Important Mortgage Conversion Information

July 31, 2017 10:55 am

We are converting all mortgage loans to our core data processing system the week of August 21, 2017 (please refer to the letter sent to all members with mortgages in July). After the conversion, you will be able to see your mortgage loan transactions online and on your statements. Regular payments will be posted in real time. Escrow information will also be available to you with the new system.

A new $0 balance mortgage loan may appear. Please do not be alarmed. This is a placeholder for the existing account on the new system. This is not a new loan.

Your loan number will change. Therefore, after conversion, you will need to change any bill payment or online recurring payments that are set up. We cannot access your Online Bank account to make these changes for you. If you have an automatic transfer on our system (not Online Bank) from your Energy One checking or savings account, or if we process a debit to your bank account, we will change those to the new loan number as part of the conversion.

There will be a payment black-out period from August 21-28. Payments made during this time for September 1 will be posted to the new system on September 1. Please be assured that payments held for posting will not incur any additional interest.

You will no longer be able to pay ahead on your mortgage. Additional payments may be made to reduce the principal in accordance with your loan agreement. In the past we have allowed members to pay ahead by making more than one payment and then skipping monthly payments until the extra amount has been exhausted, but we will not be able to do that any longer. The extra amount will go towards a principal reduction and you will be required to make regular monthly payments. Alternately, you may put the extra amount into your savings and use those funds to make your regular monthly payments.

Paying ahead and then skipping payments does not reduce the interest you pay. However, making principal reductions does.

We appreciate your patience and understanding as we change to a new software that will improve your mortgage experience. Should you have any questions, please contact the mortgage department at 918-699-7100 or 1-800-364-3628, option 1 for loans, then option 3 for existing real estate loans.