610-325-5002 | 800-426-7140

FAQ

Application Logon

What happens if I forget my password?

Once you are enrolled, if you forget either your user name or your password, just click on the Forget Your Username or Password link. Your security questions will be used to verify your identity and allow you to change the information. As an alternative, during regular business hours (M-F 8:30 AM to 5:00 PM EST), a State Financial Network representative would be available to assist you at 610-325-5002 (1-800-426-7140 – outside PA). For additional ways to reach us, please click on the Contact Us link.

Application Process

Where will I be closing? How much do I have to bring to closing?

Closing costs are what you must pay to obtain a loan. When applying for your mortgage, your SFN Mortgage Consultant will provide you with a Loan Estimate (LE). The LE will identify items such as state and local taxes, real estate taxes, title insurance, etc. Prior to closing State Financial Network will send a Closing Disclosure to you indicating the required cash to close. This ensures that you have time to review the details of your transaction in advance of settlement and arrange for the necessary funds for closing.

At closing, you will be required to have certified funds in the form of a cashier’s check. You should bring your personal checkbook to closing in case there are last minute adjustments. If you are due a refund at closing, the attorney or title agent will issue you a check. Closing will typically take place at an attorney or title agent’s office. All borrowers involved with the transaction must be present and picture identification is required. i.e. driver’s license, passport, etc.

What is a Home Inspection and who orders it?

Not to be confused with an Appraisal, a home inspection is an option available to you to have a Home Inspector determines the condition of the property you are considering. It is the buyer’s responsibility to order and review the inspector’s report.

Changing Account Information

How can I change my name on my account?

The name on your Mortgage account with SFN remains the name signed on your Recorded Mortgage. A record entry due to legal name change is available so correspondence by mail reflects your name change. Please send a copy of the Court Document to servicing@statefinancialnetwork.com or to:

State Financial Network
ATTN: Mortgage Servicing
5 Hillman Drive, Suite 300
Chadds Ford, PA 19317-9998

How can I remove or add a borrower to my loan?

For a borrower to be added or removed from your liability, an Assumption of Mortgage is required. An Assumption of Mortgage may be available for the following situations: divorce, death of sole borrower/mortgagor, and for transfer or sale of the property. Additional information for determining Mortgage Assumption eligibility is available at 610-325-5002 (1-800-426-7140 – outside PA).

Electronic Mortgage Payment

How does my Electronic Mortgage Payment work?

Your mortgage payment (and if requested, an extra principal payment) is electronically transferred by SFN from your financial institution and credited to your mortgage loan.

How do I establish, make changes to, or cancel my Automatic Electronic Mortgage Payment?

You may establish, make changes to, or cancel your existing Automatic Electronic Mortgage Payment authorization by logging-in to the SFN Portal.

I don’t have access to a device or workstation, but would like to have my payment processed electronically. How do I establish this service?

Please contact servicing at 610-325-5002 (1-800-426-7140 – outside PA) to request an ACH Authorization Form be sent to you by mail. After receiving the completed form, we will pre-note your account, and update your automatic payment record. A Servicing representative will contact you to advise you of your first electronic payment date.

Escrow

What is an escrow account?

Funds are deposited monthly in your escrow as part of your payment. The funds are used to pay real estate taxes, property insurance premiums, flood insurance premiums, and private mortgage insurance (PMI) premiums (if applicable).

How does SFN manage my escrow account?

SFN pays your bills based on the information received from you, your taxing authority, SFN’s Tax Service Bureau, and SFN’s Insurance Tracking Bureau.

Once a year, your escrow is analyzed. An escrow analysis compares your balance and forecasted payments to the amount of funds needed for future payments. After the analysis is completed, an Annual Escrow Disclosure Statement is mailed to you, and placed in your stored documents profile within the SFN Portal.

How is my monthly escrow payment calculated?

Your escrow payment is 1/12th of the total amount we forecast paying over the next year, plus 1/12th of any forecasted shortage. The calculation uses the minimum escrow balance permitted by federal and/or state law equivalent to two months of your monthly escrow payment. The calculation results in a forecasted shortage or overage. The overage is returned to you by mail. The shortage is included in future payments unless you choose to pay it separately.

What information is on my Annual Escrow Account Disclosure Statement?

Your Annual Escrow Disclosure Statement provides projected and historical escrow activity, your current and new payment amounts, and the portion of your payment allocated to escrow. The Disclosure provides an explanation of how any escrow overage or shortage is determined.

Your projected escrow activity will list all anticipated escrow payments over a 12-month period, and a list of all forecasted escrow disbursements we expect to pay from your escrow during the same period. The projection compares your anticipated balance to your required minimum balance. The difference between these two balances results in a forecasted overage or forecasted shortage.

How often does SFN analyze my escrow account?

SFN reviews all escrow accounts at least once a year.

In what ways can my escrow account fluctuate?

Any of the following may affect your escrow payment:

  • A property tax increase or decrease
  • A homeowners or flood insurance premium increase or decrease
  • A mortgage insurance increase or decrease
  • A forecasted shortage
  • A forecasted overage
Homeowners Insurance

What is Homeowners/Hazard Insurance?

Your property is at risk for fire or other catastrophes. There is a possibility someone may be injured while on your property and hold you responsible. It is important to protect your home with adequate insurance coverage.

Where do I send my Homeowners Insurance information?

Proof of ongoing, continuous insurance coverage for your home or any changes you may have made in your insurance coverage, may be mailed to this address:

State Financial Network
PO Box 4580
Sioux City, IA 51104

You or your insurance agent may also furnish evidence of insurance in the following ways:

  • Call our Insurance Service Center at 800.998.0762 to provide the policy information;
  • Visit our verification website https://www.myinsuranceinfo.com to submit proof of coverage, attach a scanned image, or check your current insurance status. If you’re responding to a notice from our Insurance Center, please have your reference ID available when you log-in. Your reference ID is located in the upper-right corner of the notice.

What happens if my Homeowners Insurance expires before I renew?

If we do not have proof of insurance, we will obtain an insurance policy for dwelling coverage only (not additional contents or liability). As the Mortgage Servicer, we do this to protect the Lender’s interest in your property. The premium is paid from escrow. We send written notice of our intent to obtain insurance, which is authorized by your Mortgage. After insurance is established, we will cancel the policy when we receive proof of coverage on your own privately placed policy. There is premium charge for the insurance policy obtained by SFN for any days your insurance was not in effect.

May I change insurance companies?

Yes. If you choose to replace your policy, please send your replacement policy, to

State Financial Network
PO Box 4580
Sioux City, IA 51104

You or your insurance agent may also furnish evidence of insurance of your replacement policy in the following ways:

  • Call our Insurance Service Center at 800.998.0762 to provide the policy information or
  • Visit our verification website https://www.myinsuranceinfo.com to submit proof of replacement coverage, attach a scanned image, or check your current insurance status.

Do I need flood insurance?

If your home is located in a Special Flood Hazard Area, you are required by law to maintain flood insurance. If your home enters a Special Flood Hazard Area due to a map change by FEMA, please establish flood insurance, and submit the policy to us to establish escrow service. All flood insurance policies established after January 1st, 2016 require escrow service by Federal Law.

You may send your flood insurance policy to:

State Financial Network
PO Box 4580
Sioux City, IA 51104

You or your insurance agent may also furnish evidence of insurance of your flood insurance policy in the following ways:

  • Call our Insurance Service Center at 800.998.0762 to provide the policy information or
  • Visit our verification website https://www.myinsuranceinfo.com to submit proof of flood insurance coverage, attach a scanned image, or check your current insurance status.

 

IRS Info

When will I receive IRS form 1098?

SFN mails IRS Form 1098 no later than January 31st. Your 1098 is also available within your stored documents profile in the SFN Portal.

Payments

Where do I make my monthly payment?

Payments may be initiated with same-day credit within the SFN Portal.

Payments are also accepted by mail:

State Financial Network
5 Hillman Drive, Suite 300
Chadds Ford, PA 19317-9998

What is the address for overnight delivery of my payment?

State Financial Network
5 Hillman Drive, Suite 300
Chadds Ford, PA 19317-9998

What do I do if I misplace my statement receipt?

Please do not delay in sending your payment. Please place your account number on your check or money order and mail to the address below.

State Financial Network
5 Hillman Drive, Suite 300
Chadds Ford, PA 19317-9998

Where do I send other correspondence?

Please send correspondence to servicing@statefinancialnetwork.com or to

State Financial Network
Attn: Mortgage Servicing
5 Hillman Drive, Suite 300
Chadds Ford, PA 19317-9998

Payoffs

For what length of time is interest calculated?

Interest is calculated through to the payoff statement expiration date.

What is the turn-around time for receiving my payoff statement?

Payoff statements are customarily mailed, faxed, or sent via secure email service within 48 hours of receiving your request.

What happens if I have a negative escrow balance at the time?

Escrow advances are collected at the time of payoff.

Should I verify the payoff figures on the day of closing?

The payoff amount only changes if payments are posted or withdrawn/reversed from your account, or a disbursement from your escrow occurs after the payoff statement expires. If payoff funds are received after the expiration date of your payoff statement, the interest due will be different.

What happens when a monthly payment is returned to me after the loan is paid off?

The payoff statement is based upon payments we’ve received but have not yet cleared your deposit account. If a payment is returned as unpaid after the loan is paid-off, SFN adjusts the payoff accordingly. Interest continues to accrue on the Mortgage until SFN receives all amounts due.

What are the acceptable forms of payment for paying off my loan?

Certified check, Cashier’s check, money order, and wire transfer are the only acceptable forms of payment for loan payoff. Personal checks are accepted, but the Satisfaction of Mortgage is not prepared until after the funds have cleared. Funds are made payable to State Financial Network and sent to:

State Financial Network
Attn: Payoff Administration
5 Hillman Drive, Suite 300
Chadds Ford, PA 19317-9998

What happens to funds in my escrow account when my loan is paid off?

All escrow balances are netted into the amount needed for payoff. Any remaining escrow funds over the amount needed for payoff are returned within 30 days from processing the payoff transaction.

What happens to my tax and insurance bills after my loan is paid off?

If you still own the property, and did not refinance your loan, contact your tax collector and insurance agent to ensure bills are being sent to you.

Private Mortgage Insurance

What is Private Mortgage Insurance (PMI)?

PMI protects your lender in the event of default. If you provide less than a 20% down payment (a loan-to-value value ratio greater than 80%), SFN requires PMI.

What is Loan-to-Value (LTV) ratio?

An LTV ratio is your current principal balance divided by either the original property value or the current appraised value. The original value is the lower of the sales price or appraised value.

For example, if the current principal loan balance is $135,000, the appraised value is $175,000, and the sales price was $182,000, then the current LTV ratio is equal to:

Current Principal Balance / Original Property Value =  $135,000 / $175,000 = 77.1%

How does LTV based on original value differ from LTV based on a new appraisal?

The LTV ratio based on the original property value takes your current principal balance into consideration when compared to your original property value. For example, if your principal balance is currently $80,000 and the original property value was $100,000, then your current LTV ratio based on the original property value is:

Current Principal Balance / Original Property Value = $80,000 / $100,000 = 80.0%

An LTV ratio based on a new appraisal considers increases in property value that may have been realized since the loan was originated. For example, if your principal balance is currently $80,000 and the home you originally bought for $100,000 has increased in value to $122,000, your current LTV ratio based on the property’s new appraised value is:

Current Principal Balance / New Appraised Value = $80,000 / $122,000 = 65.5%

To determine your current property value, you may purchase an appraisal through an SFN approved appraiser.

How do I request cancellation of PMI?

To have your PMI reviewed for removal, please submit your name, property address, phone number and e-mail address to servicing@statefinancialnetwork.com or by mail to:

State Financial Network
Attn: PMI Administration
5 Hillman Drive, Suite 300
Chadds Ford, PA 19317-9998

We will review your account, and provide next steps for the review process.

 

Will SFN automatically terminate my PMI at a certain point?

SFN automatically terminates PMI on the date the loan balance is scheduled to reach 78% of the original property value, or at the midpoint of the loan’s amortization schedule, if the loan is current.

Property Taxes

How are my taxes paid?

If you have an escrow service, SFN pays your real estate tax bills. The only types of taxes paid from escrow are for County, Municipality, and/or School District.

Do I need to send State Financial Network a copy of my tax bill?

No. SFN partners with a third-party tax service bureau, and all real estate tax information is provided to SFN electronically. Please do not mail your original tax bill to State Financial Network.

What happens if my property taxes become delinquent and I don’t have an escrow account?

The taxing authority will notify us when your taxes are delinquent. You will receive a letter from us requesting evidence you paid the delinquent item. If we do not receive the information requested, we will pay the taxes on your behalf and establish escrow service to pay future property taxes. If this occurs, escrow service will be in place for the remaining life of the loan.