Payments & Automatic Payment Options
- Mortgage payments have a 15-day grace period. A late fee will be assessed on the 16th day.
- Scheduled transfers can be set up through Online Banking from an Altra Savings or Checking account.
- Altra can set up Smart payments from an Altra Savings or Checking account by calling 800-755-0055 ext. 7500 or 608-787-7500 directly. This will pull the exact amount due each month and will adjust automatically should the payment adjusts.
- For payments coming from another financial, Altra will need to send a form to be completed with the account information. This form is available to be completed and signed electronically. Contact Real Estate Loan Servicing at 800-755-0055 ext. 7500 or 608-787-7500 directly to work with a representative.
There are other options available, if you would like an option that isn't listed, please contact 800-755-0055 ext. 7500 or 608-787-7500.
Property Taxes
Why did I receive my tax bill if I'm escrowing with Altra?
The County is required to send an annual tax bill to the homeowner. This copy is for your records only.
Do I need to send my tax bill to Altra?
No, Altra works with a 3rd party vendor to obtain the tax amounts due and payable.
I own more than one parcel, does Altra pay all parcels?
Altra only escrows for parcels that are taken as collateral. Contact a Real Estate Servicing representative at 800-755-0055 ext. 7500 or 608-787-7500 directly with any questions.
Homeowner's Insurance
What do I do if I change my Homeowner's Insurance?
Provide Altra with the new policy information and amount due. Send to insurance@altra.org.
Cancel the previous policy. If a refund is issued on the cancelled policy, Altra recommends depositing the funds into the loan escrow account to cover the payment on the insurance policy.
For assistance, contact a Real Estate Loan Servicing representative via email at reloanservicing@altra.org or via phone at 800-755-0055 ext. 7500 or 608-787-7500 directly.
Escrow Analysis
What is Escrow Analysis?
Escrow Analysis is a process conducted by lenders to ensure that there are sufficient funds in an escrow account to cover paying out property taxes and/or homeowner's insurance.
Will my payment change?
Yes, the escrow portion of your payment will change. The calculation is determined by amounts paid out of the account and anticipated future payouts.
Will I be notified of the change in payment?
Yes, Altra provides an Escrow Analysis statement. It is delivered via online banking, email, or regular mail depending upon how mortgage statements are received. Two email alerts go out prior to payment change.
Contact Real Estate Loan Servicing via email at reloanservicing@altra.org or via phone at 800-755-0055 ext. 7500 or 608-787-7500 directly.
Real Estate Insurance Claim Check
Received a check for damages from the insurance company and Altra is listed, do not worry. Click on the link below to know what to do next.
All documents or requests can be emailed to:
reloanservicing@altra.org
Or mailed to:
Altra Federal Credit Union
RE Loan Servicing
1700 Oak Forest Dr.
Onalaska, WI 54650
Contact Real Estate Loan Servicing via email at reloanservicing@altra.org or via phone at 800-755-0055 ext. 7500 or 608-787-7500 directly.
Private Mortgage Insurance (PMI)
What is PMI?
PMI is a required insurance placed on a loan that has greater than 80% Loan to Value to protect the lender from loss.
When can I remove PMI?
1. Pay the principal down below 80% LTV
2. Automatic PMI removal at 78% LTV
3. If your loan is over 2 years old, and have no 30-day late payments, a new appraisal (average cost $450) can be ordered by Altra upon request. If the appraisal comes back at 75% LTV, PMI can be removed.
If you have any questions about this process, please contact Real Estate Servicing at reloanservicing@altra.org or 608-787-7500 or 800-755-0055 ext. 7500.
Mortgage Payoffs and Satisfactions
Need a payoff quote?
Requests for a payoff quote can be sent to payoffs@altra.org and your request will be processed within two business days. The payoff quote will include wire instructions, a breakdown of where the funds will be applied and per diem for your loan.
Note: Third parties requesting a payoff will need to provide borrower’s authorization with the request.
How will my escrow account be handled?
The remaining escrow balance will be applied to the payoff amount, reducing what is owed. Altra does not issue a check after payoff for these funds.
Will I get confirmation my loan is paid?
Yes, Altra will send you a letter stating the loan has been paid off along with a copy of the signed Note stamped paid and a copy of the recorded Release (Satisfaction) of Lien. This process can take up to 30 days, due to recording turn times for filing with the county.
Altra does not retain the Deed to the property. If a copy is needed, contact your local County Recorder’s Office for that request.
Reach out to Real Estate Loan Servicing with any questions via email at reloansericing@altra.org or via phone at 800-755-0055 ext. 7500 or 608-787-7500 directly.
Construction Loans
For questions about your active construction loan, please contact your Loan Originator.
For questions regarding payments on your active construction loan, contact Real Estate Servicing at 608-787-7500 or 800-755-0055 ext. 7500.
