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If you are an existing mortgage client and want to establish Direct Debit after your loan has closed or make changes to your existing Direct Debit arrangement, please contact the following Merrill Lynch Mortgage Servicing Centers:
First mortgages: (888) 412-8625
Home Equity Credit Lines: (877) 461-2437
With our easy, hassle-free Direct Debit service, you can have your monthly mortgage payments taken directly from your checking or savings account (includes Cash Management Accounts). Direct Debit amounts may be adjusted with receipt of proper written authorization.
Clients are provided an Auto Debit Authorization document (ACH) for their convenience at their loan closing. This form may be returned with the closing documents. Generally, any account with check writing abilities either at Merrill Lynch or another financial institution can be debited.
For clients with new loans who send in their Direct Debit form with their closing package, your Direct Debit will be effective with your first payment. Your account may not be drafted until several days after the day of the month you selected as your draft day. A confirmation letter will be sent informing you of the exact date that your Direct Debit becomes effective. Please continue to make your monthly mortgage payments until you have received your confirmation letter.
Typically, Merrill Lynch debits the monthly Payment Due. You may debit additional monthly payments through the Additional Principal Option.
An option is available to have the first mortgage debit take place on the 1st, 5th or 10th business day of each month. Home equity lines have the option to be debited on the 15th, 20th or 25th of every month. Please note, payments will be debited the next business day if that date falls on a weekend or holiday.
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