<h3 id="graceperiod">Grace Period</h3>
<p></p><div class="indent">
Your grace period is a set number of days after your contractual due date when we’ll still accept your payment <strong>without charging a late fee</strong>. <p></p>
<ul>
<li>The number of days is outlined in your Note.</li>
<li>Check your statement for the exact date when penalties and interest are added.
</li></ul></div>

<h3 id="latepayments">Late Payments</h3>
<p></p><div class="indent">
Payments are considered late, and late fees are assessed, <strong>at midnight when your grace period ends</strong> and are calculated as outlined in your Note. <p></p>
<ul>
<li>If you may not be able to make your payment on time, please <a href="/contact_us">call us</a> and let us know.
</li></ul></div>

<p></p><div class="note">
<strong><em>Reminder:</em></strong> AutoPay helps prevent late fees!
</div><p></p>

Explains a grace period and when payments are considered late

Grace Period and Late Payments

###What is it?###
[Indent]
A schedule that breaks down how principal and interest are applied with each monthly payment throughout the life of a loan. 
- Usually provided at Closing. 
[/Indent]

###Where is it?###
[Indent]
Located near the bottom of the [Payments] (/servicing/payments) page in your online account. 

It will look similar to this:
![Amortization Schedule](--image_host--/images/help-center/--brand_name--/images/amortization-schedule.png)
[/Indent]

###Why can't I see it?###
[Indent]
There are numerous reasons why the amortization schedule may not be available for all accounts, including account status, interest rate, and loan type. 

If you don’t see it, you can request one via chat, the [message center] (/message_center), or by calling our Customer Service department at 833-685-2565.
[/Indent]

###How can extra payments change my amortization schedule?###
[Indent]
Using our [mortgage payoff calculator] (/calculators/payoff), you can see how any amount of extra principal can change not only how quickly you pay off the mortgage, but also how much total interest you’ll end up paying. 
[/Indent]


Describes amortization schedule, where to view yours, and how to calculate changes

Amortization Schedule Information

Biweekly AutoPay will automatically draft a half-payment from your account **every 2 weeks** (14 days). 
- There will be 26 withdrawals a year. 
- There will be 2 months during the year when a **3rd half-payment** will be drafted and posted to your account, as a principal payment. 
- The 2 extra half-payments will help **reduce the overall interest** you pay on your loan and **accelerate your payoff**.

Eligibility:
- Account must **not** be enrolled in monthly AutoPay. (You can manage your AutoPay settings [here] (/servicing/payments/autopay/new).)
- Account must be paid **1 month in advance**. (The 2 withdrawals made each month will be applied as your next month’s payment.)

To enroll, please review, complete, and return this [***Biweekly AutoPay Authorization Form***](https://storage.googleapis.com/apolloimage/images/ChatDocuments/ACH%20Biweekly%20Application.pdf).

Explains how Biweekly AutoPay works, the eligibility criteria, and how to enroll

Biweekly AutoPay

###Grace Period###
[Indent]
Your grace period is a set number of days after your contractual due date when we’ll still accept your payment **without charging a late fee**. 
- The number of days is outlined in your Note.
- Check your statement for the exact date when penalties and interest are added.
[/Indent]

###Late Payments###
[Indent]
Payments are considered late, and late fees are assessed, **at midnight when your grace period ends** and are calculated as outlined in your Note. 
- If you may not be able to make your payment on time, please [call us] (/contact_us) and let us know.
[/Indent]

[Note]
**_Reminder:_** AutoPay helps prevent late fees!
[/Note]


Here’s how to mail your payment:

1. Write a check or get a money order payable to “Mr. Cooper.”

2. Include the detachable coupon from the bottom of your latest monthly statement and your check or money order in an envelope addressed to:

[Indent]
Mr. Cooper  
PO Box 650783  
Dallas, TX 75265    
[/Indent]

Once we receive your payment, it may take a few days to reflect on your account. However, your official payment date will be the date we receive it.

[Note]
**Note:** When sending additional funds that require special posting instructions, such as additional principal or fees, please indicate that on your payment coupon. 
- If you don’t have a payment coupon, please include the posting instructions on **a separate note** included with your payment. **Note:** Posting instructions written on the check or other form of payment will not be followed.
- If we don’t receive posting instructions, or they aren’t on a separate note, your payment will be applied according to your payment hierarchy plan. 
[/Note]

Provides instructions and address for mailing a payment

Mailing a Payment

[Video]
  [VideoTitle]Online Payments[/VideoTitle]
  [VideoThumbnail]https://player.vimeo.com/video/240010787[/VideoThumbnail]
[VideoTranscriptLink]https://apolloimagedev.blob.core.windows.net/images/wordpress/One-Time-Payment.pdf[/VideoTranscriptLink]
[/Video]

You can also make a one-time payment through [your online account] (/servicing/payments/onetime/new).

Check out our Smart Calendar for important information about your due date, grace period, and more. Here’s a video on how it works and where to find it:

[Video]
  [VideoTitle]Smart Calendar[/VideoTitle]
  [VideoThumbnail]https://player.vimeo.com/video/240010830[/VideoThumbnail]
[VideoTranscriptLink]https://mrcooperdev.wpengine.com/wp-content/uploads/2019/02/How-to-use-the-Smart-Calendar.pdf[/VideoTranscriptLink]
[/Video]

Provides video instruction on how to make an online payment

Making an Online Payment

###Setting Up###
[Indent]
[Setting up AutoPay] (/servicing/payments/autopay/new) is quick, easy, and free. Select your payment **amount**, bank **account**, and payment **date**, and we’ll deduct your payment on the same day every month.

[Video]
  [VideoTitle]Setting Up AutoPay[/VideoTitle]
  [VideoThumbnail]https://player.vimeo.com/video/240010843[/VideoThumbnail]
[VideoTranscriptLink]https://apolloimagedev.blob.core.windows.net/images/wordpress/HowdoIsetupAutoPay.pdf[/VideoTranscriptLink]
[/Video]

(You can also set up AutoPay by printing, completing, and mailing us this [form] (https://apolloimage.blob.core.windows.net/images/Support/MrC_ACH_ONEPAGE_SEPT14.pdf).)
[/Indent]
###Making Changes###
[Indent]Change your payment **amount**, bank **account**, or payment **date** in [your AutoPay settings online] (/servicing/payments/autopay/new) at any time. New settings will take effect immediately.    

[Note]
**_Note:_**If you need to cancel your AutoPay, it must be done at least 24 hours before your next scheduled payment to stop it from being deducted.
[/Note]
[/Indent]

###Unexpected Changes to Your Automatic Payment Amount###
[Indent]
What you owe each month can be affected by things like an [escrow shortage] (/help-center/escrow/escrow-shortage-surplus), a change in your rate, or a [loan modification] (/help-center/mortgage-assistance/loan-modification-details).
- If this happens, we’ll adjust your AutoPay deduction accordingly. 
- We’ll send you a letter notifying you right away, and always before we make an AutoPay deduction in the new amount.
[/Indent]

Includes setup, making changes, and automatic payment amount adjustments

Managing Automatic Payments

###What Is It?###
[Indent]
Recasting a mortgage happens when you put down a **lump-sum payment** toward the **principal balance** and the lender [re-amortizes] (/help-center/payments/amortization-schedule) the loan. 
- Since you are paying down your principal by a large amount, your **monthly payment will be lowered**, but your interest rate and loan terms will remain the same. 
- You will **pay less total interest** on your loan due to the lowered principal balance. Alternatively, you would pay even less interest if you paid down the principal amount without recasting and just pay the loan off early.  
[/Indent]

###How Do I Recast My Loan?###
[Indent]
Not everyone is eligible for a Recast. If you are, you will need to submit a recast request form prior to making the lump-sum payment. **Making the payment does not guarantee approval of the recast request.** Once approved, a Recast Agreement will be created that allows the loan to be re-amortized, based on the lump-sum payment amount.
[/Indent]

[CallToActionBlock image="--image_host--/images/help-center/--brand_name--/images/ic-recast-document.svg" text="Submit a Recast Request" buttonText="Check Your Eligibility" buttonPath="/recast"/]

###Requirements and Details of a Recast###
[Indent]
If you are eligible, here are some details to keep in mind:
- **Minimum Amount** – Mr. Cooper requires a minimum principal payment of $10,000.

- **Recasting Fees** – There is usually a non-refundable fee of up to $250 to recast your mortgage. 

- **Mortgage Term** – The term (length) of your mortgage remains the same. 
[Example]
**Example**
If you recast 10 years into a 30-year mortgage, you will still have 20 years left on your term.
[/Example]

- **Investor Restrictions** – Currently, GNMA-backed loans are not eligible for recast. 

- **Loan Type** – Interest-only, Option ARMs, and commercial loans are also not eligible.

- **Credit Worthiness** – There are no credit checks or requirements for mortgage recasts.

- **Interest Rate** – Your interest rate stays the same, which could be a benefit over refinancing if you’ve already locked in a low rate—or a negative if your rate is particularly high for the current market. 
[/Indent]


###Recast Process at Mr. Cooper###
[Indent]
1. Check your eligibility above. 

2. Submit the recast request form and pay the recast fee, if required in your state.

3. Make the principal payment.

4. Sign and return the Recast Agreement.
[Note]
**_Note:_** The Recast Agreement lists your new, lower monthly payment amount.
[/Note]

5. We will re-amortize your mortgage loan accordingly. 

6. You will see your new monthly payment amount reflected in your monthly billing statement, as of the effective date. 
[/Indent]


Provides definition, guidelines, and process for a mortgage recast

Mortgage Recast

Making your payment over the phone has never been **faster** or more **secure**! Our advanced automated phone system can understand short questions and phrases. Once your identity has been verified, you can say something like “*make a payment*” to get started.

Just call 888-480-2432.  
- If calling from a [number saved to your account](/servicing/settings), our system will **automatically identify you**. 
[Note]
***Note:*** If there are multiple borrowers on the account, you’ll need to provide the last 4 digits of your Social Security Number.
[/Note]

- If calling from a number our system doesn’t recognize, you’ll need to provide your full Social Security Number or the full account number.
[Note]
***Note:*** If there are multiple borrowers on the account, you’ll need to provide the last 4 digits of your Social Security Number.
[/Note]

Types of payments you can make:
- Monthly payment 
- Principal-only payment
- Escrow deposit
- Escrow shortage payment

[Note]
***Note:*** There is no charge for this service.
[/Note]


Explains how to pay by phone using our secure, automated phone system

Paying by Phone

###Western Union® Quick Collect®###
[Indent]
1. Check their [website] (https://www.westernunion.com/us/en/pay-bills.html) or call 800-325-6000 to find your nearest location.

2. Fill out a Quick Collect form and be sure to include your name and loan number. 

3. You’ll also need this information:
[Indent]
Pay To: Mr. Cooper  
Code: MRCOOPER  
State: TX
[/Indent]
[Note]
**_Note:_** All Quick Collect transactions require cash and Western Union charges a fee for this service.
[/Note]
[/Indent]

###MoneyGram® ExpressPayment®###
[Indent]
1. Find your nearest MoneyGram agent on their [website] (https://www.moneygram.com/mgo/us/en/paybills) or by calling 800-926-9400.

2. At their office, fill out a ExpressPayment form. Be sure to include your name and loan number.

3. When you’re asked for a MoneyGram Receive Code, it’s **1678**.
[Note]
**_Note:_** A MoneyGram ExpressPayment requires cash and MoneyGram charges a fee for this service.
[/Note]
[/Indent]

Includes instructions for each payment service

Paying with Western Union® or MoneyGram®

###Payment Methods###
[Indent]
We accept payments from:
- checking accounts; 
- savings accounts; 
- money market accounts;
- personal checks; 
- money orders; and 
- cashier’s checks. 
[Note]
**_Note:_** We do not accept debit or credit card payments at this time.
[/Note]
[/Indent]

###Payment Types###
[Indent]
We accept the following payment types:
- [One-Time Online] (/help-center/payments/making-an-online-payment) 
- [AutoPay] (/help-center/payments/managing-automatic-payments) 
- [Phone] (/help-center/payments/paying-by-phone)
- [Mail] (/help-center/payments/mailing-a-payment)
- [Western Union® Quick Collect®] (/help-center/payments/western-union-moneygram)
- [MoneyGram® ExpressPayment®] (/help-center/payments/western-union-moneygram)
[/Indent]

Lists all accepted payment methods and all available payment types

Payment Options

##Escrowed Accounts##
[Indent]
The most common reason is due to an increase in property taxes or insurance premiums.     
Learn about how your [escrow analysis] (/help-center/escrow/escrow-analysis-escrow-review) can change your payment.
[/Indent]

##Non-Escrowed Accounts##
[Indent]
It could be due to a modification, balloon payment due soon, or a scheduled adjustment to the interest rate.
[/Indent]

You can view payment details on your latest [monthly statement] (/servicing/statements).

Lists possible reasons for a payment change

Why Your Payment May Change

Payments

Payoffs must be made via certified funds—wire transfer, money order, or cashier’s check. Please do not send personal checks, certified personal checks, or cash.

###Wire Transfer###
[Indent]
Your payoff quote statement will include all of the information you need about our receiving bank for wires. 
[Note]
**_Note:_** We suggest having your bank process the wire transfer on your behalf.
[/Note]

**For reference:**  
[Indent]
Account: XXXXXXXXXXXXXXXXX (This will be a unique number generated for you on your payoff quote statement.)  
ABA/Routing Number: 021000021  
Bank Name: JP Morgan Chase Bank  
Bank Address: 270 Park Ave., New York, NY 10017
[/Indent]
[/Indent]

###Certified Funds###
[Indent]
If you prefer to mail your payoff, send a money order or cashier’s check for the full amount of your quote to:

[Indent]
Mr. Cooper  
Attn: Payoff Department  
800 State Highway 121 Bypass  
Lewisville, TX 75067
[/Indent]
[/Indent]



Provides instructions for payoff via wire or certified funds

Paying Off Your Mortgage with Mr. Cooper

###Who Can Request###
[Indent]
Only Mr. Cooper customers and authorized third parties may request a payoff quote.
- You can [authorize a third party] (/servicing/account/authorization/new) to request a payoff quote on your behalf online.
[/Indent]

###How to Request Online###
[Indent]
**Mr. Cooper Customers:**

You can request a payoff quote through [your online account] (/servicing/payoff_quote_requests/instant).
- Depending on your loan, you may be eligible for an instant payoff quote.
- Otherwise, we will send your payoff quote by the delivery method you select within the timeframe provided.

**Third Parties Acting on Behalf of a Mr. Cooper Customer:**

If the customer has already [authorized you] (/help-center/account-help/authorize-third-party) (either online or by completing our [Third Party Authorization Form] (https://apolloimage.blob.core.windows.net/images/Cooper-PDFs/3rd-Party-Auth-form.pdf)), you can [request a third-party quote] (/broker_agent_services/payoff_quote_request).
[/Indent]

###How to Request by Phone or Mail###
[Indent]
- Phone: Call us at 833-685-2567.
- Mail: Send us a short letter stating that you’d like a payoff quote. 
Be sure to include:
    - your loan number; 
    - the address of the property; and 
    - all of your most up-to-date contact information.
[Indent]
Send it to:  
Mr. Cooper  
Attn: Payoff Department  
800 State Highway 121 Bypass  
Lewisville, TX 75067
[/Indent]
[/Indent]

###Fees###
[Indent] A preparation fee of up to $30 may apply to each payoff quote statement we generate. 
- Additional expedited delivery fees of up to $25 may apply to each payoff quote sent via web.

Feel free to [call us] (/contact_us) for clarification of applicable fees before requesting your quote.
[/Indent]


Grace Period and Late Payments

Grace Period

Late Payments

Helpful Resources

Have more questions or need help?

Grace Period and Late Payments

Grace Period

Late Payments

Related Articles

Helpful Resources

Have more questions or need help?