Make a payment is a service offered by Cornerstone that allows you to make your mortgage payment directly from your checking or savings account via electronic funds transfer. Cornerstone will not charge a fee for this service; however, your financial institution may charge a fee.
Autopay (also known as auto draft, ACH – automated clearing house, or automated recurring payments) is a service Cornerstone offers that allows you to pay your loan automatically each month using a checking or savings account. Cornerstone will not charge a fee for this service; however, your financial institution may charge a fee.
Use of Make a Payment or Autopay is subject to the terms, conditions, limitations, disclosures, and instructions presented on online access to your loan. Payments are also subject to any terms and conditions imposed by the financial institution that holds your payment account, any agreement you may have with that financial institution, and the rules and regulations of the payment system through which the payment is made. You may not initiate any funds transfers from a payment account that is not allowed under the rules or regulations applicable to such account, including rules or regulations designed to prevent the transfer of funds in violation of the Office of Foreign Asset Control regulations or other applicable law. Subject to all those terms and conditions, we will use reasonable efforts to process and collect any funds transfer you authorize but will not be liable if we are unable to do so. Funds transfers may take several days to be processed.
Upon learning that any funds transfer could not be completed, we may, but are not required to, make a reasonable effort to attempt to complete the transfer again or notify you of the failure. If the funds transfer fails, you should contact your financial institution to learn more about the failure. To avoid any issues with your recurring draft, please provide a five (5) business day advance notice, if you decide to change the bank account that is associated with the recurring draft, or if you decide to pay off your mortgage loan. Autopay authorizations will remain in effect until you cancel them, your loan is paid in full, or you fail to meet the requirements for Autopay.
You may cancel your Autopay at any time online by selecting the option to unenroll from Autopay or by contacting us at 1-866-500-0756. If you decide to cancel your recurring draft, please provide a three (3) business day advanced notice ahead of your scheduled draft.
For scheduled one-time payments, you may cancel your payment until 7 pm MT on the date your payment is scheduled to be withdrawn. Payments made prior to 8:59 pm MT Monday – Friday will be posted the same day. It may take up to 2-3 business days to show in your source account.
Additional fees may apply, if your payment(s) are not received by the due date.
By submitting your transfer instructions through your online account, you are providing Cornerstone, and its successors and assigns, the authorization for us to electronically debit your account in accordance with those instructions. You authorize us to use information you submit to complete the funds transfers you initiate. The financial institution at which your account is maintained may contact us to verify the content and authority of funds transfer instructions and any changes to those instructions and we may provide to that financial institution such information as may be required to verify the instructions and comply with any security procedures such financial institution may require, or we may agree upon with them on your behalf.
With respect to all funds transfers initiated through the Make a Payment or Autopay, you represent that you own or are an authorized signer on your financial account; your financial account and applicable law permit the type and amount of funds transfer you initiate; you have the right to authorize and permit Cornerstone to access your payment account to complete the funds transfers you initiate, and no transfer will conflict with or violate the rights of any third party; you have enough money in your financial account to make any funds transfer you initiate; and all information you provide relating to the funds transfer you initiate is true, current, accurate and complete.
You agree to reimburse us for the costs and expenses (including attorneys' fees and expenses) we incur if any of these representations is not true.
Your relationship with the financial institution holding your payment account is entirely independent from your relationship with Cornerstone. Cornerstone will not be responsible for any acts or omissions by such financial institution.
Cornerstone reserves the right to decline any funds transfer or to submit funds transfer instructions, or to carry out change or cancellation requests. Cornerstone is not liable if any of the following occur:
For California Consumers: Please be advised that we collect information you provide to make the mortgage or HELOC payment. Please see our privacy notice that details the categories of personal information that will be collected and the purpose for which the information will be used.
PLEASE NOTE – Under no circumstance would Cornerstone Home Lending require or request borrowers to wire or submit funds to an individual. All payments should be made payable to Cornerstone, including those made via MoneyGram or Western Union. If you have received a request to submit funds made payable to an individual, please contact one of our team members at 1-866-500-0756, Monday – Friday 6:00am to 6:00pm or Saturday 8:00am to 12:00pm Mountain Time.