Manage Your SPIRE Mortgage

SPIRE Digital Banking

We recommend paying your loan on SPIRE Digital Banking. You can make one-time payments or monthly automatic payments from either your SPIRE account or an account at another financial institution. You can also use BillPay.

SPIRE Branch

You can pay your loan in person by visiting your nearest SPIRE branch. You can also use the night depository to drop-off your payment.

Mail

You may mail a check made out to SPIRE Credit Union and with your loan number on the check to:
SPIRE Credit Union
PO Box 130670
Roseville, MN 55113

Private Mortgage Insurance (PMI) is required on your loan if your Loan to Value ratio is more than 80%. PMI protects lenders and others against financial loss if the borrowers default. Charges for the insurance are added to your loan payments. Under certain circumstances, federal law gives you the right to cancel PMI or request PMI to automatically terminate.

If you are current on your loan payments, PMI will automatically terminate on the date the principal balance of your loan is first scheduled to reach 78% of the original value of the property.

If you would like to request the cancelation of PMI on your loan, please contact SPIRE Real Estate Servicing for guidelines.

If you have an Adjustable Rate  Mortgage (ARM) loan, you can re-lock your rate at a current available adjustable rate posted on our website.

To request a re-lock, please contact SPIRE Real Estate Servicing for details.

1. A complete copy of the title work and/or title agreement.
2. Income verification – most recent paystub.
3. Copy of the Underwriting and Transmittal Summary (1008).
4. Copy of new mortgage credit application (1003).
5. A complete copy of the Loan Estimate.
6. The closing date of the new mortgage.
7. The new mortgage amount.
8. The full name of the new first mortgage lender.
9. A complete copy of the appraisal. If not required for your loan, then Collateral Valuation (Fannie Mae/Freddie Mac) or AVM.
10. The mailing address to send the Subordination Agreement.
11. Contact information including name, phone, and fax number.
12. What kind of new mortgage is it (Term, Rate, Fixed, Variable, etc.)
13. A check for the $250 Subordination charge made out to SPIRE Credit Union. Please include your SPIRE Account Number or Social Security Number and reference that the check is for a Subordination Agreement.

Mail all of the above items to:
SPIRE Credit Union
ATTN: Real Estate Underwriting
2025 Larpenteur Ave W
Falcon Heights, MN 55113

Do not fax or email subordination requests to SPIRE. Please do not use staples.
General review/decision (to grant a subordination) process time is 5 business days from the date of receiving above listed items including the $250.00 processing fee. We will fax or email the agreement when it is complete (if requested) and we will mail the original. If you have any questions or concerns, please call us at 651.215.3500.

1. Once you've finalized your new insurance policy, make sure to cancel your homeowner's policy with your previous insurance provider. 
2. Your new insurance policy should include your loan number and this mortgagee cause:

SPIRE Credit Union
ISAOA/ATIMA
PO Box 1999
Carmel, IN 46082

3. If SPIRE has paid an insurance premium on your behalf to the previous provider within the past 12 months, retain any refund you receive from the previous provider. You should then pay your new provider's premium out-of-pocket. It does not need to be deposited into your escrow account at SPIRE.
4. If you would like SPIRE to make the new premium payment to your new insurance carrier, please contact us. Then, send a check in the amount of any refund you received from your previous carrier to be deposited into your escrow account payable to SPIRE Credit Union.
5. Any adjustments to your escrow account related to the cost of your homeowners insurance will be reflected on your next Annual Escrow Analysis in June.

We are sorry to hear about the damage to your home. The claim and repair process can be stressful. SPIRE is committed to assisting you with your insurance claim as quickly as possible so you can get started on making the necessary repairs. The amount of your claim will determine how much SPIRE needs to monitor the claims process.

Provide the following documents to our Real Estate Servicing Department prior to going to a branch with your check.

• Copy of the insurance claim check
• Insurance Company Adjustor's report
• Signed copy of the estimate/contract from your contractor
• Declarations of Intent to Repair form, completed and signed

Submit Documents Now

After you submit the required documents, we will contact you within 2-3 business days to go over the next steps.

For questions, call 651.641.2099 or email Real Estate Servicing.

FAQ

Why is SPIRE listed on my check?
Because we have a financial interest in the property and we want to assist you through the repair process.

Why does SPIRE pay for the repairs in increments?
For property repairs that we monitor, we release funds as repairs are completed. In some situations, when the repairs are minor, we release all of the funds at once.

Why does SPIRE inspect the property before releasing funds?
We want to make sure the property is being restored and to confirm the contractor completed the work.

What should I do if my contractor is requesting more funds to start or continue the repairs?
The contractor will need to submit a written request to us, signed by both you and the contractor. We will review the request and determine if additional funds will be released.

What happens if all the funds are not used?
Any remaining funds will be released as long as your loan is current, all repairs have been made, the contractor has been paid, and an acceptable inspection is completed.

The annual escrow analysis statement outlines the changes in your escrow payments that go towards your property taxes and insurance. The purpose of the statement is to ensure enough funds are collected to pay the required installments.
 

Page 1: Escrow Activity for the Prior Year

This section includes the expected and actual escrow transactions for the previous 12 months.

In this example the both the property taxes and the insurance increased so the amount projected is less than the amount disbursed.

Page 2: Escrow Projection

This section calculates the new escrow payment based on the new Property Tax and Insurance invoices.

Page 3: The payment change for the current year.

The T&I payment is from Page 2 which is based on the new Property Tax and Insurance invoices.

1/12 of the Shortage is calculated using 3 factors: The difference between the Projected and Actual T&I payments, the projected and actual T&I Balance, and the required low point.

Generally, property taxes and insurance increase every year which causes an increase in your payment.

Generally, the shortage is from increased property taxes and/or Homeowner’s insurance increases. The amount collected is based on the prior year’s invoices so if the amount increases the funds collected could be short.

You have two options:
You can pay your shortage at least two weeks prior to the payment change date listed on your escrow analysis.

You can pay the shortage amount in addition to your new monthly payment over the next 12 months.

Your payment will change if the amount due for the property taxes and/or homeowner’s insurance changes after the projected amount is determined.

Any surplus over $50 will be deposited into your share account within 2 weeks of the escrow analysis statement date.

If you have set your automatic payment up in SPIRE Digital Banking, then yes.
If SPIRE has set up your automatic payment for you, then no.