), we will automatically deduct your mortgage payment from your designated checking or savings account each month. On your draft date, we will send notification to your bank to transfer the amount of your mortgage payment to us. A record of the transaction will be included each month on your bank statement and on your mortgage loan account history.
Does ACH cost anything?
There is no charge to setup or use our ACH service.
Can I still make additional principal payments or escrow deposits?
Yes! If you want to make additional payments, either designate on the ACH application the amount of the principal payment to be withdrawn in addition to your monthly payment, or simply mail a check for the desired amount on or after the day your ACH is drafted. Your loan must be current in order to process an additional principal payment. Additional escrow payments can be mailed anytime. Please include your mortgage account number and the words “additional principal” or “escrow deposit” on the face of your check.
How can I begin this convenient service?
It is very simple. Just complete the ACH Authorization Form and mail it to us. Please enclose a voided blank check or a savings account deposit slip with the ACH Authorization Form. The ACH Authorization Form and your voided check or deposit slip will give us the accurate information we need to begin your ACH service. The ACH payments will begin the month following receipt of the completed ACH Authorization Form.
*** Your loan must be current in order to sign up for ACH.
What happens if my Automatic Payment is returned?
If your Automatic Payment is returned due to non-sufficient funds (NSF) in your account or if you fail to advise Montana Housing of changes in pertinent information, e.g. bank account number, Montana Housing will not warrant that debits will be posted to your mortgage account in a timely manner. Any and all assessed penalties and/or late fees arising from an NSF or the borrower’s failure to provide change notification shall remain the sole responsibility of the borrower. For each NSF occurrence, Montana Housing will charge the borrower a $15.00 fee.
Can I cancel the ACH service?
The ACH service may be canceled at any time by sending us a written notice, which must be received in our office at least 5 days prior to your next due date. Alternatively, you may cancel the ACH service by calling (855) 841-2799 and speaking to a Loan Servicing Specialist at least 5 business days prior to your scheduled payment date.
What happens if I change my account or bank?
If you change your bank account or move your checking or savings account to another bank, you need to complete a new ACH Authorization Form and mail it to us, along with a voided blank check or savings account deposit slip at least 5 days before your scheduled draft date. If you fail to notify Montana Housing, you agree to hold Montana Housing harmless from any liability or loss associated with the error.
Do you have any further questions?
Contact one of our Loan Servicing Specialists, they will be happy to answer your questions or provide you with more information.