<h3 id="escrowedaccounts">Escrowed Accounts</h3>
<p></p><div class="indent">
The most common reason is due to an increase in property taxes or insurance premiums.<br>
Learn about how your <a href="/help-center/escrow/escrow-analysis-escrow-review">escrow analysis</a> can change your payment.
</div><p></p>
<h3 id="nonescrowedaccounts">Non-Escrowed Accounts</h3>
<p></p><div class="indent">
It could be due to a modification, balloon payment due soon, or a scheduled adjustment to the interest rate.
</div><p></p>
<p>You can view payment details on your latest <a href="/servicing/statements">monthly statement</a>.</p>

Lists possible reasons for a payment change

Why Your Payment May Change

###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 [ChatLink]chatting with us[/ChatLink].
[/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] (/servicing/payments/additionals_only/new) can change not only how quickly you pay off the mortgage, but also how much total interest you’ll end up paying. 
[Video]
  [VideoTitle]Should I pay extra toward my principal?[/VideoTitle][VideoThumbnail src="https://storage.googleapis.com/apolloimage/images/apollo_mr_cooper/should-i-pay-extra-toward-my-principal.jpg"]https://player.vimeo.com/video/863392456[/VideoThumbnail]
[/Video]
[/Indent]

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

Amortization Schedule Information

###What It Is    
[Indent] 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 the account, as a principal payment. 
- The 2 extra half-payments will help **reduce the overall interest** you pay on the loan and **accelerate the payoff**. 
[Note]
**Note:** There are no fees for using Biweekly AutoPay.
[/Note]
[/Indent]

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

###Setting Up     
[Indent]
[Setting up AutoPay] (/servicing/payments/autopay/new)—Biweekly or Monthly—is quick, easy, and free. 
You can also set up AutoPay by completing and returning one of these forms: 
- [Monthly AutoPay Authorization Form] (https://storage.googleapis.com/apolloimage/images/Support/MrC_ACH_ONEPAGE_SEPT14.pdf) 
- [Biweekly AutoPay Authorization Form] (https://storage.googleapis.com/apolloimage/images/ChatDocuments/ACH%20Biweekly%20Application.pdf)
[/Indent]

Explains how Biweekly AutoPay works, the eligibility criteria, and how to set it up

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 [contact us] (/contact_us) and let us know.

[Note]
**_Note:_** If your payment arrives on a [holiday](/help-center/account-help/operating-hours-holidays), we’ll post it to your account the next business day that we’re back in the office—but we’ll credit it for the **day it arrives**.
[/Note]
[/Indent]

[Note]
**_Tip:_** Being set up on [AutoPay](/servicing/payments/autopay/new) helps prevent late fees!
[/Note]


Explains your grace period and when payments are considered late

Grace Period and Late Payments

Here’s how and where to mail your payment:
[Indent]
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:_** If your payment arrives on a [holiday](/help-center/account-help/operating-hours-holidays), we’ll post it to your account the next business day that we’re back in the office—but we’ll credit it for the **day it arrives**.
[/Note]
[/Indent]


###Special Posting Instructions###
[Indent]
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. 

[/Indent]
[Note]
**_Tip:_** Being set up on [AutoPay](/servicing/payments/autopay/new) helps prevent late fees!
[/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]
[/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]
[/Video]

Provides video instruction on how to make an online payment

Making an Online Payment

###Setting Up###
[Indent]
[Setting up AutoPay] (https://www.mrcooper.com/servicing/payments/autopay/new) is quick, easy, and free.    
- First, select the payment **frequency**—Monthly or Biweekly, if eligible. 
    - **Monthly:**    
This option maintains the original payoff timeframe and loan terms.    
    - **Biweekly:**    
This option helps reduce the overall interest paid on the loan and accelerates the payoff by making two extra half payments each year.
- Then just choose a payment **start date**, confirm the payment **amount**, and enter a bank **account**. 

We’ll automatically deduct the payments going forward.

[Note]
**_Note:_**: There are no fees for using AutoPay.
[/Note]

You can also set up AutoPay by completing and returning one of these forms:
- [Monthly AutoPay Authorization Form] (https://storage.googleapis.com/apolloimage/images/Support/MrC_ACH_ONEPAGE_SEPT14.pdf) 
- [Biweekly AutoPay Authorization Form] (https://storage.googleapis.com/apolloimage/images/ChatDocuments/ACH%20Biweekly%20Application.pdf)

[/Indent]
###Making Changes###
[Indent]Change the 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, unless there’s already a draft scheduled within the next 24 hours. 

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

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

[Video]
  [VideoTitle]What is the difference between AutoPay and automatic bill pay?[/VideoTitle][VideoThumbnail src="https://storage.googleapis.com/apolloimage/images/apollo_mr_cooper/what-is-the-difference-between-AutoPay-and-automatic-bill-pay.jpg"]https://player.vimeo.com/video/866985953[/VideoThumbnail]
[/Video]

Includes setup, making changes, and automatic payment amount changes

Managing Automatic Payments (AutoPay)

###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. 
[Note]
**_Note:_** The recasting process can take up to 90 days. 
[/Note]
[/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 833-685-2565 to use our automated phone system.  
- 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
- Fees-only payment
- Lender-Paid Expenses
- Monthly payments with additional amounts, including principal, escrow, fees, and Lender-Paid Expenses

[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) 
- [Monthly AutoPay] (/help-center/payments/managing-automatic-payments) 
- [Biweekly AutoPay] (/help-center/payments/biweekly-autopay) 
- [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).

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  
8950 Cypress Waters Blvd.  
Coppell, TX 75019
[/Indent]
[/Indent]

[Video]
  [VideoTitle]What is the payoff process?[/VideoTitle][VideoThumbnail src="https://storage.googleapis.com/apolloimage/images/apollo_mr_cooper/what-is-the-payoff-process.jpg"]https://player.vimeo.com/video/885422478[/VideoThumbnail]
[/Video]

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]

###Online Requests###
[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] (--image_host--/images/Cooper-PDFs/3rd-Party-Auth-form.pdf)), you can [request a third-party quote] (/broker_agent_services/payoff_quote_request).
[/Indent]

###Other Ways to Request###
[Indent]
- **Chat:** Our [ChatLink]virtual assistant[/ChatLink] can quickly process your payoff quote request.
- **Message Center:** Open a ticket in the [Message Center](/message_center).
- **Automated Phone System:** Call 833-685-2565.
- **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  
8950 Cypress Waters Blvd.  
Coppell, TX 75019
[/Indent]
[/Indent]

###Fees###
[Indent] A preparation fee of up to $25 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 [contact us] (/contact_us) for clarification of applicable fees before requesting your quote.
[/Indent]
[Video]
  [VideoTitle]What is a payoff quote?[/VideoTitle][VideoThumbnail src="https://storage.googleapis.com/apolloimage/images/apollo_mr_cooper/what-is-a-payoff-quote.jpg"]https://player.vimeo.com/video/885422430[/VideoThumbnail]
[/Video]

Includes who can request, how to request, and possible fees

Requesting a Payoff Quote

Payoffs

Get in touch with our team — we’re here to help!

contactus

Connect With Mr. Cooper

View activity & make or edit any type of payment.

payments

Payments & Payoffs

View, download, or print your account statements.

statements

Statements & 1098/1099

Manage all insurance & tax details for your mortgage.

escrow

Escrow, Taxes, & Insurance

Info for new and recently transferred customers.

new-customer

New Customer

View common mortgage assistance solutions.

mortgage-assistance

Mortgage Assistance

Get help and support for your Mr. Cooper account.

account-help

Account Help

homebuying-guide

Homebuying Guide

Refinancing doesn’t have to be difficult. Our experts make the process quick & easy.

Why Your Payment May Change

Escrowed Accounts

Non-Escrowed Accounts

Related Articles

Helpful Resources