Servicing and Support

From application to closing, customer service and support is a way of life for us here at NOVA Home Loans. The topics below cover most of the commonly asked questions regarding servicing of a mortgage loan. If you don’t see the information you’re looking for, send us an email at, or call (520)512-1880.

What to expect after my loan closes?

Once your loan closing is complete, it will be sold into the secondary market and will begin the process for permanent loan servicing. The servicing of your loan consists of collecting/applying your payments, paying escrow items coming due, providing year end tax information, and customer service to you should you have any questions.

It is very common that the servicing of your loan may transfer to another servicer. This is nothing to be concerned over as the terms of your mortgage loan cannot change. Please refer to the following FAQ’s regarding loan servicing.

What do I do if NOVA Home Loans is not my servicer?
If NOVA Home Loans does not retain the servicing of your loan, you will receive a “Notice of Servicing Transfer Letter” from NOVA advising you of the official transfer of servicing to your new mortgage lender. The letter will include important details and contact information relating to the transfer of your loan, and most importantly, which payment needs to be sent to the new servicer. Please read this letter closely, as payments may be due to NOVA directly before the transfer date to the new servicer. You will also receive a “Notice of Servicing Transfer Letter,” or “Welcome Letter,” from your new servicer instructing you where, when, and how to make payments, along with their contact information.
What do I do if NOVA Home Loans remains my servicer?

If NOVA Home Loans retains the servicing of your loan, we’ve partnered with ServiceMac LLC to act as our Private Label sub servicer. ServiceMac will perform the day-to-day activities of your loan on behalf of NOVA Home Loans, which includes collecting your payments. For loans with an escrow account, they will pay your taxes, homeowner’s insurance, and conduct other loan-related activities, along with providing customer service to you.

Shortly after your loan is funded and servicing is set up, NOVA will reach out to you with a welcome call. On this call, we will confirm your contact information (mailing address, email address, and phone numbers), provide information on your first payment due, and provide details regarding your new mortgage. Additionally, NOVA will send you a welcome email explaining the terms of your loan’s transition to our servicing department. This notification includes your new servicing loan number, payment locations, contact information, and links how to access your account online. Should you have any questions, please call NOVA’s customer service team at 1-855-415-5614 or email

Who should I contact if I need information on my loan?

If you have any questions after closing, please feel free to contact NOVA Home Loans Customer Service Department at 1-877-417-6682 or

How can I change my personal contact information?
It is very important that NOVA has the correct contact and mailing instructions for your new loan being servicing by NOVA. Should you discover that you need to update any information, please click here to access your account online. This gives you the ability to update your personal information on your loan, change your mailing address, telephone number, and email address online. You can also complete the form on the back of your payment coupon and mail it with your monthly payment to update this information.
Can I switch the servicing of my loan to a servicer other than the one it has been transferred to?
NOVA Home Loans is unable to change to whom your loan was sold to and who services it. After the servicing of your mortgage is transferred, your new servicer controls the activities and decisions supporting your mortgage loan. However, because your relationship is important to us, with written authorization, and according to your new servicer’s requirements, NOVA Home Loans may be able to serve as an advocate to help you resolve any disputes you may be experiencing.


An escrow account is the portion of your monthly mortgage payment, in addition to principal and interest, set aside to pay taxes, homeowners insurance, mortgage insurance, flood insurance, or other escrow items as they come due. The monthly escrow amount equals 1/12 of the total of your taxes, homeowners insurance, and mortgage insurance if applicable. Escrow amounts may change from year to year based on your tax and insurance rates.

Some states allow mortgage servicers to maintain a cushion—or additional funds—to help offset a large shortage on the escrow balance should tax and/or insurance premiums increase significantly. Cushion amounts may be no more than 1/6 of the total escrow charges for the year, which means no more than two months’ worth of monthly escrow collection may be maintained in the escrow account above and beyond amounts required to pay the bills. Your servicer is responsible for the timely and accurate payment of all escrow items.

Why did my escrow amount change?
NOVA Home Loans complies with the Real Estate Settlement Procedure Act, RESPA, which requires us to perform an annual analysis of your loan. This analysis may result in an escrow account adjustment. You will receive an escrow analysis statement detailing the specifics of this analysis each time an analysis is performed. Please contact our customer support center at 1-855-415-5614 or email if you have questions about your escrow account.
Do I need to contact my insurance company?

For NOVA Home Loans to process your insurance renewal request, it is important that your insurance company has the NOVA Home Loans mortgagee clause listed below. NOVA Home Loans does provide each insurance company with these notifications, but it is helpful if you ask your insurance carrier to change the mortgagee clause to:
NOVA Home Loans
Its Successors and/or Assigns (ISAOA)
As Their Interests May Appear (ATIMA)
PO Box 29411
Phoenix, AZ 85038-9411

Is an escrow account required on my loan?

Escrow accounts are required for the life of the loan for FHA and VA loans. Conventional loan types may qualify for escrow deletion if specific Investor requirements are met. Please contact the Nova Home Loans Customer Service Team at 1-855-415-5614 or email

Can I delete my escrow account from my loan?

In some instances, escrow accounts may be removed from the mortgage loan. These requests are reviewed on a case-by-case basis, and a written request signed by every customer on the loan is required. For more information, please email us at or call 1-855-415-5614.

What do I do if my loan is escrowed, but I received a notice my taxes were not paid?

Some city and county tax agencies send copies of bills to the property owner, even if taxes are included in your escrow account. If you have questions or would like to forward the bill to NOVA to ensure it is paid, please email us at or call 1-855-415-5614.

What do I do if my loan is escrowed, and I received a notice my homeowner’s insurance lapsed?

When your loan transfers to our servicing department, it may take a few weeks for all documents and information to be updated. Please reach out to us if you receive a notice that your insurance lapsed and your loan is escrowed. Our email address is

I received a refund check in the mail, what is it for?

To verify if the funds need to be placed back into your escrow, or are yours to keep, please email

I received a check from my insurance company that also has NOVA’s name on it. What are the next steps?

Please call our customer service department at 1-877-417-6682, or email for more information and instructions.

I obtained a new homeowners insurance policy after I closed on my loan. What are the next steps?

A copy of the new homeowner’s insurance declaration page needs to be sent to the servicer of your loan. You can also reach out to NOVA at We will gladly update this information for you.

Private Mortgage Insurance (PMI)

Private Mortgage Insurance (PMI) is required on conventional mortgage loans that funded with a Loan to Value (LTV) ratio of 80% and greater. If the down payment at the time of the origination is less than 20% of the original mortgage loan amount, PMI must be included in the escrow portion of the monthly payment.

  • PMI will be automatically dropped when the LTV reaches 78% based on the original term and amortization of the mortgage loan.
  • Based on your loan type and other Investor requirements, you may be eligible to request PMI be removed prior to its automatic termination date.
  • You can request PMI be removed when your loan-to-value ratio (LTV) reaches 80%. A written request must be submitted to us for the loan to be reviewed, and the conditions must meet all applicable requirements for approval.

For more information, please contact our servicing department at 1-855-415-5614 or email

Mortgage Recast

A mortgage payment recast is after a significant principal only payment is applied, the monthly payments on your current loan are recalculated based on the remaining balance, remaining term of your mortgage, and new lower outstanding principal balance. It’s often associated with the sale of another home or investment property, then applying the proceeds from that sale to the principal of your current mortgage.

It does not shorten the term or the interest rate, but it can dramatically reduce the principal balance on your mortgage, decrease interest payments over the life of the loan, reduce your monthly payments, and help you pay off your loan sooner. It’s also a great way to successfully navigate buying a new home before the sale of an existing home takes place.

  • Only conventional loans are eligible to for a payment recast. FHA, USDA and VA loan types are not eligible.
  • Depending on the resulting loan-to-value (LTV) after a principal payment and recast, any private mortgage insurance can be reviewed for possible cancelation.

If NOVA Home Loans is servicing your mortgage loan and you have questions regarding a recast, inquire on the cost, or would like to initiate this process, please contact our Customer Service Group at 1-855-415-5614 or email

Year-End Tax Forms

A 1098 Mortgage Interest statement is required if an amount of $600.00 or more is paid towards mortgage interest. For loans that meet this requirement, NOVA Home Loans is required to generate and mail statements to borrowers no later than January 31st each year.

Because some loans transfer to a new servicer as of the first payment due, NOVA will not generate a 1098 Mortgage Interest statement on every loan we originate. Please be advised a separate 1098 Mortgage Interest statement will be mailed, if applicable, by each mortgage servicer who serviced your loan during the previous calendar year. For more information, please email us at, or call 1-877-417-6682.

Hardship Assistance

NOVA Home Loans has many programs designed to help borrowers get through financial hardships. We will do everything we can to determine your eligibly and find a solution that works best for you. The sooner you let us know about your need for assistance, the sooner and more likely help will be available for you. For consideration of options that may help you through a difficult time, please call 1-855-504-7050 or email

Government Housing Counselors:
The U.S. Department of Housing and Urban Development (“HUD”) sponsors housing counseling agencies throughout the country that provide advice and guidance regarding mortgage loan defaults, foreclosures, credit issues, and foreclosure alternatives. You can find a HUD counselor in your area by visiting the HUD website or by calling HUD toll-free at 1-800-569-4287
Repayment Plans:
Repayment plans are a good option for homeowners who face temporary hardships. They spread the past due amount over a specific period, typically 3–6 months, during which time you make a full payment, plus a partial payment, until the account is brought current. Like all mortgage assistance options, the sooner you let us know about your need for help, the more likely a repayment plan will be available to you.
Loan Modification:
If you’re facing a long-term hardship, we can review your situation for a loan modification to determine if more manageable terms are available. Unlike refinancing, which replaces your existing loan with a new one, loan modification keeps your existing loan and changes its terms. If you qualify for a loan modification, it may be possible to reduce your monthly payment by lowering your interest rate, or extending the term of the loan. Specific eligibility requirements may vary depending on the loan’s investor or other factors.
Short Sale:

If there are no options that make it financially possible to keep your home, a short sale could give you a fresh start and help you avoid the foreclosure process. It allows you to sell your home for less than you owe on the mortgage, pending investor approval. Some investors will not permit a short sale if you have not been evaluated for all home retention solutions.

Certain documentation may be required to complete the short sale review. The process could be delayed if the requested documents are not received in a timely manner. A short sale may have tax consequences and/or likely negatively impact your credit, but not as bad as foreclosure. You should contact your tax advisor to discuss these potential tax impacts.

Deed in Lieu of Foreclosure (DIL):
Another alternative to foreclosure is called deed in lieu of foreclosure (DIL). DIL means that you voluntarily transfer ownership of your home to your lender, the lender terminates the loan, and the remaining balance due is forgiven. With this arrangement, you’ll have plenty of time to plan your move, and to transition out of your home. You may also be eligible for relocation assistance or assistance with paying other liens and judgments against your property. You will need to submit a completed statement of information form to start the review process. These arrangements are subject to investor approval and other eligibility factors. There may be tax consequences and/or a negative impact on your credit. You should contact your tax advisor to discuss these potential tax impacts.
Military & Government Housing Counseling:

Under a federal law called the Servicemembers Civil Relief Act (SCRA), military members may be entitled to a range of benefits unrelated to Veterans Affairs (VA) benefits. If the loan was originated prior to military service, military members may be entitled to the following benefits during, and 12 months after, active service:

  • Foreclosure protection
  • Lowered interest rate to 6% maximum, if the interest rate on the loan is more than 6%
  • No new late fees
  • No new legal fees

Eligible service members include:

  • A regular member of the U.S. Armed Forces (Army, Navy, Air Force, Marine Corps, or Coast Guard).
  • Reserve or National Guard personnel who have been activated and are on federal active duty. National Guard members and members of state military units who are called to state active duty are not covered by SCRA. However, many states have enacted laws that extend SCRA protections to such service members who are called to state active duty.
  • National Guard personnel under a call or order to active duty for more than 30 consecutive days under section 502(f) of title 32, United States Code, for purposes of responding to a national emergency declared by the President and supported by federal funds.
  • An active service member of the commissioned corps of the Public Health Service or the National Oceanic and Atmospheric Administration.
  • A U.S. citizen serving with the armed forces of a nation with which the United States is allied in the prosecution of a war or military action.
Natural Disaster Support:

If your home has been damaged by a natural disaster:

It’s also important to contact your homeowners insurance company, and/or your secondary insurance company (in the case of having flood, earthquake insurance, etc.), as soon as you can. NOVA Home Loans will be able to assist you with your homeowner’s insurance company contact information, and policy information, and provide assistance if you’ll have difficulty making your mortgage payment. If the servicing of your mortgage loan has been transferred, we can provide the contact information to reach your current mortgage servicer. Below are additional resources available to you.
To apply for FEMA disaster assistance:

To apply for Red Cross disaster assistance:

Preparing for a Natural Disaster:
If you are expecting or preparing for a natural disaster, the U.S. Federal Emergency Management Agency (FEMA) is a valuable resource for information on emergency preparedness. For information visit: You can also contact FEMA hotline:

We’re Here to Help.

If COVID-19 has negatively impacted your ability to pay your mortgage due to loss of employment, reduction in income, illness, or other COVID-related conditions, NOVA Home Loans offers options below to assist you during the pandemic.

For loans being serviced by NOVA Home Loans, please contact us by calling toll-free 1-855-504-7050, Monday – Friday, 8:30am to 8:00pm EST, Saturday 9:00am to 3:00 pm EST.

Payment Assistance Options:


Also known as a forbearance plan, this offers you the ability to temporarily suspend or reduce your monthly payments for three months (or more if needed). Depending on the length of your COVID-19 hardship, your forbearance plan may be extended for up to a total of 12 months.

NOVA Home Loans is committed to assisting our customers in both the short term and the long term. As your hardship ends, there are longer term solutions available to resolve the overdue amount (forbearance amount). Based on individual circumstances, customers will be re-evaluated for available options. NOVA Home Loans will contact you about 30 days before your forbearance ends. If they are unable to reach you, please reach out to them.

Forbearance Repayment

Pay all forbearance (overdue) amounts over time by adding an agreed-upon extra amount to your normal monthly mortgage payments.

Deferral or Partial Claim

  • Conventional loans owned by Fannie Mae or Freddie Mac may be eligible for a payment deferral which adds the forbearance (overdue) amount to the end of the loan. The deferral is a non-interest bearing balance which is due at loan payoff or refinance.
  • FHA guaranteed loans may be eligible for a partial claim of the forbearance (overdue) amount. This is a separate noninterest-bearing HUD promissory note of the forbearance amount which is due to HUD at loan payoff or refinance.

    Loan Modification

    If the above options are not workable for your situation, you may be eligible to add your forbearance (overdue) amount to your loan balance and modify your loan terms to make your monthly payments more affordable.

    Credit Reporting and Late Fees

    We understand the importance of credit scores. NOVA Home Loans will not report negative data to credit bureaus or assess late fees for customers actively performing on forbearance plans (reduced or suspended payment agreements), or long-term assistance options.