$50 mo fee with program

Home Forums Member Assistance Program (MAP) $50 mo fee with program

This topic contains 14 replies, has 9 voices, and was last updated by  TTrumble 5 months ago.

Viewing 15 posts - 1 through 15 (of 15 total)
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  • #2828

    floridagirl23
    Participant

    When I purchased my home I was advised that I would be required to only pay the fee 7 years. Last year I called and was promised that it would automatically go away after 71/2 years. It has now been 8 years and I am still being charged the fee. I have recently fallen behind on a few payments but it would certainly help me if they would remove the fee as promised. I have called NACA and can not get through. When I do get a live person, they transfer me to someone’s voicemail. Anyone else, having trouble with the $50 monthly fee?

    #2841

    TTrumble
    Member

    Hello floridagirl23,

    Contact the NACA MAP (Member Assistance Program) department at 877-912-6222.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #5231

    m_sanchezweiss
    Participant

    what is the $50.00 MONTH FEE?

    #5253

    TTrumble
    Member

    Hello m_sanchezweiss,

    The $50 per month fee goes into our Neighborhood Stabilization Fund (NSF) and is part of our Member Assistance Program (MAP). The NSF replaces the far more expensive Personal Mortgage Insurance (PMI). The NSF funds are used to help homeowners who have run into short term problems paying the mortgage they received through NACA. Also, the fee is only charged for the first five to ten years of the loan, based on the amount of the loan. Additionally, while NSF provides direct protection for homeowners who have obtained their mortgage through NACA, the PMI charged by some lenders (especially FHA) is not only much more per month, it also is for the life of the loan, and provides no protection to the homeowner. PMI actually protects the servicer and investor by insuring they will recover their money should the homeowner default.

    Our NSF program provides actual protection for the homeowner at a much lower cost an a fraction of the duration of PMI.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #5887

    kay St. Louis
    Participant

    I’ve had the same problem. When I signed my contract, I was told I would pay the $50 fee for the first 5 years. After 5 years I was told I would be paying it for 7.5 years. I was pissed, but knew the $$ was going to a good cause so I let it go. But now it is past 7.5 years and it is still being taken out of my mortgage payment. I’m afraid I will call and they will tell me I have to pay it for 10 years now!

    #5894

    TTrumble
    Member

    Hello kay St. Louis,

    Please contact our MAP department at 877-912-6222 to inquire about the status of the NSF payments.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #7830

    rbuhle77
    Participant

    I am trying to find out how to have it removed also. I have called the MAP dept 4 times and have left multiple messages. I am becoming very frustrated with the program. Trying to get a live person seems nearly impossible and emails are not answered at all.

    #7963

    Heidi
    Participant

    I’m glad I found this forum. I knew I was coming up on 7 years since buying my home. For some reason like floridagirl23, I thought 7 years was the end of the 50.00 a month fee. I checked my NACA paperwork and discovered that the fee does not end until 7.5 years. But, since many of you are having trouble getting through, maybe I’ll start trying to call NACA now.

    #8003

    rbuhle77
    Participant

    Finally got through to a live person today only to be transfered to another voicemail. The last message I left was supposed to be returned within 24 hours, yet I had to call back 10 days later. Its amazing how you cannot get help when you need it, but be late on a payment and they are quick to call you.

    #39610

    huzuri
    Member

    @ttrumble is this still a requirement? I’ve not been told of this fee.

    #39625

    TTrumble
    Member

    Hello huzuri,

    Ancient history. The NSF fee has been paid by the banks since 2014.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #40518

    bpfields
    Member

    @ttrumble can you post the terms so we know the loan amounts and expected years of payment? I think this would add clarity. Thanks.

    #40581

    TTrumble
    Member

    Hello bpfields,

    I’m afraid I don’t understand your question. Can you be more specific?

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #42034

    gmandler
    Member

    Hello Tim @ttrumble
    I purchased a home in 2009. I am still getting $50/month taken out of my mortgage by BoA for the NSF. When we purchased we were told it is 12 years of NSF fees.
    Since the NSF was done away with in 2014 should I still be paying it?

    As you suggested I called the MAP department several times but never received a return call. Always went to VM. (Such as life with NACA, but nice to know you are there to help as I discovered this forum by accident.)

    I look forward to your clarification.

    Thank you
    George

    • This reply was modified 5 months ago by  gmandler.
    #42057

    TTrumble
    Member

    Hello gmandler,

    All loans closed on or before January 9th, 2014 are subject to the $50 per month NSF fee as originally scheduled and for the full term originally scheduled. Only loans closed after the Qualified Mortgage rules went into effect on January 10th, 2014 are exempt from the fee.

    BTW, paying the fee for 12 years cannot be accurate. Loans under $100,000 pay the fee for five years (60 months). Loans between $100,000 and $200,000 pay the fee for 7-1/2 years (90 months). Loans over $200,000 pay the fee for 10 years (120 months).

    Your NSF Fee should end automatically in 2019 after you make the 120th mortgage payment.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 5 months ago by  TTrumble.
    • This reply was modified 5 months ago by  TTrumble.
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