Microsoft Word - Bi-Weekly Automatic Payment Program Information Packet (9)

NEW AMERICAN FUNDING | 11001 Lakeline Blvd., Bldg. #1, Suite #325, Austin, TX 78717-0031

PO Box 170581, Austin, TX 78717-0031

Telephone 1-800-893-5304 Fax 1-800-880-0639

TTY/TDD 1-844-249-9633

Bi-Weekly Automatic Payment Program Info Packet V1 9/16/2022

Dear Borrower:

Enclosed is our Bi-Weekly Automatic Payment Program form authorizing us to automatically debit your bank

account every other week for your monthly mortgage payment. If you are interested in this program, please

read the following Terms of Service for Bi-Weekly Automatic Payments, then fill out the enclosed authorization

form and return it by email to CustomerCare@nafinc.com in PDF format, fax to (800) 880-0639, or return it to

our Customer Care Department at:

New American Funding

P.O. Box 170581

Austin, TX 78717-0031

 The Bi-Weekly Automatic Payment Program allows you to make one half of your Regular Monthly

Payment every other week. If you wish to participate, you will be required to make one full Regular

Monthly Payment in advance by the 15

day of the month prior to the month in which your bi-weekly

automatic payments will begin. This is necessary to ensure that your account is not assessed a late fee

every month in accordance with the Note that stipulates a late charge will be assessed if the full amount

of any monthly payment is not received by the 15th calendar day following the due date. Your advance

payment can be made in one of the following ways:

 Call us at 800-893-5304 to make your payment through our automated system with no

additional fees.

 Mail your payment by check to the address above with no additional fees;

 Or you can make your payment online with no additional fees by going to

www.newamericanfunding.com/myloan/

 There is no charge for making a payment online, but the site will require you to register.

 After you enroll for bi-weekly automatic payments, you will be notified of the date of the first automatic

payment. You must continue to make your monthly payments as usual until you receive such

notification.

 Bi-weekly automatic payments may only be withdrawn from checking or savings accounts. Contact your

financial institution for restrictions that may apply to automatic payments from savings accounts.

 Payment Schedule. Bi-weekly automatic payments will be made from your bank account in accordance

with the enclosed schedule (every other Friday). The dates and frequency of the biweekly automatic

payments cannot be revised.

 Payment Amount. Each automatic payment will withdraw from your bank account one half of the

Regular Monthly Payment that is due the following month as shown on your Mortgage Account

Statement, plus any additional principal payments that you have requested on your authorization form.

If your loan is escrowed or is an interest only loan, a buydown loan, or an ARM loan and there is a change

in the monthly payment, the amount of the automatic payment will be one half of the new Regular

Monthly Payment that is shown on your Mortgage Account Statement, plus any additional principal

payments that you have requested on your authorization form. Fees will not be withdrawn from your

bank account through automatic payments.

NEW AMERICAN FUNDING | 11001 Lakeline Blvd., Bldg. #1, Suite #325, Austin, TX 78717-0031

PO Box 170581, Austin, TX 78717-0031

Telephone 1-800-893-5304 Fax 1-800-880-0639

TTY/TDD 1-844-249-9633

Bi-Weekly Automatic Payment Program Info Packet V1 9/16/2022

 Application of Payments to Your Loan. The first bi-weekly automatic payment that is made in each

statement cycle will be treated as a partial loan payment and will be held in a separate account until the

second bi-weekly payment is received. As a result, the first bi-weekly payment will not reduce your

principal when it is received. Once the second bi-weekly payment is received, the bi-weekly payments

will aggregate to one full payment, which will be applied to your loan account at that time. If three

automatic payments occur in one month, the third automatic payment will be applied to your loan

account as a reduction to the principal balance of your loan.

 Additional Principal Payments. If you wish to make an additional payment to pay down your principal

balance, you must make the payment in one of the following ways:

 Make your payment over the phone by calling us at 800-893-5304 and making your payment

with the assistance of a Customer Care representative. The additional principal payment cannot

be made using our automated phone system;

 Mail your payment by check to the address above;

 Or you can make your payment online by going to www.newamericanfunding.com/myloan/

 There is no charge for making a payment online, but the site will require you to register. NOTE:

You may only use this method to make additional principal payments. Do not use it to make a

regular payment.

 Once you enroll in the bi-weekly automatic payment program, you will no longer be able to make Regular

Monthly Payments by phone or through the New American Funding website as these have already been

set up according to the Bi-Weekly Payment Schedule.

 Start Date. In the attached authorization form, you may specify the month that you would like for

automatic payments to begin. The authorization form must be received in our office by the fifteenth

(15th) of the month prior to your requested start month. If the form is received after the fifteenth

(15th), the automatic payments will begin the month after your requested start month.

 Change to Payment Information. You agree to contact your financial institution to verify that the bank

account information in the authorization form is correct. To make any changes to your bank account

number or routing number, please submit a new authorization form to the Customer Care Department at

the address or fax number above. Please indicate the month you want the change to become effective.

Please be advised that the change must be received in our office by the fifteenth (15th) of the month

prior to that effective date, otherwise it will be applied to automatic payments in the following month.

You can obtain a new authorization form by contacting our Customer Care Department.

 Cancelling the Bi-Weekly Automatic Payment Program. You may cancel this program by notifying the

Customer Care Department at least thirty (30) days prior to the date you would like the cancellation to

be effective. You may contact the Customer Care Department at the address or fax number above, or by

calling (800) 893-5304. If an automatic payment request is not honored by your financial institution,

New American Funding will not consider the payment to be made and you may be removed from the bi-

weekly automatic payment program. We may, in our sole discretion, resubmit the automatic payment

request for payment by your financial institution. New American Funding, in its sole discretion, reserves

the right to remove any loan account from the bi-weekly automatic payment program at any time.

 You have the right to receive notice of all varying transfers.

 You have 60 days from the date of the payment to notify New American Funding of any errors related to

an automatic payment under this agreement.

 New American Funding will not be liable for any exemplary, special, consequential, punitive, indirect, or

incidental damages, regardless of whether any claim is based on contract or whether any such damages

were foreseeable.

NEW AMERICAN FUNDING | 11001 Lakeline Blvd., Bldg. #1, Suite #325, Austin, TX 78717-0031

PO Box 170581, Austin, TX 78717-0031

Telephone 1-800-893-5304 Fax 1-800-880-0639

TTY/TDD 1-844-249-9633

Bi-Weekly Automatic Payment Program Info Packet V1 9/16/2022

 If the date on which a payment is scheduled to be debited from your account is a bank holiday, the

payment will be debited on the next business day.

PLEASE RETAIN FOR YOUR RECORDS

NEW AMERICAN FUNDING | 11001 Lakeline Blvd., Bldg. #1, Suite #325, Austin, TX 78717-0031

PO Box 170581, Austin, TX 78717-0031

Telephone 1-800-893-5304 Fax 1-800-880-0639

TTY/TDD 1-844-249-9633

Bi-Weekly Automatic Payment Program Info Packet V1 9/16/2022

BI-WEEKLY AUTOMATIC PAYMENT AUTHORIZATION FORM

Borrower: (please print) Loan No.:

Co-Borrower: (please print)

Enter the information below for the bank account from which you would like bi-weekly automatic

payments to be made:

Bank ABA/Routing Number: (Must be 9 digits)

Bank Account Number: (Do not include check number)

Please do not attach voided check or deposit slip.

Bank Name: Bank Phone Number:

Please indicate one: Checking account ☐ Savings account ☐

Additional Principal *Per Each Draft* __________________ .

The additional principal payments will not be credited to your loan account until your full Regular

Monthly Payment is credited, which will occur after the second bi-weekly automatic payment has been

received each month.

The month you would like to start the program: _______________ .

This form AND the advanced payment must be received in our office by the 15th of the month prior

to the requested start month. You will be notified of the date of the first automatic payment.

If this form is returned with incomplete information, we will be unable to process your request and

the form will be returned to you for correction.

I authorize New American Funding to make authorized electronic fund transfers from my account

identified above. By signing below, I understand and agree to the Terms of Service for Bi-Weekly

Automatic Payments.

Sign: Print Name:

Date: