Amegy Mortgage - Amegy Bank

For your convenience, Amegy Mortgage has assembled this "Fact Sheet" in response to our customers most commonly asked questions every year. If you have any questions, please do not hesitate to contact one of our Customer Service Representatives. Our experienced staff is available to answer your questions either by phone (800-626-6623) or in person Monday through Friday from 8:00 a.m. to 5:00 p.m.

COUPONS
If your mortgage payments are made by coupon, a mortgage coupon book will be automatically mailed to you each year. If your loan is an adjustable or negotiable interest rate with automatic payment changes during the year, coupons will be mailed to you on the loan anniversary date of each adjustment period.

ESCROW ANALYSIS
Escrow accounts and related payments (such as property taxes and insurance premiums) will be reviewed annually as required. As the payment amounts of these escrowed items increase or decrease, so will your monthly payments. If applicable, any escrow surplus greater than $50.00 will automatically be refunded to you. If your escrow surplus is less than $50.00 it will be prorated to reduce your monthly mortgage payment.

ANNUAL STATEMENT
A statement indicating the amount of interest and taxes paid on your loan will be included in your annual coupon booklet, which is mailed in January. Please retain this statement with your records for income tax purposes. Questions regarding the deduction of mortgage interest should be referred to your personal or business tax advisor.

REAL ESTATE TAXES
Real estate taxes are paid promptly to obtain the maximum discount allowed. Should a tax statement be forwarded to you and we are escrowing for taxes, please write your loan number on the statement and forward immediately to our street address. In general, mortgage payments are increasing due to increased property values and/or tax rates. Evidence of real estate tax payment is indicated in your annual loan statement. If your state allows Homestead or other exemptions, you must file for the exemption directly with the appropriate Appraisal District.

PRIVATE MORTGAGE INSURANCE
All conventional loans with a loan to value (LTV) in excess of 80% are required to carry Private Mortgage Insurance (PMI). The LTV is determined by taking the outstanding principal balance and dividing it by the current appraised value. The LTV drops as a result of regular monthly payments and additional principal payments. Once the LTV on a loan drops to 80% or below, the borrower can request that the PMI be waived. In order to determine if the PMI can be canceled, contact our Customer Service Department for your investor requirements. A new appraisal may be required.

APPLICATION OF PAYMENTS
Please make your mortgage payments by personal check, money order, or cashiers check. We prefer not to receive cash payments. If payment is made with cash, please bring the exact amount. It is not the policy of Amegy Mortgage to accept less than the total amount due (including late charges, if applicable), unless prior arrangements have been made thorough the Delinquency Department.

HAZARD INSURANCE
If you wish to change insurance companies, you must furnish proof of your new coverage at least 30 days prior to your existing policy's renewal date. A fee of $10.00 will be assessed for changing insurance carriers on a date other than your normal annual renewal date unless your loan is in the state of Arkansas, California, Colorado, Connecticut, Maine, Missouri, New Mexico, Utah, Virginia, or Washington. It is your responsibility to properly maintain adequate Hazard Insurance and Flood Insurance (if required) on your property at all times. Amegy Mortgage should be listed as the mortgagee and the coverage amount should be equal to or greater than the principal balance of your loan.

We urge you to maintain adequate insurance in such additional amounts, as you deem necessary to fully protect your equity in the property. Renewal policies and invoices are due in 45 days prior to the expiration of your existing policy. Failure to renew coverage will result in our obtaining coverage to protect our mortgage interest. This may not provide adequate coverage to protect your investment in the property.

INSURANCE LOSSES
In the event your property sustains damage covered by your insurance policy, you should notify your insurance agent and Amegy Mortgage for instructions concerning the handling of the loss draft. When an insurance draft is issued it will be made payable to you and Amegy Mortgage as the mortgagee.

SPECIAL ASSESSMENTS
A charge may be made against your property by a government body or homeowners association for improvements, from which you benefit and for which you are responsible. These assessments can create a lien against your property if you do not pay them.

PAYOFF REQUESTS
All payoff requests must be in writing. Please furnish your name, loan number, property, mailing address, payoff date, (the date the final payment will be received) and a telephone number. A payoff letter will be mailed to you on the next business day after the receipt of your written request. Payoff funds must be received by 2:00 p.m. in order to be credited on the day received. It is possible that a fee will be assessed for additional payoff statements. All payoff funds MUST be in the form of certified funds and sent to our street address (4576 Research Forest Drive, The Woodlands, TX 77381) to the attention of the Payoff Department.