Manage Your Mortgage

Mortgage payments, insurance and escrow—we've got answers

Mortgages can be confusing, but we want to make things simple. If you have a question about your BB&T mortgage, find a relevant topic below and we'll help you figure things out.

Payments

Here's what's covered:

  • Payment options
  • Payoff information
  • Recast information
  • Payment assistance

Escrow

Here's what's covered:

  • Shortages and payment increases
  • Overage checks
  • Adding and deleting escrow

Insurance

Here's what's covered:

  • Mortgage guaranty insurance/private mortgage insurance overview
  • Borrower-paid private mortgage insurance (PMI)
  • Claim checks

Making payments

What are my payment options?

You have several convenient payment methods available to you:

  1. Online banking – Make your payment from your desktop or mobile device using your checking or savings account. Log on at BBT.com or enroll now
  2. Automatic draft – You may set up, change, or delete automatic draft information through our Loan Servicing Center. Log on at BBT.com and access the Loan Servicing Center through your mortgage loan account.

    You may also complete the Draft Authorization Form (PDF) and mail or fax the completed form to:

    BB&T Mortgage
    P.O. Box 1868
    Greenville, SC 29602-1868
    Fax Number: 252-293-9056

    While not required, attaching a voided check or deposit slip will assist in the verification of your account information.
  3. Automated phone – Call 800-295-5744. Press 1 for mortgage loan information, then press 4 to make a payment.
  4. Mail – Mailing instructions depend on whether you have a coupon book or a statement.

    Coupon book:
    Mail your payment along with payment coupon to:
    BB&T Mortgage Payment Center
    P.O. Box 580022
    Charlotte, NC 28258-0022

    Billing statement:
    Mail your payment along with billing statement to:
    BB&T Mortgage Payment Center
    PO Box 580302
    Charlotte, NC 28258-0302
  5. In person – Make your payment in person at any of our BB&T locations.
  6. Phone – To make a payment over the phone, contact customer service at 800-295-5744. Representatives are available Monday through Friday, 8:30 am to 7 pm ET.
How do I get payoff information on my loan?

There are three ways to get payoff information on your loan:

  1. Online – Log on at BBT.com and access the Loan Servicing Center through your mortgage loan account.
  2. Automated phone – Call 800-295-5744. Press 1 for mortgage loan information, then Press 2 for payoff information.
  3. Phone – Contact customer service at 800-295-5744. Representatives are available Monday through Friday from 8:30 am to 7 pm ET.
What is the last date I can request a payoff on my loan?

The latest date is 30 days from the request date.

How can I send payoff funds to BB&T?

You can complete your payoff by mail, wire or in person.

  1. Wire – To wire a payoff, visit the bank where you have your payoff funds. There, you'll need to supply the following information:
    • Mortgage account number
    • Name of the bank initiating the wire
    • Name of the originator of the wire transfer
    • Physical address of the originator—post office box addresses are not permitted
    • Wiring routing number – 053101121
    • Account number – ML Payment Clearing DDA 5196113632
    • Contact name – Mortgage Cashier Department
    • Amount of the wire transfer
    • Date of the wire transfer
  2. Mail – Send payoff checks to:

    BB&T Mortgage - Loan Payoffs
    Attn: Cash Operations
    111 Millport Circle
    Mauldin, SC 29607 
  3. In person – Complete your payoff in person at any of our BB&T locations.
What are my options if I have a hardship that is affecting my ability to make my mortgage payments?

BB&T has several programs to assist clients who are experiencing a hardship that is affecting their ability to stay current with their mortgage payments. Access the following sources to learn more about assistance options and begin the application process:

  • OnlineLog on to your online banking account and access the Loan Assistance Options portal through your mortgage loan account. You can apply online for assistance and upload necessary documents through the portal.
  • Phone – Please contact the Default Contact Center at:
    Phone: 800-827-3722. Representatives are available Monday through Friday from 8 am to 7 pm ET.
  • External Resources – The US Department of Housing and Urban Development (HUD) counselors can provide you with the information and the assistance you may need to avoid foreclosure. You can visit the US Department of Housing and Urban Development site (opens in a new tab)  or the Consumer Financial Protection Bureau site (opens in a new tab) and use the search tool to find a counselor near you.

Recast information

What is a recast?

A recast is when you apply an additional sum of money to substantially reduce the unpaid principal balance of your loan and the loan is re-amortized to lower the monthly principal and interest (P&I) payment. The loan term and interest rate remain unchanged.

Upon request to recast a loan, we would confirm that the investor/insurer of the loan allows recasting and ensure the payment on the loan is current. Typically, only fixed-rate loans can be recast, but adjustable-rate loans may be considered on a case-by-case basis.

FHA, VA and Rural Housing loans are not eligible for a recast.

You can view your loan type by logging on at BBT.com and accessing the Mortgage Loan Servicing Center through your mortgage loan account. Select “My Loan / Loan Details” for information about your loan type. If eligible, a recast can be executed any time after a minimum of $10,000 has been applied to the principal balance of the loan.

Are there fees involved in a recast?

Yes, a non-refundable fee is charged each time a recast is processed. Please refer to the fee schedule for more information.

Do I have to be current on my mortgage to receive a recast?

Yes, you must be current or paid ahead to receive a recast. For example, if you are making the recast payment on April 2 but are still due for your April 1 payment, the April 1 payment will need be satisfied before any funds are applied as a principal-only curtailment.

Does a recast change my interest rate or term of the loan?

No, your interest rate and loan term will remain the same. Only the monthly Principal & Interest (P&I) payment is recalculated based on the new lower principal balance over the remaining loan term.

How do I initiate a recast?

Mail or fax a request to the Modification Department. If you have any questions or need additional information, contact customer service at 800-295-5744. Representatives are available Monday through Friday from 8:30 am to 5 pm ET.

Please mail or fax the request to:

BB&T Mortgage
Attn: Modifications Dept.
P.O. Box 2127
Greenville, SC 29602
Fax number: 864-242-8664

How can I make the necessary principal payment for a recast?

Once your request has been received and approved, the Modification department will contact you and guide you through the process.

Escrow shortages, increases and overage checks

Why did my payment increase?

Your monthly payment will increase or decrease with any change to your taxes or insurance. Your taxing authority and insurance company/agent will notify us when they make any type of change. This change will ultimately affect your monthly payment. Contact your local taxing authority or insurance company/agent for details concerning changes to your annual bills.

I have an escrow shortage. What are my options?

You can make one payment to pay the escrow shortage in full, or you can spread the shortage amount equally over the next twelve months, adding it to your monthly mortgage payment. 

To pay the escrow shortage, please use the coupon included with your escrow analysis statement. The shortage will spread equally over twelve months automatically if no action is taken on your part.

If I have a large escrow shortage, what are my options if I can’t make the larger payment?

If the shortage causes a financial hardship and you feel that you cannot afford the increase, please call us at 800-295-5744 to discuss options available to you. Representatives are available Monday through Friday from 8:30 am to 7 pm ET.

Why did I receive an overage check?

An overage check can be a result of your insurance premiums and/or taxes being less than expected. Your escrow analysis statement will show how the overage was calculated. If your projected escrow overage is $50 or more, federal law requires us to refund the overage. Please review the tax and insurance amounts on your analysis to confirm the amounts are consistent with your records. If you notice any discrepancy, please notify us promptly at 800-295-5744. Representatives are available Monday through Friday from 8:30 am to 7 pm ET.

Can I use my overage check to reduce my unpaid principal balance?

Yes. To do this, please return the overage check to us with specific instruction on how you wish the funds to be applied. This should be mailed to:

BB&T Mortgage
Attn: Cash
P.O. Box 3476
Greenville, SC 29602-3476

Adding and deleting escrow

Can I add an escrow account for insurance or taxes?

Yes. Contact one of our customer service representatives at 800-295-5744. Representatives are available Monday through Friday from 8:30 am to 7 pm ET.

  • Please note, escrow for "voluntary" flood insurance isn't permitted. This includes properties not located in a required A or V flood zone, as well as excess flood insurance. 
  • If flood insurance escrow is added for properties located in a required A or V flood zone, it will be required to remain escrowed for the life of loan, or until the mandatory purchase of flood insurance requirement no longer applies to the loan, at which time we will discontinue the escrow.
If I want to add an escrow account, will BB&T pay my current hazard insurance and/or property taxes?

BB&T usually does not pay bills that are due in less than six months. Clients will need to pay any outstanding tax bills to the next installment date and insurance premiums to the next anniversary date.

When will I know the escrow account has been added and be notified of the effective payment date?

The request should be completed in 10 to 15 business days. You'll be notified by letter and an escrow analysis statement reflecting the new mortgage payment amount and effective date will be mailed to you.

Will I receive a new coupon book or billing statement once the escrow account has been added? 

Yes. It will arrive in approximately one week from the time the loan was analyzed. If you do not receive your new coupon book or billing statement in time to make a payment, please record your mortgage loan number on your check and mail it to:

BB&T Mortgage Payment Center
PO Box 580302
Charlotte, NC 28258

If the account is setup on automatic draft, no action is needed on your part. The new monthly payment amount will be drafted automatically.

Will I be required to pay an initial escrow deposit when I set up the escrow account?

No. An escrow deposit isn't necessary to begin the escrow account. 

Can I delete my escrow account?

There are certain conditions that need to be met before we can delete the escrow account. Requests to delete the escrow account are reviewed and approved based on applicable Loan Program Guidelines.

How can I request deletion of my escrow account?

You cannot delete your escrow account if you have one of the following loan types or conditions:

  • Federal Housing Administration (FHA), Community Homeownership Incentive Program (CHIP), Rural Housing Service (RHS) Home/US Department of Agriculture (USDA) loans are not eligible. You can view your loan type by logging into online banking and accessing the Mortgage Loan Servicing Center through your mortgage loan account. Select "My Loan / Loan Information" for information about your loan type.
  • The loan has active private mortgage insurance (PMI) coverage.
  • The loan to value ratio is greater than 80%.
  • The loan has had a mandatory escrow account established due to delinquent taxes.
  • The loan is a High Priced Mortgage Loan (HPML). If the loan originated prior to June 1, 2013, escrow is required for one year (12 months) from the date the escrow account was established. If the loan originated after June 1, 2013, escrow is required for five years (60 months) from the date the escrow account was established.
  • The property is located in a special flood hazard zone area (A or V). Flood insurance will remain escrowed for the life of loan or until the mandatory purchase of flood insurance requirement no longer applies to the loan, at which time we will discontinue the flood escrow.

If your loan does not meet any of the criteria listed above, you may request escrow deletion if your loan is not past due. If applicable, any deficient amount currently in escrow must be repaid before we can delete the escrow account.

You can complete the Escrow Deletion Form (PDF) for review and processing. Once the request is received and approved, you will receive an escrow closing letter acknowledging your request and the deletion will be processed within 10 to 15 business days. Please mail or fax the form to:

BB&T
Attn: Escrow Add/Deletes
P.O. Box 2167
Greenville, SC 29601
Fax number: 252-293-9061

Will I receive an escrow refund check if I am deleting both taxes and insurance escrow?

If there is a positive balance in the escrow account, you'll receive a refund check in 10 to 15 business days from the date the escrow account was deleted for both taxes and insurance.

Mortgage guaranty insurance/private mortgage insurance overview

What is mortgage insurance and when is it required?

Mortgage insurance protects the lender from loss in the event of default. Mortgage insurance is typically required for loans with down payments of less than 20%, but the rules are dependent on the type of mortgage loan you hold.

VA loans – The VA guarantees a portion of your loan against loss and provides lenders with options to offer more favorable financing terms to qualified applicants. VA guarantee coverage is paid up front or financed with your loan and will be required to remain in force for the life of the loan.

USDA/RHS loans – The USDA Rural Housing Service (RHS) program assists approved lenders to provide low- and moderate-income households an opportunity to own modest, decent dwellings as a primary residence in eligible rural areas. The RHS imposes an annual fee not to exceed 0.5% of the average annual scheduled unpaid principal balance of the loan for the life of the loan. The annual fee allows the agency to reduce the upfront guarantee portion. The annual fee will be required for the life of the loan. RHS annual fees are paid on an annual "deferred" basis, which means the first annual premium will be paid after the loan has been active for twelve months.

FHA loans – An FHA loan is a mortgage loan insured by the Federal Housing Administration. FHA insurance enables lenders to offer more attractive interest rates with less stringent and more flexible qualification requirements. The FHA is an agency within the US Department of Housing and Urban Development (HUD). Depending upon the loan amount, term and loan-to-value ratio, FHA premiums may be required for the life of the loan, or there may be specific minimum term for premium payment, before the premium collection can be discontinued. 

To learn whether your loan is eligible for FHA premium cancellation, please contact Customer Service at 800-295-5744. Representatives are available Monday through Friday from 8:30 am to 7 pm ET.

Borrower-paid private mortgage insurance (PMI)PMI is required on conventional loans when a borrower does not have the standard 20 percent down payment amount when purchasing a home. PMI can be discontinued when certain requirements are met.

Borrower-paid private mortgage insurance (PMI)

Can I cancel my private mortgage insurance (PMI)?

Not all loans are eligible for PMI cancellation. Loans that are eligible have specific guidelines that may change at any time.

Single family dwelling mortgage loans secured by a primary residence and closed after July 29, 1999 are covered under the Homeowner's Protection Act (HOPA) of 1998. The Act gives customers the right to request PMI deletion once the Loan to Value (LTV) ratio reaches 80%. PMI will automatically terminate once the loan reaches its scheduled 78% date as long as the loan is current.

Why do I need a Broker's Price Opinion (BPO) or appraisal to obtain a current value?

Servicers are required by investors to certify the value of the mortgaged property to determine that it has not declined below the original value since your loan closing. This is consistent with the Homeowner’s Protection Act of 1998.

Why must BB&T order the Broker's Price Opinion or appraisal for me?

Federal regulations require that if a valuation is completed, the appraiser or real estate broker must be engaged directly by the financial institution or its agent. This pertains to all financial institutions—not just BB&T.

Who is responsible for the cost of the Broker's Price Opinion (BPO) or appraisal?

The valuation must be ordered by and done for BB&T at the expense of the borrower.

Will my PMI automatically terminate?

If your loan closed on or after July 29, 1999 and is secured by your primary residence, then your PMI will automatically terminate on the applicable termination date as long as you are current on your mortgage loan payments.

The applicable termination date is either:

  • The Automatic Termination date, which is the date on which the principal balance of the mortgage is first scheduled to reach 78% of the original value of the property, or
  • The Final Termination/Midpoint date, which is the first day of the month following the date that the mid-point of the mortgage loan amortization period is reached (if the requirement for private mortgage insurance has not already been canceled or terminated prior to that date). For example, if your loan term is 360 months, the midpoint of the loan would be the 180th month.

If your loan closed before July 29, 1999, and if your loan is secured by your primary residence or second home, then your PMI is eligible to be terminated on the Final Termination/Midpoint date.

There are no fees associated with the automatic termination of PMI.

Please be aware that the information provided here is not an implied guarantee that your loan meets the mortgage insurance cancellation guidelines. According to the Homeowners Protection Act of 1998, examples of conditions that would prevent the cancellation of mortgage insurance include, but are not limited to: a non-owner occupied residence, multi-family residences, a non-qualifying payment history or a decline in property value. Some investors and states have different rules regarding the cancellation of mortgage insurance. Those rules may be more or less restrictive than those described above. In addition, loans categorized as "high risk" may also have different cancellation guidelines.

Where do I send my written request for PMI review?

A request may be submitted by mail or fax to:

BB&T Mortgage
Attention:  PMI Review
PO Box 2068
Greenville, SC  29602-2068
Fax number: 252-293-9070

If you have any questions, we encourage you to please contact customer service at 800-295-5744. Office hours are Monday through Friday, 8:30 am to 7 pm ET.

Insurance claim checks

What do I do if I receive an insurance claim check?

In the event that your insurance company has processed your claim and issued you a loss claim check, please contact Loss Claims at 888-882-1827 so we may determine the best way to process your check. You can mail your check to:

Branch Banking & Trust Company
Loss Draft Correspondence
P.O. Box 6501
Springfield, OH 45501

Overnight Mailing Address:

Branch Banking & Trust Company
Loss Draft Correspondence
One Assurant Way
Springfield, OH 45501

Representatives are available Monday through Friday from 8:30 am to 5 pm ET.

Why is BB&T listed on my insurance claim check?

BB&T has a vested interest in your property. Your insurance company is legally required to list BB&T as an additional payee on any claim checks.

Why wasn't I notified that my documents were not accepted?

The processing time for document review is 48 hours. If you haven't been notified within this time frame, please call Loss Claims at 888-882-1827. Representatives are available Monday through Friday from 8:30 am to 5 pm ET.

Why do I have to wait for an exception to be reviewed and approved?

As this is an exception to our standard policies and procedures, it will take some additional time to review your request. Exception requests will be reviewed and completed within five business days.

Why does BB&T require an inspection?

BB&T has a vested interest in your property, and we want to ensure that your home is repaired to the original condition or better than before the loss occurred.

Why can't email be used for documents?

Unfortunately, emailing documents is not an option for us at this time. Digital enhancements are under consideration.

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