Important Information Regarding Mortgage Loan and Home Equity Loan Statements

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posted 1/17/2014 in Community News

A new regulation requires financial institutions to mail monthly loan statements for mortgage and home equity loans.  If you currently have a mortgage or home equity loan with Northwest Bank, the following will apply:

  • If you receive a monthly statement, nothing will change.

  • If you make your loan payment by remitting a loan coupon; a new coupon booklet will not be issued to you. You may continue to use the coupons that you have until they are gone. Other payment options are listed below for your reference.

  • If you have your loan payment automatically deducted from a checking or savings account, nothing will change regarding the payment method; however, you will still receive a monthly loan statement for your records.

We have several monthly loan payment options:

  • Automatic transfer from your checking or savings account to your loan is convenient. Your loan payment will be deducted from your account on the same day each month. To set up Automatic Loan Payment, please contact Sue Boblit in our loan serving department at 712-580-4136 or email her sboblit@bank-northwest.com, or stop by any Northwest Bank location.

  • Use our Internet Banking service to make a loan payment from your Northwest Bank checking or savings account on demand or schedule it for a specific date each month.

If you have any questions, please call or stop into a Northwest Bank location near you.