FAQ: What to Expect After Closing

Congratulations on closing on your home! 

Below are frequently asked questions during this phase in the mortgage process.

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How do I set up online banking?

  1. Visit www.BANK.bank 
  2. In the upper right hand corner, under Online Banking Login, you can sign up for Personal Online Banking. 
  3. Click "OK" on the pop up.
  4. Read the disclosure and check the box showing that you have read and agree to the terms. Click “I Agree”. 
  5. Fill out all information (Loan Number can be found on your closing documents or by reaching out to your loan officer)
  6. Read and agree to the electronic statement disclosure. 
  7. Create username, password, and security questions. Click “Continue”. 
  8. Double check your information and, if accurate, click “Submit”.

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How do I link my external bank account to my BANK online banking to make my monthly payment?

  1. Visit www.BANK.bank and log in using your online banking credentials (When initially linking an account it must be done on the website; the function is not available on the app). 
  2. In the upper toolbar, click Accounts, click Connect an Account and click External Transfer Account. 
  3. Read through the Services & Settings page and click Accept.  
  4. Enter the external account information and click Submit.  
  5. In 2-3 business days watch your external account for micro deposits.  Once the micro deposits are visible in your external account, log into www.BANK.bank to verify the deposits.  
  6. Select the gear icon in the upper right-hand corner and select Validate External Transfer Account(s).  
  7. Enter the amounts of the micro deposits and click Submit.  
  8. Congratulations! You now have access to transfer to and from your external account from BANK’s online banking.  

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How can I make my mortgage payment?

  • BANK accepts payment by check, ACH, phone, or online.
  • Check – The amount of the check must be at least the amount of your regular monthly payment. Please write your loan number on the check. Mail your check to:

BANK

409 Hwy 61 S

PO Box 287 

Wapello, IA 52653

Additional principal payments may be made subject to the requirements of your loan. Please let us know if a portion of the payment mailed to BANK is to be applied as a “Principal Payment”.

  • Automatic Monthly Payments (ACH) – Fill out the BANK Automatic payment form with the applicable account information. You can request and return this form at closing.
  • Phone Payments (fees may apply) – Make your payment by speaking with a member of our team at any of our branches. 
  • Online Payments – Set up online banking with BANK and make payments from your account at BANK or transfers from an external account.

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Will my loan be sold to another Investor or Servicer?

No, not unless your loan officer discussed this with you for your loan type. An investor has as assisted with the funding of your loan, so you will receive a letter!

All monthly payments will continue to be paid to BANK. BANK will service your loan for the life of the loan unless otherwise discussed. If the servicing of your loan is sold you will receive a letter at closing as well as a Welcome Letter/Packet from your new servicer.

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How will my taxes and Insurance be paid?

If you have an escrow account, your monthly mortgage payment could consist of principal, interest, taxes and insurance (P.I.T.I). Using an escrow account, BANK will pay the taxes and insurance on your behalf.

  • The amount required for your escrow is constantly changing, as tax bills and insurance premiums change and fluctuate. As your Servicer, BANK will analyze your escrow account annually to make sure we are collecting funds accurately. We will then notify you of any changes or adjustments that need to be made to your escrow account. Your overall monthly tax and insurance payments may then be adjusted depending on the results of the analysis.
  • If you don’t have an escrow account, you will be responsible for paying your own property taxes and insurance.

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How will I obtain my year end 1098 tax statements?

Your servicer will prepare your 1098 tax statements each year. Your 1098 statements will be mailed to the address on file before the end of January, in accordance with IRS guidelines. 

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How do I request a payoff quote? 

Request a payoff by emailing BANKPayoffs@bank.bank with a payoff date, and your loan number or name(s). If you are requesting a payoff on behalf of a borrower, include the authorization form in your email request. You also may call one of our branches to request a mortgage loan payoff. 

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What else should I be aware of after Closing?

Interest Rates: Interest rates rise and fall all the time. If they drop down enough, you may be able to refinance your mortgage. Contact your loan officer to see if refinancing is right for you.

Influx of Mail: Prepare for a lot of mail! Once you are officially recorded as the property owner, your loan becomes part of public record. As a result, your mailbox will start filling up with offers from other Mortgage Companies, other home products or even scams. Your information was not sold; however, the terms and conditions of the loan are now included in public records. Be vigilant! Reach out to your Servicer if you have questions about the validity of a document

Questions?

If you have any questions, contact your loan officer using the information listed below!

Jim Garman T 515.341.5647

Walter Orellana T 515.444.8113

Alexandra Krotz T 712.253.5368