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If your account is paid off before your scheduled draft date, no worries - the Autopay will cancel automatically. However, if your payment is still in transit and your draft date is approaching, we recommend canceling the draft to avoid a duplicate payment. 

Please note: If your regular mortgage payment is due before the payoff is completed, you're still responsible for making that payment. 

Once-a-Month or Biweekly Payments
You can cancel once-a-month or biweekly Autopay anytime through our website. Just log in to your account, head to the Payment section and click on the Autopay link to make changes.

Still need help? We're here for you - just contact us! 

Twice-a-Month Payments
You can cancel twice-a-month payments up to three business days before the draft date by giving our Customer Care Team a call at 1-800-449-8767. We'll be happy to assist you and make the process easy. 

 

Yes. We'll send a confirmation letter with the date of your first draft. Please continue to make your mortgage payment until you receive the confirmation letter and the draft date has been confirmed.

After we receive the application, we'll process the request within five business days and send a letter confirming the draft details. Be sure to check the letter for the first draft date. If you set up your Autopay on our website, be sure to confirm the first draft date. 

Drafts scheduled within 10 days of the due date go into effect the following month. You may need to make a payment by another method before the Autopay drafts begin. 

Please send us your new bank info at least three business days before your next draft date. We'll confirm the change in writing and payments will continue from your current account until the update takes effect.

Once-a-Month or Biweekly Payments 
You can update once-a-month or biweekly Autopay anytime through our website. Just log in to your account, head to the Payment section and click on the Edit Enrollment link to make changes. 

Still need help? We're here for you - just contact us! 

Twice-a-Month Payments 
You can edit twice-a-month Autopay by giving our Customer Care Team a call at 1-800-449-8767. We'll be happy to assist you and make the process easy. You can also notify us in writing by fax or mail.

Fax:
856-917-8322
Attention: ACH Department
 
Mail:
Onity Mortgage
Mail Stop SV61
Attn: ACH Department
1661 Worthington Road
Suite 100
West Palm Beach, FL 33409
 

If you'd like to change your Autopay program, please click here to select and enroll in a different program. Once the new enrollment is processed, we'll stop your existing program and move the account to the new selection. 

We'll send a confirmation letter with the date of your first draft. Please continue to make your mortgage payment until you receive the confirmation letter and the draft date has been confirmed. 
 

Payments are typically due on the first day of each month, but you may have a grace period before a late charge is assessed. Refer to your monthly statement to determine your grace period. 

It's not guaranteed that we'll present your check a second time. Please check with your bank to ask about their policy on bounced checks.

Yes, PMI may be canceled in certain circumstances.

Automatic Termination 
If you’re required to carry PMI, we’ll cancel it automatically when your loan-to-value (LTV) ratio is scheduled to reach 78%. The LTV ratio is the difference between the loan amount and the original market value of the home.

LTV Example: If you borrow $88,000 to buy a house valued at $100,000, your loan-to-value ratio is 88%. ($88,000 /$100,000 = 0.88, or 88%).

Based on the original home value, we’ll project the date when your LTV will reach 78%, and we’ll plan to cancel your PMI on that date.

Early Cancellation
You can request early cancellation of PMI before the automatic cancellation date. Each mortgage investor has different requirements for canceling PMI early.

• In most cases, the property must reach at least an 80% LTV. 
• If you obtained your loan less than two years ago, your investor may require a list of substantial improvements to evaluate the PMI cancellation request. You must have a description of the improvement, the date it occurred, and the associated cost.
• A home valuation may be required to determine your equity amount. The cost of the valuation will be your responsibility. We will let you know if a valuation is required along with the costs and steps to have the valuation completed.
• You must be current on your loan payments. You cannot have been more than 30 days past due in the last year or more than 60 days past due in the last two years.

PMI is a type of mortgage insurance. It is typically required on a conventional loan if the down payment is less than 20% of the home’s purchase price.

PMI may also be required to refinance if your equity is less than 20% of the value of your home.

Equity is the amount you have paid toward the loan principal through the down payment, your monthly payments, and additional payments to principal. Increases to your house’s market value can also increase your equity.

Mortgage insurance helps you to get a mortgage without having to make a substantial down payment. By paying a mortgage insurance premium, you can purchase a new home with less than 20% down. Mortgage insurance protects the mortgage investor if the account becomes past due. 
 
The most common types of mortgage insurance are private mortgage insurance (PMI) and insurance through the Federal Housing Administration (FHA), called a mortgage insurance premium (MIP).
 
If you are required to carry mortgage insurance, the insurance may be canceled when the equity in your home reaches a certain percentage.