Frequently Asked Questions (FAQs)
If you have questions about your loan with Compass Mortgage and would like to speak to someone, please call us at (855) 478-7087. Our Homeowner Care team members are available Monday – Friday 8:00 am – 9:00 pm ET and Saturday 8:00 am – 12:00 pm ET and our Ally department is available Monday – Friday 8:00 am – 9:00 pm ET.
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HELOC
What is a Home Equity Line of Credit (HELOC)?
A Home Equity Line of credit, commonly referred to as a HELOC is a revolving line of credit which allows you to borrow money using your home equity as collateral. Like credit cards, HELOCs are considered “open ended loans” meaning you can request multiple draws and repay them as needed, rather than borrowing all the available funds at one time.
What is a HELOC draw period?
A HELOC draw period is a specified time during the HELOC loan period where you can request draws against the available line of credit. The credit limit and draw stipulations will vary from loan to loan and are all outlined in the HELOC agreement.
What is a HELOC repayment period?
After the draw period ends, you enter the repayment period, during which you pay back the borrowed amount in installments.
How do I request a draw on my HELOC account?
Log into your borrower portal account. Click on the “Line of Credit” tab on the top right of the screen and then select “Request a Draw” from the drop-down. From there, please fill out the form and press submit when complete. Our Special Loans team will be in contact with you regarding the status of your draw.
How do I update, change or cancel a draw request that has already been submitted?
If you need to update or change your wire draw request amount, please contact our Care Center Team at (855) 478-7087 and speak to one of our careologists. Please note, you are only able to cancel your HELOC draw request during the validation process.
When is my HELOC payment due?
HELOC payments will be due on the same day of each month, as outlined in the HELOC agreement. HELOC payments made prior to the due date will be applied to the outstanding balance, and the next payment due date will not be advanced.
How do I request to Freeze my HELOC account?
If you need to request a freeze on your HELOC account, please call our Care Center Team at (855) 478-7087 and speak to one of our careologists.
What is the difference between a paydown and a payoff?
- A Paydown will lower the principal balance of the loan but keep the loan in the same active status it was in prior to the paydown.
- A Payoff will remove all outstanding debt and permanently close the line of credit.
Why am I not able to make a draw on my HELOC account?
Activity or maintenance on your HELOC account may be preventing your ability to request a draw. You may also be in the repayment period which does not allow for additional draws. Please contact our Care Center Team at (855) 478-7087 for more information.
How do I request a payoff quote on my HELOC account?
You can request a payoff online at https://compass.servicingdivision.com/Loan/RequestPayoff, contact our Care Center Team at (855) 478-7087 for a payoff quote, or log into the borrower portal and request the payoff online.
What do I do if I suspect fraud on my HELOC account?
If you suspect fraud, please contact our Care Center Team immediately at (855) 478-7087 and speak to one of our careologists.