You’re Not the First to Ask
About Payments
Mortgage payments are due on the 1st of each month. Late fees are assessed after the 16th.
Yes, automatic payments are available. To enroll, email loanservicing@rosedale.bank
Yes, Rosedale Bank allows online payments, including principal-only and additional escrow payments.
To change your payment account, email loanservicing@rosedale.bank Allow 7–10 business days for processing.
About Escrow and Property Taxes
An escrow account is used to make payments on your behalf for property expenses, such as real estate taxes, homeowners’ insurance, flood insurance, private mortgage insurance (PMI), or ground rent. We collect funds for an escrow account as part of monthly mortgage payments. Escrow accounts are reviewed annually (each March) to confirm payments are aligned with actual amounts due and if any adjustments are needed.
Escrow Shortage
- Escrow shortages generally occur when real estate property taxes and/or insurance payments increase. Specific questions regarding tax amounts and/or insurance should be directed to your local tax authority or your insurance agent.
- Escrow shortages can be paid using our online payment portal on our website, in person at a branch, or mailed in along with your escrow shortage coupon.
Escrow Surplus and Surplus Checks
- A surplus is typically caused by a decrease in your real estate property taxes or insurance premiums. Surplus checks are mailed for anything over $50.00
- Rosedale Bank is required to refund escrow surpluses to the borrowers. Borrowers may cash their surplus checks and use the funds in any manner they choose, including applying them to their loan.
- If your loan is current and your escrow analysis is complete, your surplus check will be mailed by mid-March.
- If your escrow check was lost or stolen, please contact our Loan Servicing team at 410.668.4400 x102, so we can place a stop payment and issue a new check.
- Rosedale Bank only needs your bill if your loan is less than one year old.
- For loans past one year, we automatically receive your tax information from a Tax Reporting Agency. They provide us with all customers’ tax amounts.
- If your loan includes escrow, Rosedale Bank pays your property taxes from that account by the due date.
- As the homeowner, you will always receive a copy of your tax bill in the mail for your records.
Your escrow payment may increase to cover the higher tax amount. You will receive an escrow analysis with the new payment amount.
In most cases, an escrow waiver may be requested in writing. Approval depends on factors such as the loan-to-value ratio and payment history. If all conditions are met on a loan with flood insurance, all escrows may be waived with the exception of flood insurance.
About Insurance
PMI is extra insurance that lenders require some borrowers to have if the borrower puts less than 20% of the home’s value in a down payment. This protects the lender against loss in the unlikely event that the borrower defaults on their mortgage loan.
Yes, you may request a new appraisal using one of our approved appraisers. There will be a fee to cover the appraisal paid for by the borrower. Please contact the Loan Servicing team at 410.668.4400 x102 or email loanservicing@rosedale.bank for more instructions.
PMI ends when the loan balance reaches 78% of the home’s original value, provided payments are current.
You can request the cancellation of your PMI once your loan reaches 80% of the original value of the property
Email updated insurance information to loanservicing@rosedale.bank or call 410.668.4400 x102.
If your insurance lapses, Rosedale Bank may obtain lender-placed coverage at your expense to protect your property.
About Loan Payoffs
You can order a payoff in one of three ways:
- Visit your local branch.
- Contact a member of our Loan Servicing team at 410.668.4400 x102 or email loanservicing@rosedale.bank.
- Mail to 9616 Belair Road, Baltimore, MD 21236
Representatives, such as mortgage companies and title companies, may order a payoff on your behalf, provided you have granted authorization and signed an authorization to release information form. We do not accept electronic signatures. ALL parties on the loan must sign the authorization. Payoffs will incur a release fee to satisfy the cost of recording with your county.
If Rosedale Bank sells a loan, we transfer servicing to the new lender.
It’s a document recorded with your local land office once your mortgage is paid off, removing the bank’s claim to the property.
Yes, Rosedale Bank allows early payoffs with no prepayment penalties. Contact Loan Servicing for an accurate payoff amount.
Typically, within 3 business days. Allow more time if requesting during peak periods or by mail.
Account Info, Statements, and Online Access
Please complete and sign and submit a Customer Contact Change form.
- Mail: 9616 Belair Road, Baltimore, MD 21236
- Drop off at any of our 13 branches.
- Please note: we do not accept electronic signatures.
Enroll in online banking and choose eStatements in your profile settings.
Statements are produced 13 days before the end of the month. That way, you will receive your statement well before the 1st of the month when your payment is due.
Statements are produced after the close of the last day of the month. The way the statements are produced will show they are due on the 1st of the month, however, we allow you until the 26th to make your payment.
Yes, escrow balances, tax, and insurance disbursements are available through Rosedale Bank’s online banking portal.
The IRS form 1098 (Mortgage Interest Statement) for your mortgage or Home Equity Loan will be mailed to you by the end of January.
Contact Loan Servicing at 410.668.4400 x102 or email loanservicing@rosedale.bank to verify your address or email preferences and request a replacement statement.
About Financial Hardship
Contact our Collections Department at 410.668.4400 x111 or email collectionsdepartment@rosedale.bank to explore available assistance options, including loan modification or deferment.
Yes, for qualifying borrowers facing temporary hardship. Forbearance requests must be reviewed and approved through the Collections Department.
Yes. Rosedale Bank will work with you to avoid foreclosure and may refer you to a HUD-approved housing counselor.
Commonly required documents include a loan loss mitigation application, hardship letter, income verification, and bank statements. The Collections Department will provide a full list.