For homeowners with a mortgage through Volunteer Mortgage Loan Servicing (VMLS), making timely monthly payments is essential. VMLS offers various convenient payment options to fit any schedule and preferences.
In this guide, we’ll break down the easiest ways to pay your VMLS mortgage payment each month.
Set Up Automatic Payments
The most hassle-free way to pay your mortgage is enrolling in VMLS autopay. With autopay your monthly payment amount is automatically deducted from your chosen bank account on your payment due date.
To set up automatic VMLS payments
- Log into your online VMLS account
- Under Payment Options, select Auto Pay Enrollment
- Enter your bank account information
- Review and submit the autopay authorization form
Once active, autopay ensures your mortgage payment is made on time each month without any effort on your part. It prevents missed payments and late fees.
Pay Online Through Your VMLS Account
If you prefer to actively submit payments, you can easily pay your mortgage online through your VMLS account portal.
Follow these steps:
- Go to volservicing.com and log into your account
- Select Make a Payment
- Enter your payment amount and bank account info
- Review the payment details and submit
Online payments through your VMLS account are processed instantly. You’ll receive a confirmation email with your payment details as well.
Use the VMLS Mobile App
For paying your mortgage on the go, use the VMLS mobile app for iPhone and Android. The app allows you to check your balance, make one-time payments, set up autopay, and more.
To pay through the mobile app:
- Download and open the VMLS mobile app
- Log into your account
- Tap Payments then Pay Now
- Enter your payment info and submit
The VMLS mobile app enables quick mortgage payments anywhere, anytime right from your smartphone.
Pay by Phone
You also have the option to pay your VMLS mortgage conveniently over the phone. Simply call 1-844-VOL-SERV (865-7378) and follow the payment prompts.
You’ll need to enter your VMLS account number and other verification details. The automated system will guide you through inputting your payment info. At the end, you’ll receive a confirmation number.
The pay-by-phone option is quick and easy when you need to make a last minute payment before your due date. Just note there is a small fee for agent assisted phone payments.
Mail In a Check
If you prefer to pay your mortgage by mail, you can send a paper check or money order each month to VMLS.
Detach and include the payment coupon from your monthly mortgage statement. Mail your payment to:
Volunteer Mortgage Loan Servicing
PO Box 32012
Knoxville, TN 37930-2012
Be sure to allow 5-7 business days for mailed payments to process and post to your VMLS account.
Avoid Late Fees with On-Time Payment
VMLS charges late payment fees if your mortgage payment is not received by the due date on your statement. The fee amount varies but can be up to 5% of your unpaid balance.
Late mortgage payments also negatively impact your credit score over time. So be sure to pay at least the minimum amount due before the monthly deadline to avoid penalties. Enrolling in autopay is the easiest way to prevent late payments.
Set Up Payment Reminders and Alerts
For extra assistance with timely payment, VMLS offers various reminders and alerts you can enable in your account. You can receive notices when:
- Your new mortgage statement is ready
- Payment is due in 10 days
- Payment failed
- Balance is past due
These free reminders help you stay on top of your mortgage payment responsibilities and avoid lapses.
Review Monthly Charges and Due Date
Before submitting your mortgage payment each month, take a moment to review your statement for accuracy. Verify that the monthly charges, due date, and minimum payment amount are correct.
Monitoring your mortgage activity regularly helps identify any discrepancies early on. You can also access past statements in your VMLS account anytime. Contact customer service if you spot any errors that need correction before paying.
Change Your Payment Due Date
If your current mortgage due date isn’t ideal with your cash flow, VMLS may be able to change it upon request. Contact their customer service department and provide your preferred new due date each month.
Updating your due date allows you to better align your mortgage payment with your income schedule for easier, on-time payment.
Get Mortgage Assistance If Needed
If you’re struggling to make your monthly mortgage payments, VMLS offers assistance options based on eligibility. Some relief programs they offer include:
- Repayment plans
- Loan modifications
- Forbearance options
- Refinancing
Contact the VMLS team as soon as possible if you anticipate difficulty making payments going forward. They can explain the hardship assistance available to help you get back on track.
Stay On Top of Your VMLS Mortgage Account
Paying your VMLS mortgage timely each month is key to avoiding penalties and credit damage. Convenient options like autopay, online payments, phone payments, and mailed checks make it simple to stay current. Enable payment reminders and review your mortgage statement regularly for accuracy as well.
With proper planning and budgeting, you can keep your VMLS mortgage account in good standing month after month. Pay promptly by the due date to maintain positive payment history and continue building equity in your home.
Introducing Volunteer Mortgage Loan Servicing
FAQ
What is the grace period for volunteer mortgage payments?
All payments are due on the first day of the month. A grace period of 15 days following the due date is provided. If payment is not received following the 15th day after the due date, a late charge may apply. Online payments made before 3 p. m. CST will apply the same day.
How can I help pay someone’s mortgage?
A direct contribution is the easiest way to make a payment on someone else’s mortgage loan. Ask the homeowner for a copy of their mortgage statement so you’ll know what the monthly payment is. You can pay online, in person at the bank or lender’s office, over the phone or by mail.
Do you have to pay a mortgage loan officer?
When the loan is approved, the loan officer prepares the mortgage closing documents. Some loan officers are compensated through commissions. This commission is a prepaid charge and is often negotiable. Commission fees are usually higher for mortgage loans than other types of loans.