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Loan Servicing
Please mail your payments to:
Berkshire Bank
ATTN: Payment Processing
PO Box 4129
Woburn, MA 01888
You may stop into a local branch or call (800) 773-5601 ext. 138564 and request that an automatic payment form be mailed or emailed to you. To request a form by email contact [email protected]. If you wish to set up automatic payments from an external financial institution, we will request a copy of a voided check or a document verifying a savings account number be attached to your form. (Starter checks and letters from another bank will not satisfy this requirement.) ACH and Autopay initiated by Berkshire Bank will automatically adjust should your monthly payment amount change due to escrow analysis, rate change or any other adjustment that may change your monthly payment amount. We require 15 days notification prior to your next due date. Please return the completed form to us at a local branch.
Please stop into a local branch or call (800) 773-5601 ext. 138564 and request that an automatic payment form be mailed or emailed to you. On the form, please indicate that you would like the automatic payments stopped. We require 15 days notification prior to your next due date. Please return the completed form to us at a local branch.
A recurring payment can be set up using Berkshire Bank ePay; however, our preferred method of automatic withdrawal is via ACH/Autopay initiated by us. If you set up a recurring payment through the Berkshire Bank ePay it will not adjust should your monthly payment amount change due to escrow analysis, rate change or any other adjustment that may change your monthly payment amount. If you pay your loan off you are responsible for shutting off this transfer.
Your account number is displayed on the top right hand corner of your statement under “Account/Note Number”. If you do not have a statement and need your account number, please call us at (800) 773-5601.
Please either follow the steps to reset your password on the Berkshire Bank ePay, or, call (800) 773-5601 to have your account unlocked.
Debit card payments may be made through the online payment platform, please see link on our home page. Unfortunately, credit card payments are not an available payment method.
Please stop into a local branch or call 1 (800) 773-5601 ext. 138564 and request that a change of address form be mailed or emailed to you.
Statements are already configured to mail at the earliest possible mailing date available in order to accurately reflect payment information.
Debit card payments may be made through the online payment platform, please see link on our home page. Unfortunately, credit card payments are not an available payment method.
Late fees are determined by your loan documents in accordance with applicable laws and regulations. If your payment does not reach us within the grace period specified in your mortgage loan documents, you will be assessed a late fee.
No. If you wish to receive information about a loan that your name is not on, a borrower or authorized representative of the loan must submit a written authorization for Berkshire Bank to speak with you about the loan
Please email [email protected] with your name, loan number, and the day you would like the payoff quote for. We provide a quote up to 15 days in advance.
If you are interested in applying for a new loan or refinancing your current loan, please stop into a local branch. For a new mortgage, please contact Berkshire Bank Home Lending at (844) 277-0077.
Once you have paid off your loan and submitted the recording fee, please allow up to 30 days to receive a letter confirming that your loan has been paid off and that a discharge of mortgage has been mailed to your local recording district.
Each state charges a fee to record a discharge of mortgage. The fee varies by state and, in some states such as New York, by county. As a convenience to our borrowers, Berkshire Bank collects this fee at the time of loan payoff and mails the discharge of mortgage and recording fee directly to the local recording district to expedite the discharge process. There may also be a processing fee assessed.
Please send us an email to [email protected] with the subject “Old Discharge Needed” and include in the message your name, the date the loan originated, and the recorded mortgage.
Once the information has been received, it may take up to two weeks to prepare and mail the discharge to the local recording district.
The bank will notify you of its credit decision within 30 days. For additional questions, please contact your mortgage loan originator directly or Berkshire Bank Home Lending at 1 (844) 277-0077.
Proof of homeowners insurance will be required annually. Please make sure your insurance agent has our correct mortgagee clause:
Berkshire Bank
ISAOA/ATIMA
PO Box 150
Northville, NY 12134
Proof of insurance can be faxed to 518-863-7362.
A homeowners insurance (or hazard insurance) policy covers loss from damages to your home, your belongings and accidents as outlined in your policy. Generally, mortgage insurance is required if you have less than 20% equity (or down payment) in your home and protects the mortgage lender from losses if a customer is unable to make loan payments and defaults on the loan.
If you obtained your loan after July 29, 1999, you can request cancellation of PMI when your loan- to-value (LTV) reaches 80%.
Cancellation requires that you have a good payment history, the property value has not decreased, and you can certify that there are no liens against your property.
Lenders are required (by the Homeowner's Protection Act of 1998) to terminate PMI at 78% LTV (based on the amortization schedule) if the loan is current or has reached the midpoint of the payoff.
Other circumstances may apply. Please contact Loan Servicing for additional information.
If your condo association adjusts the amount of your fees, we require written notification of these changes directly from you.
If you have an escrow account for property taxes, we will disburse the property taxes on your behalf. You do not need to mail the tax bills to Berkshire Bank. Berkshire Bank will receive a bill directly from the municipality. You can keep the bill for your records.
Payment of the supplemental property tax bill would remain the responsibility of the homeowner(s). The monthly payment(s) collected as part of an escrow account are for the scheduled tax payment(s) when they become due. A supplemental property tax bill is not a regularly scheduled tax payment.
Each year your escrow account is reviewed to determine if the amount being escrowed each month is sufficient to pay for any changes in your real estate taxes or homeowners insurance. Berkshire Bank analyzes escrow accounts every year in May for a July payment change.
Escrow shortages should be mailed directly to the escrow department at:
Berkshire Bank
Escrow Department
PO Box 1308
Pittsfield, MA 01202
Borrowers may voluntarily establish an escrow account. If this is of interest, please contact the Escrow Department at Berkshire Bank Loan Servicing.
Surplus escrow funds are typically returned within 10 business days after the date of the payoff transaction. If you are moving, please be certain to provide your new mailing address.
Payments should be made according to your regular repayment schedule. The repayment schedule cannot change after origination. You may make additional payments at your discretion, but please indicate at the time of submission how you want the additional payments applied, e.g. entirely to principal.
If you are more than 15 days delinquent on your mortgage, please contact the Collections team at Berkshire Bank to discuss loss mitigation options. If you are not yet 15 days delinquent, or anticipate future hardship, please contact the Loan Servicing team and ask about available modification opportunities.
Yes, until the loan is paid in full you are still responsible repaying the balance even if a total loss occurs.
For warranty: 2-4 weeks from notice of total loss.
For GAP: 4-6 weeks from notice of total loss.
Typically, a lien release will be available ten (10) business days after pay off.
If you are in NY the title will be mailed to you from the DMV 6-8 weeks after purchase.
If you are in MA your title is electronic.
If you are in CT, VT, or TN the bank holds the paper title.
Please contact us for information regarding other states or any additional title questions at (800) 773-5601, ext. 138564.
To submit a request for information or notify us about an error, you should send us a letter to the address specified below:
Berkshire Bank
Retail Loan Servicing
P.O. Box 1308
Pittsfield, MA 01202-1308
Disclosures:
† Berkshire One Checking: The minimum balance to open a Berkshire One Checking Account is $10. Minimum balance to earn variable interest rate and Annual Percentage Yield (APY) is $0.01. In order to receive the stated variable 0.10% Annual Percentage Yield (APY), this account must be enrolled in Paperless Statements and Notices. This is a variable rate account, and the interest rate and APY are subject to change without notice. Product not available for business accounts. Courtesy Pay℠, our discretionary service, is not available for this account. Generally, we will not authorize or pay transactions when you do not have enough money in your account. Fees may be charged by the merchant if your transactions are returned unpaid. For transactions that are pre-authorized by us, we must pay those transactions when they are presented for payment even if your account balance at the time of settlement is not sufficient to cover them. When this happens, you are not charged overdraft fees or continuous overdraft fees. Identity theft protection services are available for this account. Information about Identity Theft services will be sent in a separate email. Fees may reduce earnings on the account.
1 The Stream On credit is not valid for Berkshire Bank clients with an existing Berkshire Bank checking account and is limited to new Berkshire One checking account clients only. The following additional terms apply to this account: If you qualify each calendar month, for the 24 months following account opening, we will credit up to $15 per month into your Berkshire One Checking account. Monthly credits will cease the 25th calendar month after account opening. Berkshire Bank will provide a credit in the amount of the highest streaming service paid up to $15. For example: If you pay $6.99 a month for Netflix and $7.99 a month for Disney+, you will receive a streaming service credit of $7.99 the following calendar month. If you pay over $15 a month for one of the above streaming services, you will receive a credit of $15 the following calendar month. This credit will show on your statement with the description “Credit for streaming service”. Stream On credits are capped at 24 per tax reported owner. When the Stream On qualifications are met, the credit will be posted to your account within the following calendar month. If you do not qualify at any point during the 24 calendar months following account opening, you will NOT receive the streaming service credit for that calendar month. Stream On credit Scenarios: 1. You open your Berkshire One Checking account August 1, 2024, and qualify for the Stream On credits consistently for 24 months. At the end of the promotional period, July 31, 2026, you will have received 24 Stream On credits. 2. You open your Berkshire One Checking account August 1, 2024, but do not qualify for the Stream On credits until September 1, 2024. At the end of the promotional period, July 31, 2026, you will have received 23 Stream On credits. 3. You open your Berkshire One Checking account August 1, 2024, and qualify for the Stream On credit for the remainder of 2024. In January 2025, your monthly combined direct deposit falls short of the $2,000 requirement, you will not receive the credit in February. If you then subsequently qualify in February and continue to qualify each calendar month, you will receive the Stream On credit until July 31, 2026. At the end of the promotional period, you will have received 23 Stream On credits. If the account is closed before any credits are posted to your account, the credits will be forfeited. Your credits may be reportable to the IRS on Form 1099-MISC.
To qualify for the Stream On credit, each Calendar Month you must:
Have a combined Direct Deposit total of $2,000 or more each month into your Berkshire One Checking account AND Set up a monthly subscription with one of the following five streaming services to be debited out of your Berkshire One Checking account: Disney+, Netflix, Hulu, YouTube Premium or Paramount+. Annual subscriptions do not qualify. Both required transactions must post and settle to the account during the Calendar Month. Your monthly streaming service debit must post and settle to your account by the end of business (5 PM EST) on the last business day of a Calendar Month to be counted. Transactions may take one or more business days to post and settle to an account after the date a transaction is made. “Calendar Month” begins on the first of the month and ends the last day of the monthly period.
3 Cell phone insurance is offered through Mastercard. Berkshire Bank has a relationship with Mastercard to offer services to its customers. The maximum liability is $800 per claim, and $1,000 per covered card per 12 month period. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per covered card per 12 month period. To learn more about how you qualify for this cell phone insurance, Click here.
4 All non-Berkshire Bank ATM Inquiry fees waived. We will reimburse all non-Berkshire Bank ATM Withdrawal and Surcharge fees incurred nationwide per statement cycle. Your surcharge (non-Berkshire Bank ATM fee) credits may be reportable to the IRS on Form 1099-MISC. "Statement Cycle” begins the calendar day after the previous Statement Cycle ends and runs through the last business day of the statement period. Berkshire Bank’s ATM policies are subject to change at our discretion at any time.
5 Identity theft protection services are available for the Berkshire One Checking account. Information about Identity Theft services will be sent in a separate email Eligible customers for Identity Theft services would include the Consumer, his/her spouse or domestic partner, dependents in the household up to age 25, other IRS-qualified dependents in the household, and parents living at the same address as the consumer, or living in hospice, assisted living, or nursing home.
7 Consult your mobile carrier for any fees they may charge for Internet usage or receiving texts.