State Bank of Southern Utah proudly services over ninety-nine percent of mortgage loans it originates. If you have questions regarding who your loan servicer is please contact our mortgage servicing department at 435-586-4140 or emailing us at mortgageservicing@sbsu.com.
Mortgage Payments
Mortgage payments are due on the 1st of every month. You can mail payments to:
SBSU Mortgage Servicing
PO Box 488
Cedar City, UT 84721
You can also make your payments through our Online Banking, or with the SBSU App. If you would like to set up auto-payments, you can contact our servicing department at mortgageservicing@sbsu.com.
Any payments received after the 16th of the month are assessed a late fee. Late payments are reported to the credit bureaus when they are more than 30 days late.
Mortgage Payoff
The remaining principal balance may NOT be the amount needed to pay off your mortgage. There may be additional fees and interest due to payoff your loan. To accurately determine the amount needed to satisfy your loan, we recommend you request a payoff quote from State Bank’s Mortgage Servicing department. This will outline any interest and principal due, fees to be collected, or late charges that may be assessed. Contact us at mortgageservicing@sbsu.com.
Mortgage Insurance Removal
Certain mortgage loans have mortgage insurance. This allows you to put less money down or borrow more money against your home’s value. Mortgage insurance is temporary and can be removed as you pay down the balance on your mortgage.
Mortgage insurance will automatically be removed when a loan reaches 78% of the original value or purchase price of a home.
Borrowers may also request insurance removal when a mortgage loan reaches 80% of the original value of a home. An appraisal may be required to determine if your property value has declined.
If your home has increased in value, after two years of paying mortgage insurance you can request a new appraisal on your property. If your current loan-to-value is 75% or less, and there have been no late payments in the last twelve months, then mortgage insurance will be removed.
Escrow Review
An escrow account, sometimes referred to as an impound account, is set up so State Bank of Southern Utah can manage the payment of your property taxes and Insurances. These accounts are reviewed annually to make sure enough funds are being deposited to make the required payments. If you have made changes to your escrow account or are aware of adjustments to either your taxes or insurance, you may want to request a review of your account. You can do so by contacting our servicing department at mortgageservicing@sbsu.com.
NOTE: If you have an escrow account State Bank of Southern Utah will always pay any taxes and insurances that are set up regardless of your account balance. Any shortages in the account will be reconciled through your annual escrow review.
General Questions
