Escrow and Loan Servicing Information
Will my loan be serviced by St. Louis Community Credit Union?
In most cases, First Mortgage Loans will be sold to and serviced by another lender, including but not limited to Carrollton Bank. This is not determined until it is time to finalize your loan closing.
The second mortgage for all Affordable Seconds home loans will be serviced by SLCCU.
Do I need to open an account with St. Louis Community Credit Union?
Yes! A savings account is required to be open with a minimum deposit of $1. If you do not have an SLCCU account, we will open one for you when your loan is transferred to us.
Will I receive regular loan statements?
Yes! You will receive a monthly statement unless there is no activity on your account, which you will then receive a quarterly statement.
How do I make my loan payments?
We have many one-time and recurring payment options available through our online banking site.
You can find more information on our Make A Loan Payment page. Fees may apply for some forms of payment. Click the link, https://www.stlouiscommunity.com/loans/make-a-loan-payment or call 314-534-7610 to speak with a representative today.
Does SLCCU accept partial payments?
No. SLCCU does not allow partial payments on first mortgage loan. If you pay more than the minimum payment, any extra funds are applied to your principal balance.
Can I make a principal only payment on my first mortgage loan?
Yes, it is possible to make a principal only payment. You can apply the additional funds with your monthly mortgage payment or call a mortgage specialist once the funds are in your savings account.
Are there pre-payment penalties for paying my loan off early?
No! You can pay your loan off at any time, without additional charges.
Is an escrow account required?
Yes. In most cases, it is required that an escrow account is established and an initial deposit is made at the loan closing to cover the cost of homeowners insurance, property taxes, and PMI (if applicable) as they come due.
Do I pay into the escrow account separately?
No. Your monthly mortgage payment will include the required escrow amount, to ensure a monthly deposit will cover associated property costs, excluding any homeowners association dues.
How often is my escrow payment recalculated?
The annual escrow analysis is performed on all escrowed mortgage loans serviced by SLCCU at the end of the calendar year. Statements are mailed in December with any payment changes effective the following February.
Can I choose my own homeowners insurance?
Yes! You choose your homeowners insurance provider.
If for any reason we do not have a sufficient homeowners insurance policy, you may be billed for any charges incurred for a lender placed collateral protection insurance policy (CPI).
What is SLCCU’s mortgagee clause?
St. Louis Community Credit Union, ISAOA 3651 Forest Park Ave, St. Louis, MO 63108
How do I contact a mortgage specialist?
If you have questions about your first mortgage loan that is currently serviced by SLCCU, have questions about a loan in process, or have questions about a homeowners insurance claim, please call 314-768-5959 or send an email to mortgage@stlouiscommunity.com