Frequently Asked Questions
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Why do I need homeowners insurance?
To protect the property from unexpected events.
How much coverage of insurance do i need?
Homeowners should have at least 100% of the replacement cost for the dwelling.
{flood and earthquake are separate insurances that might need to be purchased}
What is the difference between dwelling and liability insurance?
Property insurance protects the structure of your home (dwelling & personal property) and personal liability coverage protects you if you’re legally responsible for damage to someone else's property, or if you accidentally injure someone whether you’re at home or away.
What do i do if something happens to my property?
If damage is done, contact your insurance company first, then your mortgage company. You will need to get estimates of what it will cost to replace and take pictures.
Do I have to escrow my insurance on my homeowner’s loan?
If your home loan requires PMI insurance, then yes you will need to escrow the homeowner’s insurance.
Why does the bank need to be listed as the lienholder?
It protects the lender in the event of damage to the property.
What are common acronyms used?
Isaoa – its successors and/or assigns
The rights of the mortgagee can be transferred to any entity that purchases your bank.
Atima – as their interest may appear
Extends the coverage to some other parties doing business with the insured.
Coi – certificate of insurance
Eop – evidence of insurance
Ai – additional insured
How do I know if I need flood insurance?
A standard flood hazard determination form (sfhdf) is pulled and in section d. Determination - It is marked if area is required by the flood disaster protection act of 1973 is in a flood zone.
Flood damage does happen outside of risk zones. Example: excessive amounts of rain, snow melting, levels of water rising, or sometimes broken pipes.
When do need to get flood insurance?
Coverage needs to be in place once a property is purchased.
Where do I get flood insurance?
You can purchase flood insurance through an authorized agent. Most homeowner insurance policies specifically exclude flood damage from the coverage.
Do I have to escrow if I need flood insurance?
Yes, flood insurance is required to be escrowed.
Who pays for flood insurance?
The homeowner
What is PMI Insurance?
It is a type of insurance policy that is required by a mortgage lender when a borrower pays less than 20% down on a purchase. Pmi protects the lender if the borrower stops making payments.
Where do i get PMI insurance?
PMI can be arranged by the lender & provided by private insurance companies.
How do I pay for PMI Insurance?
Can be paid in monthly installments included in their mortgage payment or an upfront fee.
Do I have to escrow my PMI monthly payments?
Yes, PMI is required to be escrowed.
When can I stop paying for PMI Insurance?
Pmi can be removed or terminated once a certain amount of equity has been reached.
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Why is my Insurance claim check also made payable to River Hills Bank?
As your mortgage servicer, we have a financial interest in your home and need to make sure it’s restored to the condition it was in before it was damaged.
When can I expect to receive my insurance claim funds from River Hills Bank?
Funds are released from RiverHills Bank as work is completed after we have received the necessary documentation and have confirmation of the work being done and the check is made payable to Borrower(s) and Contractor.
What if my name does not match the name on the check and/or mortgage?
Bring into the branch proof of identity along with the insurance check and we will review to determine if additional verification is required.
Can I use insurance claim funds to pay my past-due balance?
These funds are intended to repair your home to a condition that is as good (or better) than it was at the time of closing and cannot be applied to your past-due balance or unpaid principal balance.
What is the insurance claim process?
This section will walk you through the process, provide the necessary documents needed and serve as a guide to the insurance claim process. All parties listed on the check must endorse it, including your second mortgage lender, if any.
STEP: 1 Report Your Claim
a. File a claim with your homeowner’s insurance company.• An insurance adjuster will assess the damage and determine a settlement amount.
b. Report your claim to us by calling 513-201-2232 or emailing us @ servicing@rhb24.com.
STEP: 2 Submit required documents
a. Bring the insurance claim check with the required documents to a River Hills Bank branch or mail it to us at 553 Chambers Drive, Milford, Ohio, 45150 or you can email documentation to servicing@rhb24.com
Documentation required before repairs:
1. Insurance Adjuster's Estimate/Report – all pages.
2. Signed contract (both parties) with contractor performing repairs.
3. Provide RiverHills with the anticipated start date for repairs.
4. Pictures of damages – before repairs
5. Complete and sign the Repair Affidavit
Step 3: Release of funds
a. The insurance claim funds are released as work is completed, invoices are received for materials and/or labor, inspections are completed as needed, and pictures of work completed are submitted to our Servicing Department.
b. A completed and signed lien waiver may be required from the contractor, if applicable.
How to contact us or submit documents:
Call us: 513-201-2232
Regular Mail: RiverHills Bank, Attn: Servicing, 553 Chamber Drive, Milford, Ohio 45150
Email: servicing@rhb24.com (Attn: Insurance Claims)
Fax: 513 –248-4482
Remember, we’re available Monday through Friday, from 8 a.m. to 5 p.m. to answer any questions you may have. 📞 513-201-2232.
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How can I make my payment online?
Login to your RiverHills Bank mobile app or go to our site at rhb24.com to set up an Internal Transfer from your personal checking or savings account as well as an External transfer of funds. You may also make your payment recur by setting up automatic payments. An example of how to set up an external transfer is listed below:
Log in to Riverhills Bank Mobile or Online Banking
Click the Transfer Tab to create a transfer.
Under External Transfer, select Launch External Transfer
Add a New Account to set up your external banking account.
Follow the Account Verification prompts.
Choose the accounts, amount, and frequency of your transfer.
**Fun Fact: On our site as well as the app, you may set up Bill Payments for other bills such as: phone, utilities, credit cards, car, etc.
Can I mail my payment in?
Yes. You can mail a personal check, cashier’s check, or money order for your regular monthly payments to the following address:
553 Chamber Drive
Milford, OH 45150
It is best to mail in with the bottom portion of your billing statement so that your payment will be applied correctly. If you receive e-statements, then please include on the memo line of the check any special instructions of how you would like your payment applied. For any additional principal or escrow payments, please call the servicing department at (513) 201-2232 during business hours for a representative to assist.
Can I bring my payment to my local branch?
Yes. You may drop your payment into the night depository. There are night depositories located at each branch. Please use the locations tab to find the closest branch to you. It is best to include your payment with the bottom portion of your billing statement so that your payment will be applied correctly. If you receive e-statements, then please include on the memo line of the check any special instructions of how you would like your payment applied.
Can I make a payment over the phone?
Yes. You may contact the Servicing Department at (512) 201-2232 during business hours to make a debit card payment over the phone. Please note that RiverHills bank performs these transactions as a cash advance. RiverHills Bank does not charge a fee for this type of transaction, but please check with your institution to see if there are any applicable fees.
How do I stop reoccurring payments?
To cancel a Recurring Transfer first login to Riverhills Bank Mobile or Online Banking. Click the Transfer tab. Locate the recurring transfer on the Activity page. Click the Edit button on the appropriate transfer and then click the Cancel button. On the Cancel Transfer page, click “Yes, Cancel”. You will receive a confirmation page where you will then click Done. You have now successfully stopped the applicable recurring payment. A one-time stop payment for an internal transfer is also located on our website under your Account page.
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What can I do if I want to stay in my home, but I am unable to make my monthly payments?
• Repayment Plan
• Loan Modification
• Deferral
• Forbearance
What is a Repayment Plan?
A repayment plan is an agreement that provides you with an opportunity to repay past due amounts on your mortgage by making additional monthly payments along with your regular monthly mortgage payments.
What is Loan Modification?
A loan modification changes the existing terms of your loan. This would include extending the term of the loan, adjusting the monthly payment amount to an amount more suited for your situation, and/or adjusting the interest rate.
What is Deferral?
A deferral is for the borrower who has a resolved temporary hardship and has resumed his/her regular monthly payments. The loan must be at least 30 days past due with an unchanged delinquency status for three consecutive months, including the month of evaluation. This workout option would take the past due payments and any escrow payments made on behalf of the borrower to the end of the loan when the loan is paid off or has matured.
What is Forbearance?
A forbearance plan allows borrowers experiencing a temporary hardship to make either reduced monthly mortgage payments or suspend monthly mortgage payments during a set number of months. This plan may be used for as little as two months and up to twelve months depending on the borrower’s circumstances.
Am I able to make payments while on a Forbearance plan?
Yes. We encourage you to make any payment you can while on Forbearance if you are able financially. Making a payment does not affect your Forbearance status, but it will assist during the transition from Forbearance into another workout option once the Forbearance time period has ended. We strongly encourage continuing to make the escrow payments during this plan.
If I am able to make a payment, will the payment be applied differently?
No. Payments received during the Forbearance plan will be applied as a normal monthly payment.
Are my late fees going to stack up?
No. All late fees and penalties are suspended during the agreed upon Forbearance plan time.
I am on Forbearance, but my Mortgage Statements are showing me as past due. Why?
While on a Forbearance plan, you will continue receiving your monthly Mortgage Statements. These Statements will show your past due status, but they do not affect the Forbearance Plan terms.
My Forbearance Plan has ended, what now?
We will work with you and the Investor to find an option that suits your current financial situation. Many of these options were discussed previously.
None of these options above work for me. Can I leave my home?
If you are unable to make the monthly Mortgage payments and you are in a financial situation where you prefer to leave your home, we can help!
• Short Sale - A Short Sale results in the lender agreeing to reduce the loan balance due to a hardship of the borrower. In a Short Sale, the home is sold but the sale would not satisfy the balance due on the loan.
• Deed in Lieu of Foreclosure - In this circumstance, the borrower deeds the home to the lender and/or investor to avoid the Foreclosure process.
How will these work out options affect my credit?
While the loan is in a delinquent status of 30 days or more, it will be reported to the Credit Bureau which may have a negative impact on your credit.
• If the loan enters a Deferral agreement, the deferral status would be reported to the Credit Bureau; but once the deferral has been completed, the loan will be reported as current.
• If the loan enters into a Forbearance agreement, it will still be reported to the Credit Bureau as such. While this may cause the Credit Bureau to consider the loan as high risk, it will have a significantly less negative impact than a Foreclosure would have on your credit score.
• If you choose the option of Short Sale or Deed in Lieu of Foreclosure, it will be reported to the Credit Bureau and may have a significantly negative impact on your credit score.
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What is an escrow account and why do you maintain one for my loan?
As each mortgage payment is made, a dedicated portion of the funds are deposited into the escrow account to pay your taxes and/or insurance. Projected tax and/or insurance amounts are equal to last year’s actual tax and/or insurance payments. In other words, we estimate that your tax and/or insurance bills for the upcoming year will be the same as they were the prior year. We use the funds from your escrow account to pay your tax and/or insurance bills when we receive billing information from the taxing authority or insurance company.
Why did I receive an Annual Escrow Account Disclosure Statement and Change of Payment Notice (Escrow Analysis)?
Once a year, we review your escrow account to determine if the escrow portion of your monthly mortgage payment is enough to cover your real estate taxes and any applicable insurance. We are required under the Real Estate Settlement Procedures Act (RESPA) to disclose to you in an Escrow Account Disclosure Statement the results of this review and how it affects your monthly mortgage payment. Occasionally, we may also provide you with an interim statement as needed.
Why did my monthly mortgage payment change?
Increases and decreases to the escrow portion of your monthly mortgage payment are typically the result of changes in your real estate taxes and/or insurance. Some possible reasons are:
Homeowners insurance: Your premium may be different due to changes to the type or extent of your insurance coverage, or if your insurance company changed your insurance rate. We encourage you to contact your insurance company or agent for any questions regarding changes to premiums.
Real estate taxes: Your real estate taxes may be different because of property reassessment, or if the tax rate has changed. Tax bills for special assessments charged by your local tax authority will also impact the amount we collect for your real estate taxes. Anticipated tax payment time frames may change per local authority as well. We encourage you to contact your local taxing authority for any questions regarding changes to your real estate taxes.
Initial escrow deposit: Escrow is sometimes estimated at loan closing because information may not be available at that time. If the amount collected for the setup of your escrow account was more or less than the actual bills received for real estate taxes and/or insurance premiums, this will cause your monthly mortgage payment to change.
Will my online payment transfer be automatically adjusted?
No, you will need to update any online transfers you have set up.
Why are you holding a reserve balance?
Your mortgage documents allow us to maintain an escrow cushion equal to two escrow payments. This “cushion” is the minimum balance of the escrow account and acts like a savings account to help if your taxes or insurance increase.
How did you determine my required starting escrow balance?
Your required starting balance is determined by calculating what your balance would need to be as of today to prevent the escrow balance from falling below the minimum required balance (cushion) at the lowest point in your account projection.
What are my options to pay for a shortage?
You are not required to pay the shortage in a lump sum. The total shortage and/or deficiency will be divided into 12 monthly escrow payments and added into your new mortgage payment. Feel free to contact our servicing department to discuss.
How does escrow surplus work?
If you have a surplus in your escrow account (if over $50) you will receive a check in the mail with your escrow statement. If less than $50 the surplus will be divided into the next 12 escrow payments.
Can I close my escrow account?
There are various requirements that must be met to close your escrow account. If you would like your account to be reviewed to determine if it meets the requirements to close escrow, contact our servicing department at (513)201-2232 or email us at servicing@rhb24.com.
Who do I contact if I have questions?
Escrow or mortgage information: contact our servicing department at (513)201-2232 or email us at servicing@rhb24.com.
Taxes: Contact your local assessor’s office.
Insurance: Contact your insurance company or agent.
When does my payment change?
Your escrow payment/mortgage payment amount will change per the following schedule:
Escrow Analysis Statement Date New Payment Change Date
January March
February April
March May
April June
May July
June August
July September
August October
September November
October December
November January
December February
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What is Private Mortgage Insurance (PMI)?
PMI is a type of mortgage insurance you might be required to pay for if you have a conventional loan. It protects the lender, not you, if you stop making payments on your loan. The monthly cost is usually between 0.58% and 1.86% of the value of your home.
Why am I required to pay PMI?
The most common reason for being required to pay mortgage insurance is that your down payment was less than 20% of your home’s purchase price.
How do I pay for PMI?
The lender (RHB) determines which Private Mortgage Insurance company we will use for your loan by seeking estimates from four different companies. The premium payment is paid monthly to the PMI company by our bank’s loan servicing department. The monthly amount is included in the escrow portion of your payment.
If I do not make a down payment of 20% or more, is there a way to not be required to pay PMI?
Some conventional loans with a lower down payment may not require Private Mortgage Insurance, but they are more likely to have a higher interest rate or require other fees.
Will Private Mortgage Insurance be required for the life of my loan?
PMI will automatically be removed from your loan when your principal balance reaches 78% of your original home value and matches the date on your amortization schedule for removal. You will receive notification of the change in your monthly loan payment when this occurs. For your PMI to be cancelled on that date, you need to be current on your payments. Otherwise, PMI will not be terminated until shortly after your payments are brought up to date.
If you make extra principal payments on your mortgage, you will reach the 78% loan-to-value (LTV) ratio sooner than if you pay only the scheduled principal amount each month. In this case, if you think you have reached that threshold, please contact our Servicing Department to request cancellation of PMI.
Can I cancel Private Mortgage Insurance before the principal balance reaches the 78% mark?
If you have made significant improvements to your home or if market values have increased since you purchased your home, the equity in your home may have risen to the 20% or above mark (80% loan-to-value). If you believe this to be the case, please contact us to learn more about the process to discontinue PMI. You must submit your cancellation request in writing and will be required to pay for a new appraisal of your home.
Loan investors, including Fannie Mae and Freddie Mac, often create their own PMI cancellation guidelines. But these guidelines cannot be less favorable to the borrower than the ones above.
Sources:
Consumer Financial Protection Bureau www.consumerfinance.gov
Forbes Advisor www.forbes.com/advisor/mortgages