Accounting FAQs
Why are you not collecting late fees from the borrower?
If the borrower only sent in enough funds to make a PI or PITI payment, the late fee will be assessed and accrue on the loan until the late balance is paid. The late balance will be paid before any additional funds are applied as principal pay down. Payments on security instruments are applied in the following order (unless otherwise specified on the security instrument):
Interest due under the Note, principal due under the Note and amounts for escrow. Any additional funds will be applied first to late charges, second to any other amounts due under the security instrument (such as legal fees, other expenses) and last to principal balance of the Note.
Why was my borrower's payment placed in reserve?
Borrower payments that are less than the monthly PI will be placed in reserve until funds are received to make a complete monthly payment. A borrower’s payment in excess of two monthly payments will also be put into reserve.
When will the loan status change to performing?
Borrowers must make payments for three (3) consecutive months before the loan is categorized from “non-performing” to “performing.” Loans are automatically updated on a monthly basis according to the payment history on the loan. Loans that miss two payments for (2) consecutive months get switched to “non-performing” and loans that make payments for three (3) consecutive months get switched to “performing.” If you loan was on another program, you must send in a request to have your loan switched to the “performing” loan program if the borrower is performing on the loan.
Can I endorse a check to Atlantic Pearl Mortgages?
Yes, you can endorse the back of money orders and checks to Atlantic Pearl Mortgages. The back of the money order or check must have “Pay to the order of Atlantic Pearl Mortgage, LLC” and signed by you.
I received funds directly from my borrower. Can the account be updated to reflect these payments?
No. Atlantic Pearl Mortgages must receive the funds directly to credit the borrower’s account. We need to show the payment was received and applied to the account for accounting and auditing purposes. Payments must also be received to accurately report to the credit bureau and generate end of the year tax forms for the borrower and your entity.
How can I pay my invoices?
Invoices will be deducted from your half monthly borrower collections check. We also offer auto draft payments via ACH. Funds will be debited once a month for any open invoices during the first week of the month. Checks can also be mailed to: Atlantic Pearl Mortgage, LLC
4600 Kietzke Lane, Ste 132,
Lafayette, CO 80026.
Unfortunately, we are unable to accept debit or credit card payment at this time.
When will I receive my invoices?
Invoices are generated on the 15th of every month. You will receive an email when invoices have been uploaded to your Sharefile account. You can click the link in the email to log into your sharefile account and download your invoices from the folders in your account. You can also access your sharefile account ShareFile login.
Where can I find my invoices and payment information?
All accounting information is stored on Sharefile in separate folders. Please use the following link to access your Sharefile account.
ShareFile Login.
How will I be notified of payments sent to me?
You will be sent a notification from Sharefile to download a check detail report. The report is sent to you whenever funds are sent to you via ACH or check disbursement. The report will provide you with a breakdown of the borrower’s payments and monthly deductions.
How will I receive my payment?
If no ACH for is provided at the time of loan boarding, check disbursements will be mailed to the address on file. Payments can be deposited directly into your bank account via ACH by completing the form here. We encourage signing up for ACH disbursements, as you will receive your payments faster and securely into your bank account.
When will I receive my payment?
Payments to investors are disbursed weekly. The cutoff day is Friday of each week. Borrower payments received between Monday and Friday are disbursed the following Wednesday, allowing for enough time for checks to clear the bank.
Homeowner FAQs
What can I do if I am already in foreclosure or have already received a foreclosure notice?
Even if you feel you do not have any resources or ability to repay your loan, your Customer Service Representative may be able to help you work something out to save your home or, at the very least, minimize the negative impact to your credit. Doing nothing guarantees the worst possible outcome – foreclosure and damaged credit.
Can I sell my home if I owe more than it is worth?
In some cases, you can. This is what is known as a short sale or pre-foreclosure sale. This is something you would need to work out with your lender. via email: customerservice@atlanticpearlmortgage.com.
What will a foreclosure do to my credit rating?
Foreclosures are extremely damaging to your credit, and may stay on your credit report for as much as seven years. A foreclosure can make it difficult to get a loan for a future home purchase, for college expenses or to even get a VISA or MasterCard. If the borrower is able to get credit, the interest rates will likely be higher. Even if you’re already facing foreclosure, there may still be options to minimize the damage to your credit. Contact the Customer Service at or email customerservice@atlanticpearlmortgage.com to find out more.
What if I can't make my payment?
emailing: customerservice@atlanticpearlmortgage.com so that we can determine how to best help you. Even if you do not have any resources or ability to repay your loan, your Customer Service Representative may be able help you work something out to save your home, or at the very least, minimize the negative impact to your credit. Doing nothing guarantees the worst possible outcome – foreclosure and severely damaged credit.
When is my payment considered late?
If your payment has not been received within the specified number of grace days, you will be assessed a late charge in accordance with the terms of your Note. It is always a good idea to keep records of payments made including cancelled checks or bank statements.
Why did my payment increase?
Your payment may have increased for several different reasons. If your Note provides for and Adjustable Rate Mortgage (ARM), the interest rate and corresponding payment amounts will change in accordance with the terms of the Note. There may have been an increase in your impound account if your annual insurance policy increased or property taxes increased. You should have received an Escrow Analysis report whenever your impound account changed.
How can I make my payments without a statement?
We can process your payment without your statement, but it is important that you include the correct loan number on your check. You can also call us to make a payment over the phone.
Billing statements can also be accessed and downloaded from the web portal by clicking here:
You must register for access to the portal first.
Where do I mail my payments?
4600 Kietzke Lane, Ste 132, Lafayette, CO 80026
I mailed my payment to the prior servicer before I received the notice of service transfer. Will my account be credited?
If you mailed your check to the prior servicer, please be assured that it will be endorsed and forwarded to Atlantic Pearl Mortgages for proper credit to your account or it may be returned to you. If you receive a notice from us that it has not been received, please contact us immediately. Your Customer Service Representative will work with you to either confirm the payment you sent or make arrangements to resubmit the payment. You can contact Customer Service on the phone at: via email: customerservice@atlanticpearlmortgage.com.
My loan was recently transferred to Atlantic Pearl Mortgages and I have not received a monthly statement
You can still make payments prior to receiving a billing statement. In your “Welcome Letter” we have included your new loan number and the correct mailing address for your monthly payments. Write your new loan number on your check and mail it to the address indicated on the “Welcome Letter.” Billing statements are generated and mailed 15 days prior to your next due date.
How much will being past-due cost me?
Late charges vary according to the terms of the loan and are based on factors such as the type of loan and the interest rate. For example, if you have an adjustable rate mortgage, your late charges would change as your interest rate changes.
What happens if I miss a payment?
You will be charged a late fee and interest. In addition, Atlantic Pearl Mortgage, LLC. may be obligated to report late payments to the main credit bureaus. Late payments can have a negative effect on your credit rating.
What happens if I am past due with my payment?
You will be charged a late fee and interest. In addition, Atlantic Pearl Mortgage, LLC. may be obligated to report late payments to credit bureaus. Late payments can have a negative effect on your credit rating.
When will my past-due payment be reported to the credit agencies?
Atlantic Pearl Mortgage, LLC reports to the main credit bureaus every month, so even one late payment may end up on your credit report. When payments are made on time, this monthly reporting helps you build a positive credit history. If you are concerned about this, you can call your Customer Service Representative at p>
Why do you charge a fee when I am past due? I am already having problems paying.
Late fees are assessed each month you are past due with your monthly payment obligation. The amount of the payment is determined by terms on your Note.
How do I get my past-due loan back in good standing?
You’ll need to make all your past-due payments as well as pay any fees and interest charged as a result of late payments. To find out exactly how much you owe, you’ll need to request a loan reinstatement from your Customer Service Representative at . If you’re unable to catch up on your payments, your Customer Service Representative may be able to set up a plan to get you back on track.
What if I can't make my payments?
Even if you feel you do not have any resources or ability to repay your loan, your Customer Service Representative may be able to help you work something out to save your home or, at the very least, minimize the negative impact to your credit. Doing nothing guarantees the worst possible outcome – foreclosure and severely damaged credit.
