Welcome to Renovo Financial! This guide will answer some important questions about your mortgage loan which will be serviced by our company.
We’re available Monday-Friday, 9am-6pm CT, at 888-568-8894 or you can contact us by email anytime at servicing@renovofinancial.com. Thanks!
Payments are made in arrears to Renovo, meaning your first payment is not due until one full month has passed after closing. For example, if you close a loan in mid-July, your first payment would not be due until September 1st.
During the originations process, you provided ACH information to us from your banking institution. We will automatically pull payments from this bank account on the 1st of each month.
Payments are processed on the 1st of each month using the ACH information on file. Per the terms of the Note, the payment due date cannot be changed. Please be aware that payments not received by the 6th of the month may incur a late fee.
Statements are emailed starting on the 15th of each month and are also available in your RenoVault portal. Please note that statements may be delayed if payment is received late or a draw occurs near the end of the month and will otherwise be sent in keeping with applicable law.
Certainly! Please contact us at 888-568-8894 or email us at servicing@renovofinancial.com to arrange a larger payment. However, please note that paying down more than 20% of the original principal on a term loan within a year may result in a prepayment penalty.
You can update your ACH information by logging into your RenoVault portal.
Please forward a copy of the repair estimate, including the adjuster’s report, date of damage, and type of damage. The insurance check must be endorsed and sent to Renovo Financial for deposit. Once the check is deposited and the funds have cleared, an initial release of claim funds (typically 25%) will be issued to the ACH account on file. As repairs, progress, inspections may be required to confirm their status before additional funds are released. After a final inspection verifies that all repairs are complete, the remaining funds will be disbursed.
Our insurance vendor (Allied Solutions) needs to be updated. Please send the new policy information to docsend@fmq.alliedsolutions.net. Sending these documents to the servicing department may cause delays, as they will be forwarded to Allied. Once Allied receives the new policy information, it will be processed within three business days. Policies and invoices must include the insured property address and policy number.
Renovo strives to provide escrow analyses annually, based on local tax schedules and otherwise in keeping with applicable law to determine if there is a shortage or overage in the escrow account.
There are two options for shortages:
1) You can pay the escrow shortage fee in a lump sum, or
2) You can pay the escrow shortage over 12 months and fees may apply. For overages, a refund will be issued via ACH if the overage is more than 10% of the escrow cushion. If the refund is less than 10% of the escrow cushion, no refund will be issued.
A “payoff” is defined as a full payoff of the loan, and a “paydown” is defined as the payoff of one property on a multi-collateral loan.
The best way to request a paydown or payoff is through your RenoVault portal. The payoff statement will be available within 2-3 business days at the latest, but please contact the Servicing Department if the request needs to be expedited. NOTE: If you do not have access to RenoVault or need to confirm your RenoVault credentials, please reach out to your lending team so they can assist you.
