Q&A
Find Quick Answers to Your Common Questions
Q: Can I pay extra on my loan?
A: Yes! Any extra payments will be applied in accordance with your loan documents and applicable law.
Q: How do I set up online payments?
A: Visit our payments page to Set up Online Payments.
Q: Can I remove escrow from my account?
A: No. Generally, escrow accounts are required under your loan documents and applicable law. For our manufactured home chattel loan, we currently do not allow for escrow accounts to be removed from the loan.
Q: What should I do if my 1098 has missing or incorrect information?
A: Contact us immediately to request a corrected form via email: customerservice@automhatic.com or call us at (888) 226-8929.
Q: Do I get a 1098 if I paid less than $600 in interest?
A: No. We do not provide a 1098 if less than $600 in interest was paid. The IRS only requires a Form 1098 to be issued when $600 or more of loan interest is paid on a loan secured by a home during a calendar year.
Q: I paid off my loan, will I get a 1098?
A: Yes. We will mail, or otherwise deliver, your Form 1098 no later than January 31 following the end of the calendar year.
Q: Are real estate taxes paid through escrow always reported on Form 1098?
A: Yes. If applicable, we will add these payments on your Form 1098.
Q: Can I payoff my loan with a check?
A: Yes. We accept both cashier’s and personal checks. Using a personal can take longer to clear through the banking system (for example 2 weeks), while cashier’s checks clear immediately.
Q: Can I pay off my loan early?
A: Yes. You may payoff your loan early and we do not charge a prepayment penalty on your loan.
Q: How long does it take to process a loan payoff?
A: We start processing your payoff as soon as funds are received and posted to your account. The total payoff process has historically ranged from 2 to 4 weeks. Factors impacting the timeline are the form of payment (personal checks take longer to clear through the banking system) and your state’s process for the lien or title release.
A: We conduct an annual escrow analysis for your loan to make sure enough funds are being collected to pay your property taxes and insurance. If your monthly escrow payment increases, it is typically because our escrow analysis projects that we will need to collect more every month to pay your future taxes and insurance. The root cause is that the costs of your insurance and/or taxes have increased or prior estimates of your bills differed from the actual amounts we received.