Frequently Asked Questions

To allow a non-borrower to receive information on your account, please fill, sign and return a Third Party Authorization Form.

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Common Questions from New Customers

My home loan was transferred to Volunteer Mortgage Loan Servicing. What does that mean?

Volunteer Mortgage Loan Servicing is now the company responsible for “servicing” your loan, which includes accepting your monthly payments, answering your questions, and working with you to make sure your home loan remains in good standing. It is common in the mortgage industry for a home loan to move from one servicing company to another.

Does Volunteer Mortgage Loan Servicing own my home loan now?

No, THDA created the program and owns your home loan.

Why does THDA need Volunteer Mortgage Loan Servicing?

THDA is a state agency and created Volunteer Mortgage Loan Servicing to provide superior customer service for the life of your loan.

Do I have a new account number?

Yes. Always include your new account number when making a payment or when corresponding with Volunteer Mortgage Loan Servicing in writing. You should also have your new account number ready when contacting us by phone.

Have the terms of my loan changed?

No. The terms and conditions of your loan are exactly the same as before. Your monthly payment remains the same, and so does the maturity date of your loan.


Common Questions about Payments

How do I make a payment?

You can always make a payment by:

  • Automatic Payments “ACH”
  • Online payment
  • Check by phone
  • Check (or money order) by mail
  • Moneygram

Click here for details.

Why did my payment amount change?

Volunteer Mortgage Loan Servicing has no control over the amount of money you owe in property taxes or homeowner’s insurance. Property taxes are determined by the city and/or county government, and insurance rates are determined by your insurance company. If the government or the insurance company decides to change the amount you owe, Volunteer Mortgage Loan Servicing has no choice but to change your payment amount. This typically happens at most once per year.

However, it’s important to remember that your total monthly payment toward principal and interest (which were set by the lender when you made your loan) will not change.

For more information on how your monthly home loan payment is split between principal, interest, taxes, and insurance, please visit our Tools & Tips section.

When is my payment due?

Monthly home loan payments are due to Volunteer Mortgage Loan Servicing on the 1st of each month.

Payments are considered late and may incur a late fee if not received by the 16th of the month.

Can I change my payment due date?

No, all payments are due on the first day of the month.

If I’m experiencing financial difficulties, what should I do?

Please contact us at 844-VOL-SERV (865-7378)

If you’re encountering a long-term problem such as unemployment or loss of income, we may be to work with you on a revised payment schedule. No matter what the situation, ignoring it will only make it more difficult to avoid penalties including fees and foreclosure. Please visit our Payment Assistance section.

Can I cancel a payment after setting it up?

If you need to cancel a payment set up online or by phone, you must complete the action to cancel no less than 24 hours prior to the payment draft. Once the payment process has started for settlement, it cannot be stopped.

Common Questions about Taxes and Insurance

Will I get an IRS 1098 form for my home loan?

Yes, you will receive an IRS 1098 Form by mail by January 31 every year if you paid $600 or more in mortgage interest to VMLS. With this form, you may be able to deduct the interest paid on your home loan from your taxable income on your federal income taxes. Volunteer Mortgage Loan Servicing cannot answer questions about your specific tax situation. Please consult a qualified tax professional.

Can I claim a tax deduction for my home loan?

Everyone’s situation is different. You may or may not be able to deduct the interest paid on your home loan from your taxable income on your federal income taxes. Volunteer Mortgage Loan Servicing cannot answer questions about your specific tax situation. Please consult a qualified tax professional.

I received a property/real estate tax bill. What should I do?

Review the bill and retain for your records. VMLS uses a tax service to pay all city and county taxes in bulk. If your bill has a delinquent amount due, please contact VMLS at 844-865-7378, or email escrow@volservicing.com.

I received a homeowner’s insurance bill. What should I do?

Part of your home loan payment is collected each month in an escrow account, and Volunteer Mortgage Loan Servicing uses this account to pay your homeowner’s insurance and property taxes on your behalf. If you receive a homeowner’s insurance bill (also called a “homeowner’s insurance premium” or a “hazard insurance premium”), please review and retain the billing for your records.

What do I do if I’ve changed homeowner’s insurance companies?

You must notify Volunteer Mortgage Loan Servicing if you change insurance companies. Please contact VMLS at 844-865-7378, or email escrow@volservicing.com to provide your new insurance information.

How do I request cancellation of my private mortgage insurance?

THDA requires private mortgage insurance (PMI) if the amount of the down payment is less than 20% of the purchase price. This insurance protects the lender in the event of default and foreclosure. When your home loan balance gets below 80% of the current home value, you may qualify for early cancellation of PMI. This will lower your monthly home loan payment amount.

Please contact VMLS at 844-865-7378, or email escrow@volservicing.com to request a review to remove PMI.

Common Questions about Selling Your Home

What is my home loan payoff amount?

If you want to pay off your home loan (typically done when you sell the home), the total amount may be slightly different than your remaining home loan balance because of interest accrued since your last monthly home loan payment and other factors. Please call us at 844-865-7378, or email custserv@volservicing.com to request a payoff.

You may also send a request in writing:

VOLUNTEER MORTGAGE LOAN SERVICING
404 JAMES ROBERTSON PARKWAY, SUITE 1450
NASHVILLE, TN 37219

We will then send you a payoff quote by mail, email, or fax. Please allow 72 hours to process a payoff statement.

Full payoffs must be made by cashier’s check, certified check, money order, or attorney’s escrow check made payable to Volunteer Mortgage Loan Servicing. Personal checks will not be accepted.

To request a payoff on behalf of the borrower, please include a Third Party Authorization Form.

What is “recapture tax” and will I have to pay it?

You may be subject to a “recapture tax” from the IRS if:

  • You received down payment assistance from THDA, and
  • your income has increased “substantially” since you bought your home, and
  • you sell your home within nine years of purchasing it, and
  • you make a profit on the sale of your home.

All four of these conditions must be met before you to owe the tax.

Few Great Choice Home Loan homeowners are ever subject to the tax. However, Volunteer Mortgage Loan Servicing cannot answer questions about your specific tax situation. Please consult a qualified tax professional.

Common Question about Changes in Account Information

How do I notify Volunteer Mortgage Loan Servicing that I’ve changed my address?

Please call us to discuss your situation. 844-VOL-SERV (865-7378).

All information provided to Volunteer Mortgage Loan Servicing can be used in the collection of your mortgage debt.

How do I notify Volunteer Mortgage Loan Servicing that I’ve changed my name?

If you have legally changed your name, please notify Volunteer Mortgage Loan Servicing in writing and include a copy of the recorded legal document proving the change.

All information provided to Volunteer Mortgage Loan Servicing can be used in the collection of your mortgage debt.

How do I notify Volunteer Mortgage Loan Servicing of a change in property ownership due to marriage, divorce, or death?

If an individual is being added or removed from ownership of the property, please notify Volunteer Mortgage Loan Servicing in writing, and include a copy of the recorded legal document proving the change.

Marriage: Please send a copy of the marriage license.

Divorce: If there is a divorce between titleholders, please send a copy of the final divorce decree and property settlement agreement, as well as a copy of the recorded quit claim deed, if applicable. (The recorded quit claim deed does not constitute release of liability. Contact Vol Servicing for more information.)

Death: If either titleholder dies, a copy of the death certificate and a copy of the probated will or estate settlement, if applicable, must be sent to Vol Servicing.

All information provided to Volunteer Mortgage Loan Servicing can be used in the collection of your mortgage debt.

Will Volunteer Mortgage Loan Servicing ever sell my personal information?

No. Absolutely not. Please review our privacy policy.