The most important thing we can lend is help.
COVID-19 (Coronavirus) is affecting every area of our lives, and at LMCU, we know your finances are no exception. We recognize that we can’t afford to operate like it’s business as usual because there is nothing usual about our present circumstances. Instead, LMCU is taking measures to ensure each and every member has the financial support necessary.
The health and well-being of our members and the LMCU team remain our highest priority. All of our branch locations are open, and we are observing the Michigan and Florida guidelines related to social distancing as well as other current requirements and safety measures.
Branch Service Information
Our branch lobbies are now open.
All LMCU branch lobbies have reopened, and our staff is ready to serve you. We’ll continue to require social distancing from our members and staff, as well as observe all other current Michigan and Florida health and safety guidelines. If you’re sick or have a fever, please stay home and give us a call at 800-242-9790 or visit LMCU.org instead. As always, our mobile app, ATMs, and branch drive-thrus offer convenient, no-contact ways to bank. You can also schedule a one-on-one in-person appointment at Scheduling.LMCU.org.
- For member convenience, please use this link to schedule an appointment at your local branch.
Because we’re a member of the NCUA, deposits of up to $250,000 are insured by the federal government. So your money will be here waiting for you whenever you need it.
Help with your mortgage. If you’re having difficulty paying your monthly mortgage, contact our team at (800) 242-9790, ext. 9931, and we'll work with you one-on-one to find a solution.
These hours are:
Monday - Thursday 9:00 a.m. – 5:30 p.m.,
Friday 9:00 a.m. – 6:00 p.m., and
Saturday 9:00 a.m. – 1:00 p.m.
Social distancing won't stop us from standing by your side. If COVID-19 has affected your ability to pay your mortgage, we're here to help. We've compiled a list of common questions and answers.
I’m unable to pay my mortgage due to COVID-19. Can LMCU help? Yes. As a mortgage servicer, we’re continuing to follow the government’s guidelines, and we’ll work with you one-on-one to find a solution.
What is the Pandemic Forbearance Plan? If you qualify, The Pandemic Forbearance Plan temporarily pauses mortgage payments for an initial period of 180 days. At the end of this period, all payments will need to be repaid. However, you may have options if you can’t repay it all at once.
Do I qualify for the Pandemic Forbearance Plan? You qualify if COVID-19 has impacted your ability to make your mortgage payment and you have a federally backed loan (Fannie Mae, Freddie Mac, FHA, VA, USDA). Your property must fall into one of the following:
Are my bankruptcy accounts eligible for a Pandemic Forbearance Plan? If you or a co-borrower on the loan is currently a debtor in an active bankruptcy case, you may need to obtain a Bankruptcy Court approval of your forbearance plan.
How do I apply for the Pandemic Forbearance Plan? Contact our team at (800) 242-9790, ext. 9931 and we’ll work with you one-on-one to find the best solution. Our hours are Monday - Thursday 9:00 a.m. – 5:30 p.m., Friday 9:00 a.m. – 6:00 p.m., and Saturday 9:00 a.m. – 1:00 p.m.
When should I apply for the Pandemic Forbearance Plan? The Pandemic Forbearance Plan as outlined in the CARES Act is for a period up to 180 days with the option to extend your forbearance up to an additional 180 days. If you can afford to make your monthly mortgage payment, do so as long as possible. By waiting until you need the help, you will give yourself the longest possible time period to receive assistance.
If you qualify, the process to receive the Pandemic Forbearance Plan is fast and, in most cases, can be completed anywhere from 15 minutes to 24 hours from the point of initial discussions about your options to entering into the plan.
Is there additional paperwork needed to apply for the Pandemic Forbearance Plan? No. There is no paperwork required that you need to complete. The only paperwork you’ll receive is for your review only. The only documents required are those showing that you had: 1.) Reduction in income; and/or 2.) An increase in expenses in relation to COVID-19.
Will additional interest and/or late fees be charged on my loan during the Pandemic Forbearance Plan period? No, for the forbearance period granted, all late fees are waived, and no additional interest is charged. At the end of the forbearance period granted, only your regular principal, interest, and any outstanding escrow payments will be due.
Will my credit be affected by going on the Pandemic Forbearance Plan? No. Because you’re impacted by COVID-19, all payments that are paused during your forbearance period under the Pandemic Forbearance Plan will not be reported late to the credit bureaus.
If I elect to enter into forbearance under the Pandemic Forbearance Plan, how long can I pause my mortgage payment? You can pause your mortgage payment up to 180 days, with the potential option to extend your forbearance if you’re unable to resume making payments.
If I can’t pay the full amount of my missed payments at the end of the Pandemic Forbearance Plan period, what are my options? You may have a few options, including:
Will the Pandemic Forbearance Plan affect my mortgage insurance? Yes. If you have private mortgage insurance (PMI) or FHA mortgage insurance premium (MIP), a forbearance plan may extend the number of months you must pay on time in order to cancel your PMI or MIP.
If I was delinquent on my mortgage prior to COVID-19, can I still qualify for the Pandemic Forbearance Plan? Yes. The forbearance plan is available to all affected homeowners, including those who were delinquent prior to the pandemic. However, your delinquency may impact the options available to you at the end of your forbearance plan.
I’m on an active trial modification or other workout plan. Will the Pandemic Forbearance Plan affect it? Yes. Your active trial modification or other workout plan will be cancelled if you opt for the Pandemic Forbearance Plan. At the end of your Pandemic Forbearance Plan period, you can reapply, but we can’t guarantee you’ll be approved.
Will the Pandemic Forbearance Plan affect my incentive payments on my Home Affordable Modification Plan (HAMP)? Only if you fail to bring your loan current at the end of the Pandemic Forbearance Plan period. If you don’t pay the missed payments in full at the end of the period or you enter into a repayment plan, this will cause you to lose incentives under a HAMP modification.
I received principal forgiveness as part of my permanent loan modification. Will participation in the Pandemic Forbearance Plan affect it? Only if you fail to bring your loan to current status at the end of the Pandemic Forbearance Plan period. If you don’t pay the missed payments in full at the end of the three-month period, or you enter into a repayment plan, you’ll no longer be in good standing and you will no longer receive principal forgiveness.
Can my house be foreclosed on or can I be evicted? No. Beginning 3/18/2020, there is a moratorium on all foreclosure and eviction proceedings for 60 calendar days, meaning that no evictions can lawfully occur, regardless of whether you opt for the forbearance plan.
If you opt for any forbearance plan, we will not proceed with foreclosure initiations or foreclosure sales during the identified forbearance period.
Will I continue to receive a billing statement while on the Pandemic Forbearance Plan? Yes. We are legally required to send you a billing statement showing the amount due every 30 days.
I have auto-pay set-up. Will I need to turn it off during the Pandemic Forbearance Plan? We’ll automatically cancel your LMCU auto-pay. However, if you see that your auto-pay is not cancelled, you should take steps to cancel it on your account.
I’m on the Pandemic Forbearance Plan. Why am I receiving documents indicating that I’m delinquent? In a forbearance period, your loan is technically considered delinquent, and we are legally required to send you certain notices about your delinquent status. But there’s no need to worry. During your forbearance period, we are:
No additional interest will be charged if you pay off your forbearance at the end of your period granted or if you do a deferral. However, the regular interest on your mortgage will continue to accrue. If you decide to enter into a type of loan modification instead, your loan is re-amortized.
If I decide later on that I don’t want the Pandemic Forbearance Plan, can I cancel it? Yes. You have the option to cancel any forbearance plan at any time. Just remember that all missed payments during the forbearance plan period will be due when the forbearance plan ends or cancellation date – whichever date is earliest.
What if my financial situation changes during my Pandemic Forbearance Plan? Contact our team at (800) 242-9790, ext. 9331 to immediately reassess your circumstances and discuss alternatives. Our hours are Monday - Thursday 9:00 a.m. – 5:30 p.m., Friday 9:00 a.m. – 6:00 p.m., and Saturday 9:00 a.m. – 1:00 p.m.
I’m currently going through a refinance. If I enter into the Pandemic Forbearance Plan, will it affect my close? Potentially. If your forbearance is active, you’re unlikely to qualify for a refinance on your home loan.
Is the Pandemic Forbearance Plan right for me? If you need temporary relief from your mortgage payments due to the pandemic, the forbearance plan could help. However, we encourage you to speak with your financial advisor or attorney before making this decision.
Are other mortgage servicers providing the same assistance options to those impacted by COVID-19? Yes, all mortgage servicers are required via the CARES Act to offer the same assistance for investor/government backed mortgage.
If you have been impacted by COVID-19 please contact your Mortgage Servicer with any questions that you may have, to see what options are available for you. LMCU, like many other mortgage lenders in the industry, originates your loan. This means that we, like other lenders, underwrite your loan to make sure you qualify for mortgage investors like Fannie Mae, Freddie Mac, FHA, the VA…etc. After your loan closes, your mortgage may then be sold to an investor, who is the party responsible for offering the Pandemic Forbearance Plan assistance at this time. We are continually working with these agencies/investors and our policy makers to advocate for our mortgage members impacted by COVID-19 and are updating the options for our members as we receive updates.
The Paycheck Protection Program ("PPP") is part of the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), being offered through the Small Business Administration (“SBA”) and is currently at capacity. If more funding becomes available, we are here to help our existing members navigate the process.
The CARES Act also amended the SBA’s Economic Injury Disaster Loan (“EIDL”) but that program is also currently at capacity.
Additional information about PPP, EIDL and other SBA Coronavirus (COVID-19) resources, is available at the SBA's website. Please know the PPP loan has received an overwhelming response. We are doing our best to help every member in need of support, for the PPP and more. We appreciate your patience.
Fraud and Security
Protect your money and your sensitive information.
Phishing scams continue to increase and even during times like these, when everyone is pulling together, there are bad actors out there who are looking to take advantage.
Several government agencies have identified a number of scams related to COVID-19, some examples are noted below:
As an important reminder, Lake Michigan Credit Union ("LMCU"), takes every available precaution to protect your money and secure your personal information.
If you receive an email or phone call requesting confidential information or verification, or asking you to sign into your LMCU account, it is not from LMCU. If you have already shared information or clicked on a suspicious link in an email that did not originate from LMCU, please contact us immediately at (800) 242-9790 or at [email protected]
At LMCU, one of our top priorities is to protect our members, which includes preparing you to protect yourself.
Four tips for keeping your money safe.
LMCU in the Community
Besides our continued financial support to our many non-profit partners in Michigan and Florida, LMCU is finding ways to support the immediate needs in our communities, as we also participate in planning and providing assistance for the continued path forward.
Our areas of support typically include education, health and well-being, and housing.
Some examples of how we are impacting our communities include:
A collective donation of $50,000 to partner agencies across our market area specifically responding to needs created by COVID-19. Recipients included:
- LMCU’s annual Band Together donation campaign in May pivoted to support our Michigan and Florida hospital partners and their COVID-19 response o LMCU matched first $15,000 of donations o Campaign donations from LMCU members and employees will result in over $50,000 raised for hospitals
- $10,000 donation to Grand Rapids Public Schools for technology needs of students related to distance learning
- 37,500 pairs of foot-coverings meant for the spring Parade of Homes events that LMCU sponsors, were donated to nine hospitals across Michigan and Florida
- Seven LMCU branches served as Personal Protective Equipment drop-off sites for Mercy Health in West Michigan
- LMCU partnered with TransNation Title to donate 400 N95 masks to frontline hospital workers in Muskegon
- Provided a financial match that helped drive donations of over $100,000 to replace meals that were no longer able to be provided for children in West Michigan schools.
- Partnered with the West Michigan Hispanic Chamber of Commerce and the Kent County Health Department to distribute Return-to-Work resource materials in Spanish for Hispanic-owned businesses in Grand Rapids, along with masks for their employees and customers.
- Nine laptops were purchased for refugee high school students in need of computers to participate in distance learning in partnership with Treetops Collective
Purchased 600 cloth masks for front line service workers in West Michigan and Southeast Michigan distributed to the following organizations:
- Multiple LMCU teams coordinated the purchase of meal delivery to first responders, hospital staff, and other essential workforces across the communities we serve.
Important event update: Due to COVID-19, all spring shred days have been cancelled. To bring your sensitive documents for shredding, check the events page for shred days that will be scheduled in the fall.
- A collective donation of $50,000 to partner agencies across our market area specifically responding to needs created by COVID-19. Recipients included: