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Frequently Asked Questions
Select Your Question:

Advance
What is an Advance?

Assumable Mortgage
Is my loan assumable?

Draft
How do I enroll in auto draft or change my auto draft information?

Escrow
What is escrow?

Insurance
What type of coverage is required?
Who monitors Vanderbilt loans for homeowners insurance maintenance?
How do I update my policy information?
How can I tell if Vanderbilt has received my renewal?
What do I do if I decide to change insurance companies or carriers?
If I change insurance carriers, can payment for the new premium be taken from my escrow account?
How can I tell if my policy has been paid?
What do I do if my current policy is being canceled or non-renewed?
What is Lender Placed Coverage?
Why do I have to carry flood insurance on my property?
What if I believe I am no longer in a Special Flood Hazard Area?
Who is to be listed as the Loss Payee on the policy?
Can I get a quote or receive help finding the right homeowners insurance?

Mortgage Claims
How do I file a claim on damage to my home?
I have received a claim check.  What do I do now?
How do I contact Vanderbilt about my mortgage claim?
Can I send my pictures via the web?

Moving Your Home
Can I move my home?
What should I know before moving my home out of state or to a different county?

Payment Book
Will my payment book be automatically ordered?
I have lost my payment book.  Can I still make payments until the new one arrives?

Payoff
How do I obtain a payoff on my loan?
Is there a penalty if I payoff my loan early?
What is the difference between current principal balance and a payoff?
When will I receive the title to my manufactured home?
Where will the title be mailed, if I refinanced my home?
When will my land be released once my loan is paid in full?
When will I receive a refund for any money overpaid when paying off my loan?

Private Mortgage Insurance
What is Private Mortgage Insurance (PMI)?

Property Taxes
Is an Escrow Account required for my taxes?
Why did Vanderbilt pay my taxes without my authorization when I am not escrowed for taxes?
What should I do with the tax bill I have received?
How do I repay the Advancement for taxes paid on my behalf by Vanderbilt?
How is my initial tax escrow payment calculated?
How can I lower my taxes?
Why did my tax escrow payment increase?
I sold this property.  What should I do with the tax bill?
I am the new owner of this property.  Why am I being billed for the entire year?

Technical Support

Transfer of Equity (TOE)
How can I add or remove a borrower to or from my loan?
How do I sell my home?



Frequently Asked Questions answered by Category


Advance

What is an Advance?
An advance payment is a repayment of funds, in addition to your scheduled mortgage payment, for any expenditure paid on your behalf by Vanderbilt, for items not described in your escrow agreement. (Example: Delinquent property taxes, Lender Placed Insurance Policies, etc.)
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Assumable Mortgage

Is my loan assumable?
Most Vanderbilt loans are assumable.  The assumption process is referred to as a Transfer of Equity.   See the Transfer of Equity description or call 1-800-970-7250 for more information.
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Draft

How do I enroll in auto draft or change my auto draft information?
To create or change your bank account information for automatic draft purposes, please use one of the following methods.

Fax a copy of your check and a letter authorizing Vanderbilt Mortgage to draft from your bank account. You can fax this information to 865-380-3418 Attn: Customer Service. Please allow 5-7 business days for this information to be updated on your Vanderbilt Mortgage account

or

Mail a voided check and a letter to:
Attn: Customer Service Vanderbilt Mortgage
PO Box 9800
Maryville, TN 37802

If you wish Vanderbilt Mortgage to draft from your savings account, please verify the routing number with your credit union or bank. If the bank account belongs to anyone other than the parties signed on the contract, we must have written authorization from our customer and the bank account holder.
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Insurance

What type of coverage is required?
  1. Full coverage homeowner's insurance with Vanderbilt Mortgage and Finance, Inc. as loss payee is required at all times. Some states require a separate policy to protect against wind/hail damage.
  2. If you want to fully protect your home, coverage should include the current value of your home and improvements. This amount may differ from your existing loan balance. Vanderbilt may accept a policy with coverage less than the loan balance if your loan includes financed non-insurable items such as land or land improvements. However, in the event of total destruction of your property, your insurance settlement may not pay off your obligation to Vanderbilt. We suggest you consult an insurance agent of your choice regarding type and amount of coverage.
Who monitors Vanderbilt loans for homeowners insurance maintenance?
HomeFirst Agency, Inc.
Attention: Insurance Tracking
PO Box 9770
Maryville, TN 37802
Phone: (800) 804-9389
Fax: (865) 380-3785

How do I update my policy information?
You can update your insurance information by mail or facsimile. Who monitors Vanderbilt loans for homeowners insurance maintenance? Please have the following information available:

Name and Address of Insurance Company
Policy number
Effective and expiration dates
Premium amount
Deductible
Coverage Amounts

How can I tell if Vanderbilt has received my renewal?
Please note the policy effective date and expiration date on your renewal notification. If they are for a new term and Vanderbilt is listed as the Loss Payee, we should receive a copy of the renewal policy directly from your insurance company. If you have questions, please call HomeFirst Agency at (800) 804-9389 and speak with a customer service representative.

What do I do if I decide to change insurance companies or carriers?
  1. Forward a copy of your new policy to HomeFirst Agency. Please make sure the new policy meets the insurance requirements listed previously. What type of coverage is required?
  2. Contact your previous insurance carrier to cancel coverage and obtain any refund of premiums due.
If I change insurance carriers, can payment for the new premium be taken from my escrow account?
If you have enough money in your escrow account, Vanderbilt can send payment to your new insurance carrier upon request. Please call our insurance tracking company, HomeFirst Agency, at (800) 804-9389 to make your request.

How can I tell if my policy has been paid?
Please contact HomeFirst Agency at (800) 804-9389 and speak with a customer service representative.

What do I do if my current policy is being canceled or non-renewed?
Please contact HomeFirst Agency, Inc. at (800) 804-9389 to discuss your intentions of keeping your home protected. Failure to maintain insurance on your home may result in the placement of Lender Placed Coverage (see below).

What is Lender Placed Coverage?
A Lender Placed policy is coverage obtained by the lender when a cancellation notice has been received on your present policy.

Lender Placed coverage is to protect only the lender’s interest in the property. Lender Placed coverage is generally more expensive than normal homeowner's insurance and does not provide protection for the personal property or furnishings inside the home.

Why do I have to carry flood insurance on my property?
Vanderbilt follows federal guidelines to determine if flood insurance is required. It was determined that your home is located in a Special Flood Hazard Area, an area designated by the federal government to be at greater risk of flooding.

What if I believe I am no longer in a Special Flood Hazard Area?
Provide Vanderbilt Mortgage and Finance, Inc. with:
  1. A Letter of Map Amendment (LOMA)
  2. A Letter of Map Revision (LOMR)
Both of these documents are issued by the Federal Emergency Management Agency. You may contact them at (800) 621-3362.

Please forward these documents to:
HomeFirst Agency, Inc.
ATTN: Insurance Tracking
PO Box 9770
Maryville, TN 37802
OR
Fax: (865) 380-3785

Upon receipt of these documents, HomeFirst Agency will review your request. Please allow 2 weeks for the review process. HomeFirst Agency will notify you if the flood insurance requirement can be waived.

Please note Vanderbilt will not accept any of the following items as proof that the property is no longer in a mandatory flood zone: an appraisal, a survey, an elevation certificate, topography studies, building permits or letters from community officials.

Who is to be listed as the Loss Payee on the policy?
Vanderbilt Mortgage and Finance, Inc.
ISAOA/ATIMA
PO Box 9800
Maryville, TN 37802

Can I get a quote or receive help finding the right homeowners insurance?
Having the right insurance protection gives you the peace of mind you want for your most valuable possessions. If you need help with insurance or would like a no cost, no-obligation insurance review and quote, call HomeFirst Agency at (800) 804-9389.

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Mortgage Claims

How do I file a claim on damage to my home?
To file a claim on the damages, you will need to contact your current insurance provider.

I have received a claim check.  What do I do now?
If you have received a claim check from your insurance company due to damages to the home, you will need to endorse the check and mail it to Vanderbilt at the address below.  Depending on the amount, it may be necessary for Vanderbilt to open a claim and monitor repairs to the home.  If you have any questions regarding this process, please contact our Mortgage Claims department at 1-800-970-7250 ext. 7015.  We will be happy to explain the process to you.

ATTN: Mortgage Claims
Vanderbilt Mortgage & Finance, Inc.
500 Alcoa Trail
Maryville, TN 37804

How do I contact Vanderbilt about my mortgage claim?
Can I send my pictures of completed repairs via the web?
You may e-mail pictures of the completed repairs to the home as attachments only to vmfclaims@vmf.com.
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Moving Your Home

Can I move my home?
Per your contract, you can move your home with Vanderbilt’s approval.  Please download this printable moving form for a list of requirements.

What should I know before moving my home out of state or to a different county?
New State - You must notify the State DMV or DOT when moving your home to a new state. In most cases, a new title will be issued for your manufactured home. Upon notifying the State, Vanderbilt will be notified and can assist with obtaining a new title for your home.
New County - You must notify the County Tax Appraiser’s Office that your home is now located in their county.
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Payment Book

Will my payment book be automatically ordered?
Yes. You should receive your payment book within 30 days of closing your loan and annually thereafter.   However, if you are on an automatic draft (monthly/bi-weekly) you will not receive a payment book.

I have lost my payment book.  Can I still make payments until the new one arrives?
Yes.  Please print fillable coupons Please be sure to include your loan number on your check.
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Payoff

How do I obtain a payoff quote on my loan?
You may obtain a payoff quote good for 30 days by calling our Customer Service Department at 1-800-970-7250, fax your request to 1-865-380-3418 or via email.

Is there a penalty if I pay off my loan early?
Generally, no.  Check your loan documents to see if no prepayment penalty is referenced. If it is not, then no early pay off penalty will be due.  There is a $35.00 fee included in the quote you receive to cover processing fees for the title and other paper work involved in the payoff process.  This is the only fee involved in paying off your loan.

What is the difference between the current principal balance and the payoff quote?
The current principal balance is the amount still owed on the original amount financed without any interest or finance charges.  A payoff quote is the total amount owed to pay off the loan including any and all interest and/or finance charges.  Payoff quotes are quoted to cover a 30-day period of calculated interest and/or finance charges.  After that 30-day period a new quote is necessary for the correct amount required to pay off the loan.

When will I receive the title to my Manufactured home?
Upon receipt of payoff in full, of your manufactured home loan, Vanderbilt will release your title to you within 30 days.

Where will the title be mailed, if I refinanced my home?
With written direction from your new lender, we will mail the title to them.

When will my land be released once my loan is paid in full?
Vanderbilt follows county guidelines when releasing your land.  You should receive confirmation that your land has been released within 60 days of paying off your loan.

When will I receive a refund for any money overpaid when paying off my loan?
Any refunds due, for an overpaid loan, will be mailed on the 21st day after the loan is paid in full.

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Private Mortgage Insurance

What is Private Mortgage Insurance?
Private Mortgage Insurance (PMI) is insurance to protect the lender against loss if the borrower defaults on the loan and the lender is unable to recover the loan balance and expenses. Borrowers with less than a 20 percent down payment are generally required to pay private mortgage insurance.

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Property Taxes

Is an Escrow Account required for my taxes?
The state of Texas requires lenders to escrow taxes for loans with contract dates after June 18, 2003.  An Escrow Agreement is signed at loan closing and is binding for the life of the loan.  You may have entered into a tax escrow agreement in another state.  If you have, then you will have a tax escrow payment.

Why did Vanderbilt pay my taxes without my authorization when I am not escrowed for taxes?
In most cases, it is the customer’s responsibility to pay his/her taxes.  However, Vanderbilt may do so on your behalf should taxes not be paid in accordance with policy set forth in your contract.  You may contact your local taxing authority to request a receipt for taxes paid.

What should I do with the tax bill I have received?
If an escrow account has not been established for your loan, payment is due to the taxing authority indicated on the bill.  However, if your loan is escrowed for taxes, through Vanderbilt Mortgage and Finance, Inc. (VMF), you may receive an informational copy of the tax bill.  Because some taxing authorities do not forward tax bills to mortgage companies, write your loan number on the bill and send a copy to our tax department via fax at 1-865-380-3726, or by mail to the following address:
ATTN: TAX DEPARTMENT
PO Box 9800
MARYVILLE, TN 37802

How do I repay the Advancement for taxes paid on my behalf by Vanderbilt?
You may mail a check to the address mentioned above.  Please be sure that your loan number and “Tax Advance Repayment” are clearly noted on your check.  If repayment is not received by check, a Monthly/Biweekly advance amount will be set up and collected along with your scheduled mortgage payment (and escrow payment, if applicable).  An Advance is a separate amount collected for any expenditure paid on your behalf on items for which no Escrow Agreement has been established.

How is my initial tax escrow payment calculated?
Your initial tax escrow payment is determined during the first year based on two to two-and-a-half percent of the sale price of your home.  This may or may not be enough to cover your taxes.  Your annual tax escrow projections will be determined by taxes owed and paid the previous year.

How can I lower my taxes?
Contact your local taxing authority to find out if you are eligible for exemptions.

Why did my tax escrow payment increase?
An annual review of your escrow account is performed by Vanderbilt to determine if your current tax escrow payment is sufficient to pay your yearly taxes.  Adjustment(s) to your escrow payment as well as any refund amount due to you will be determined at this time.  Because your taxes due are determined based on changes in property value and/or reassessment of your property, your monthly tax escrow payment may be adjusted accordingly.  Vanderbilt will pay the amount indicated due on the tax bill.  Please contact your local taxing authority with questions and/or concerns regarding adjustments to your taxes owed.

I sold this property.  What should I do with the tax bill?
Inform your local taxing authority of the change as soon as possible.

I am the new owner of this property.  Why am I being billed for the entire year?
Property taxes are assessed against the property, not the person.  Taxes are not pro-rated between new and previous owners.  However, during a typical home-loan closing, tax amounts are pro-rated between the buyer and seller. You may confirm this by reviewing your contract.

If you have questions and/or concerns regarding your property taxes, or if we may be of additional service, please do not hesitate to contact our office at the following telephone number and time(s):

1-800-970-7250
8:30 a.m. to 8:00 p.m. (ET), Monday-Thursday
8:30 a.m. to 5:30 p.m. (ET), Friday

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Transfer of Equity (TOE)

How can I add or remove a borrower to or from my loan?
To add or remove a borrower to or from an existing loan please contact us at 1-800-970-7250 to complete a Transfer of Equity.

How does someone assume my loan?
If your loan is eligible, and you have someone interested in taking over the payments on your home, you may download a credit application which you can give to the interested party.  To check the eligibility of your loan, or if you have any questions about the transfer of equity process, please contact our customer service department.

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