Welcome to CMG Home Loans
Homeowner's Guide
Congratulations on closing your mortgage! Let us walk you through what comes next and how to make your first payment.
Escrow Accounts: The #1 Topic Borrowers Ask About
Get ahead of any confusion with this FAQ.
1
After your mortgage closes, we spend the following weeks checking that all your information is in order. Think of it as a pit stop before your loan moves to its long-term home—the point where you can set up an online account and enroll in autopay.
You and Your Loan Are in Good Hands
2
Pay by phone
Call (866) 659-8989 and have the following ready:
Banking information, including routing number and account number
Loan account number, which is listed on your first payment letter
Pay by mail
Send a payment coupon and a check or money order to the following address. Please write your account number on the form of payment.
CMG Mortgage Inc.
3160 Crow Canyon Road, Suite 400
San Ramon, CA 94583
All About First Payments
Find your First Payment Letter and payment coupons in the closing packet you received when you signed your loan documents. They include due dates and other important information. Additionally, we sent you an email with a link to the letter and coupons.
You have two options:
CMG Mortgage, Inc. dba CMG Home Loans dba CMG Financial, NMLS ID# 1820 (www.nmlsconsumeraccess.org), is an equal housing lender. Licensed by the Department of Financial Protection and Innovation (DFPI) under the California Residential Mortgage Lending Act No. 4150025.; AZ #0903132; Colorado regulated by the Division of Real Estate; Georgia Residential Mortgage Licensee #15438; Mortgage Servicer License No. MS068. Hawaii Mortgage Loan Originator Company License No. HI-1820. Massachusetts Mortgage Lender License #MC1820 and Mortgage Broker License #MC1820; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850204.000; Rhode Island Licensed Lender #20142986LL; Registered Mortgage Banker with the Texas Department of Savings and Mortgage Lending, and Licensed by the Virginia State Corporation Commission #MC-5521. CMG Mortgage, Inc. is licensed in all 50 states and the District of Columbia. www.cmgfi.com/corporate/licensing.
Welcome to CMG Home Loans
Homeowner's Guide
Congratulations on closing your mortgage! Let us walk you through what comes next and how to make your first payment.
Submitting Your
Payment After the
Due Date?
Most mortgage payments are due on the first day of the month, but late fees are typically not applied until the 16th.
1
After your mortgage closes, we spend the following weeks checking that all your information is in order. Think of it as a pit stop before your loan moves to its long-term home—the point where you can set up an online account and enroll in autopay.
You and Your Loan Are
in Good Hands
Call (866) 659-8989 and have the following ready:
Banking information, including routing number and account number
Loan account number, which is listed on your first payment letter
Pay by mail
Send the first payment
coupon and a check or money order to the following address. Write your account number on the form of payment.
CMG Mortgage Inc.
3160 Crow Canyon Road Suite 400
San Ramon, CA 94583
PAY BY PHONE
All About First Payments
2
Find your First Payment Letter and payment coupons in the closing packet you received when you signed your loan documents. They include due dates and other important information. Additionally, we sent you an email with a link to the letter and coupons.
You have two options:
Questions? We can help!
3
Continue to use the coupons to pay by mail or utilize the pay-by-phone option until you receive a letter from us stating that your loan has transitioned to long-term servicing. It will also give you important new payment instructions.
Watch Your Mailbox for Updates
3
Continue to use the coupons to pay by mail or utilize the pay-by-phone option until you receive a letter from us stating that your loan has transitioned to long-term servicing. It will also give you important new payment instructions.
Watch Your Mailbox
for Updates
CMG Mortgage, Inc. dba CMG Home Loans dba CMG Financial, NMLS ID# 1820 (www.nmlsconsumeraccess.org), is an equal housing lender. Licensed by the Department of Financial Protection and Innovation (DFPI) under the California Residential Mortgage Lending Act No. 4150025.; AZ #0903132; Colorado regulated by the Division of Real Estate; Georgia Residential Mortgage Licensee #15438; Mortgage Servicer License No. MS068. Hawaii Mortgage Loan Originator Company License No. HI-1820. Massachusetts Mortgage Lender License #MC1820 and Mortgage Broker License #MC1820; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850204.000; Rhode Island Licensed Lender #20142986LL; Registered Mortgage Banker with the Texas Department of Savings and Mortgage Lending, and Licensed by the Virginia State Corporation Commission #MC-5521. CMG Mortgage, Inc. is licensed in all 50 states and the District of Columbia. www.cmgfi.com/corporate/licensing.
Escrow Accounts:
The #1 Topic Borrowers
Ask About
Get ahead of any confusion with this FAQ.
What's an escrow account?
It holds funds collected as part of your monthly payment that are used to pay your taxes and/or insurance on your behalf. For example, if your monthly payment is $1,200, $850 may go towards principal and interest, and $350 goes into your escrow account.
How do you know the amount to collect?
Before closing (or, in some cases shortly after) we do an Initial Escrow Analysis to estimate what should be paid (and when) for your taxes and insurance in the coming year. We then do the math to find out how much you need in your account and divide it by 12 months to come up with the monthly amount.
What if my taxes or insurance change?
That happens! Every year an Annual Escrow Analysis is done to review what was paid, noting any changes. That info is then used to make new estimates for the upcoming year and adjustments to your payment if necessary. You’ll get a statement that shows what's changing and why.
Submitting Your Payment After the Due Date?
Don’t worry—you can still submit payment and possibly not incur a late fee. Most mortgages come with a grace period typically ranging from 10 to 15 days after the due date. Please refer to your loan agreement to confirm what’s applicable to your loan.
What's an escrow account?
It holds funds collected as part of your monthly payment that are used to pay your taxes and/or insurance on your behalf. For example, if your monthly payment is $1,200, $850 may go towards principal and interest, and $350 goes into your escrow account.
How do you know the amount to collect?
Before closing (or, in some cases shortly after) we do an Initial Escrow Analysis to estimate what should be paid (and when) for your taxes and insurance in the coming year. We then do the math to find out how much you need in your account and divide it by 12 months to come up with the monthly amount.
What if my taxes or insurance change?
That happens! Every year an Annual Escrow Analysis is done to review what was paid, noting any changes. That info is then used to make new estimates for the upcoming year and adjustments to your payment if necessary. You’ll get a statement that shows what's changing and why.