Frequently Asked Questions

Where do I send my real estate tax and homeowners insurance premium bills?

We offer two methods of submitting premium bills:

1. Mail the payments to:
CUSO Home Lending
Attn: Servicing
PO Box 663
Hampden, ME  04444

2. Email the premium bill to service@cusohl.com

What is CUSO’s mailing address?

US Mail:
CUSO Home Lending
PO Box 663
Hampden, ME  04444

Overnight Delivery:
CUSO Home Lending
101 Western Avenue
Hampden, ME  04444

What types of payment options do you offer?
Payments can be made in the following manner:

  • Electronically, utilizing our website which is located at www.cusohl.com
  • ACH payments submitted utilizing this payment method is automatically withdrawn from your checking and/or savings accounts at a designated institution of your choice.
  • Check-payments utilizing this payment method are mailed directly to CUSO Home Lending.
  • Payment processing at your local credit union* this payment method is currently available to select credit unions, call CUSO directly to verify your credit union is a participating credit union.

How do I obtain my 1098/1099 End of Year Statement information?

  • End of Year Information is just a click away, simply log onto your account information at www.cusohl.com, select History and your Prior and Current YTD information will be displayed.
  • CUSO will also mail a hardcopy to you prior to January 31st.

What is Private Mortgage Insurance (PMI) Insurance?

PMI
 protects lenders and others against financial loss when 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 requires that PMI automatically terminate.  Cancellation or termination of PMI does not affect any obligation you may have to maintain other types of insurance.

When will PMI be automatically terminated?

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 are not current on your loan payments as of that date, PMI will automatically terminate on the first day of the month immediately following the date you thereafter become current on your payments.  In any event, PMI will not be required on your mortgage loan beyond the date that is the midpoint of the amortization period for the loan if you are current on your payments on that date.

Can I request PMI to be cancelled?

You have the right to request that PMI be canceled on or after either of these dates:

  1. The date the principal balance of your loan is first scheduled to reach 80% of the original value of the property or
  2. The date the principal balance actually reaches 80% of the original value of the property.

PMI will only be canceled on these dates if:

  • You submit a written request for cancellation
  • You have a good payment history;
  • You are current on the payments required by your loan: and
  • We receive, if requested and at your expense, evidence that the value of the property has not declined below its original value and certification that there are no subordinate liens on the property.

A “good payment history” means no payments 60 or more days past due within two years and no payments 30 or more days past due within one year of the later of (a) the cancellation date, or (b) the date you submit a request for cancellation.

“Original value” means the lesser of the contract sales price of the property or the appraised value of the property at the time the loan was closed.  If this loan refinanced an existing loan secured by the property, “original value” means the appraised value relied on by the lender to approve this loan.

I’ve encountered an insurance loss, what is the process for repairing my home?

CUSO will need the following documents:

  • A copy of the insurance adjusters report for itemization of loss and coverage
  • A copy of the your contract to complete the repairs
  • The original loss draft check payable to CUSO and the borrower—these funds are held by CUSO and disbursed as work is completed.

How do I apply for Life Insurance on my loan? 

You can apply for Life Insurance anytime during the term of your mortgage, provided you are not over the age of 70 at time of application.  Email service@cusohl.com for an application.

 

How do I apply for Disability Insurance on my loan?

You can apply for Disability Insurance anytime during the term of your mortgage, provided you are under the age of 60 at time of application.  Email service@cusohl.com for an application.