Frequently Asked Questions

You can email the claim documents to insuranceclaims@uhm.com and mail any claim checks you receive to Union Home Mortgage, 5942 Renaissance Place, Toledo, OH 43623. 

A borrower’s payment is likely to change due to changes to the tax and insurance amounts. UHM is required to annually re-assess escrow amounts by the Real Estate Settlement Procedures Act (RESPA).

On the year anniversary of when the loan closes, a loan that is escrowed will process an Escrow Analysis (EA). The analysis will show the projected and actual payments made for taxes, insurance, and PMI (if applicable).

The amount a borrower pays a month towards their escrow balance is based on their taxes/insurance premiums/PMI, if applicable. UHM adds up all bills on the account (tax bills + insurance premium + PMI annual payment) and divides it by 12. This is then added to the P&I for the monthly payment.

If taxes or insurance have increased or decreased, the account may either have an escrow shortage or an overage.

An escrow shortage occurs if a bill comes back higher than anticipated. If it is higher, UHM will still pay the bill, but it may cause the borrower’s escrow balance to go into a negative amount. When this happens, they must pay UHM back the money to balance out their escrow balance again. The borrower may split this amount into 12 monthly payments or pay the entire shortage amount in one lump sum before the effective date.

An escrow overage occurs when UHM has more than enough money left in the escrow balance at the end of the year after all bills are paid. The borrower will be refunded this amount.

Note: UHM has no control over the amount of a tax or insurance bill. If the borrower is asking for specifics, about increases, direct them to their county site or insurance agency. Borrowers are more than welcome to shop around for new insurance policies, but they must notify UHM if they get a new policy or agency.

After submitting all required documents, such as your driver's license, W2s, pay stub, and divorce decree, etc. your loan officer, John Duke, will contact you to discuss whether you're pre-approved or if additional steps are needed to become "mortgage ready." If pre-approved with a selected home, your realtor can submit an offer to the seller's agent. Upon acceptance, the subsequent phases may take 18-45 days, contingent on your loan type and prompt submission of additional documents. Typically, the entire process from contract to closing is expected to take about 30 days or less. Please be mindful of and adhere to NMLS guidelines and disclaimers throughout the process.  

 A few initial items needed are as follows:

1. Driver's License or valid photo ID
2. Current Pay Stubs for the last 30 days
3. W2s for the last 2 years
4. Bank Statements for the last 2 months
5. Investment statements for the last quarter (if applicable)
6. Most recent mortgage statement (if applicable)
7. Home Owners Insurance Policy (if applicable)
8. Divorce Decree and child support order (if applicable)
9. Full tax returns for the last 2 years

Please note, that each applicant is unique and may have additional requested items. To find out more please get in touch with duketeam@uhm.com