Mortgages

Any partial payments that you make are not applied to your mortgage, but instead are held in a separate suspense account. If you pay the remaining balance of a partial payment, the funds will then be applied to your mortgage. Suspense funds/partial payments are subject to return.

An escrow account helps make homeownership a little more manageable. Your mortgage servicer uses it to collect and pay important ongoing expenses — like property taxes, homeowners insurance, and PMI (if applicable) — so you don’t have to worry about large lump-sum payments throughout the year. 

Because taxes and insurance premiums can change from year to year, your servicer reviews your escrow account annually. This escrow analysis looks at what was paid out, projects upcoming costs, and adjusts your monthly payment accordingly — even on a fixed-rate loan. 

What this means for you: 

• Your escrow analysis may show a shortage, deficiency, or surplus. Shortages are typically spread over 12 months, though other repayment options may be available depending on your loan. 

• Common reasons for escrow changes include increases in property taxes or insurance premiums, reassessments on newly purchased or newly built homes, and unexpected tax or insurance disbursements. 

• Understanding how your escrow is calculated can help you anticipate and plan for changes to your monthly mortgage payment. 

• If you wish to request the removal of PMI before it reaches the automatic termination date and required loan-to-value (LTV) percentage, you must contact LMCU to initiate the request. Please reach out to us at 844.754.6280 ext. 9929 or [email protected] to review eligibility and requirements. 

For a full explanation of how to read your escrow analysis statement, why payments change, shortage repayment options, and escrow waiver eligibility, check out our Escrow FAQ. 

We are here to help you understand and prepare for changes that will affect your current adjustable-rate mortgage.

The LIBOR index, which is used to determine the interest rate charged for some adjustable rate loans, may no longer be available as of June 2023. This will affect some loans and lines of credit that use the LIBOR index in order to determine interest rate.

We are working with regulators and consumer advocacy organizations to move existing accounts from LIBOR to another index in a way that is fair and transparent.

What this means for you:

• If your adjustable-rate mortgage is based on the LIBOR index, a new index will be assigned to your loan at your first-rate adjustment after June 2023.
• Starting in August 2020, new adjustable-rate mortgages no longer use the LIBOR index.

For more information, please refer to the LIBOR Index FAQ.

We have a variety of payment calculators on our Loan Calculators page, find the mortgage specific ones under the Home section.

If you have a mortgage, you will need to provide your insurance carrier our mortgagee clause below along with your loan number.

Mortgagee Clause: Lake Michigan Credit Union, ISAOA/ATIMA, PO Box 1978, Carmel, IN 46082

• In person by visiting any branch location
• Online through the Online Banking Mortgage Servicing Portal by navigating to the Payments menu and selecting Make A Payment
• Enrolling in recurring automatic payments within the Online Banking Mortgage Servicing Portal
• Over the phone by calling Mortgage Services at (844) 754-6280 (Note: a charge will apply)
• By mailing your payment to:
  PO Box 3638
  Grand Rapids, MI 49501

There are multiple ways to obtain a payoff statement:

• Via email at [email protected] or via fax at (616) 900-1691
• By calling Mortgage Services at (844) 754-6280

Note: Requests from third parties must be accompanied by appropriate borrower’s authorization

If your mortgage includes Private Mortgage Insurance (PMI), you may be able to have it removed — and that could lower your monthly payment. PMI is typically required on conventional loans when the down payment is less than 20% of the home’s original value. It protects the lender if you default, but it doesn’t have to be permanent. 

What this means for you: 

• You may be able to request PMI removal once your loan balance reaches 80% of the home’s original value — provided you have a strong payment history and your property value hasn’t declined. 

• PMI may be automatically terminated when your loan balance reaches 78% of the original value, based on your original amortization schedule, as long as your loan is current. 

• Not all loans qualify. FHA, VA, USDA, and certain other loan types follow different mortgage insurance guidelines. Your loan type and servicing terms determine your eligibility. 

• If you wish to request the removal of PMI before it reaches the automatic termination date and required loan-to-value (LTV) percentage, please reach out to us at 844.754.6280 ext. 9929 or [email protected] to review eligibility and requirements. 

For complete details on PMI cancellation, automatic termination timelines, and your rights under the Homeowners Protection Act, refer to our Private Mortgage Insurance (PMI) Annual Notice.

Whether you have recently changed insurance providers or need to provide proof of your existing coverage, you can now simply visit 

 www.myinsuranceinfo.com to securely upload a copy of your homeowner’s or flood insurance declarations page(s).  For additional information

about using this site, navigate to myinsuranceinfo.com and click “Support” at the top right hand corner of the screen.

1098 Mortgage Interest Statements are mailed by the end of January the following year.

• For post-2018 1098 Mortgage Interest Statements: Log in to the Online Banking Mortgage Servicing Portal, navigate to Account Management, and select Document Center.  Select Taxes to view available 1098 Mortgage Interest Statements.
• For 1098 forms prior to 2018: please contact Mortgage Services at (844) 754-6280 or [email protected]

To make additional escrow or principal payments within the Online Banking Mortgage Servicing Portal, navigate to the Payments menu and select Make An Additional Payment. From there, indicate which type of payment you would like to make.

To view a copy of your mortgage statement within the Online Banking Mortgage Servicing Portal, navigate to Account Management, select Document Center, and then select Billing.

Within the Online Banking Mortgage Servicing Portal, navigate to the Payments menu and select Make A Payment.

To stop receiving statements in the mail and enroll in eStatements, navigate to Account Management within the Online Banking Mortgage Servicing Portal and then select Document Center. Under Delivery Preferences, choose paperless statements and click “Let’s do this!”

To view your current balance (principal and/or escrow), loan activity, or payment history within the Online Banking Mortgage Servicing Portal, navigate to the My Loan menu.