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      1. What are the replacement rates for LIBOR?

        Although options for replacing LIBOR continue to evolve, Old National has currently identified the following potential replacement options for our clients:

        1. Secured Overnight Financing Rate (SOFR)
        2. Term SOFR

        The Secured Overnight Financing Rate or SOFR is the replacement benchmark recommended by the New York Federal Reserve’s Alternative Reference Rate Committee (ARRC). (See references below for more information on the work of the ARRC.) SOFR is derived from transactions that are executed in the overnight repurchase agreement (repo) market. These transactions are executed between banks and other intermediaries and are often collateralized by US Treasury securities. The market for SOFR is very deep and liquid with nearly $1 trillion in underlying transactions executed daily. 

        While SOFR has been identified as the replacement index for LIBOR, there are multiple calculation methodologies which have been developed given that SOFR is a daily rate. The CME Term SOFR Reference Rates benchmark is a daily set of forward-looking interest rate estimates based on the SOFR futures contracts. CME Term SOFR Reference Rates are calculated and published for 1-month, 3-month, 6-month and 12-month tenors. Like LIBOR, CME Term SOFR Reference Rates are forward-looking, and the rate is set at the beginning of the period and interest is paid in arrears.

      2. How can I find year-end tax information for my mortgage?

        The fastest way to find year-end tax information is within Mortgage Manager after you log in to Online and Mobile Banking. Our Guide to Accessing Mortgage Manager provides step-by-step directions.

        To see the total amount paid on your behalf for the previous year or year-to-date, go to the top menu in Mortgage Manager and select My Loan. From the dashboard choose Document Center and then select Taxes report.

        In addition to providing information in Mortgage Manager, we also mail all year-end statements by January 31.

      3. How do I know what a monthly mortgage payment will be?

        Your monthly payment will depend on a number of factors, even beyond the price of the home and your down payment. You’ll also need to take into account taxes, insurance and any other fees included in the payments, as well as loan details like the length of the loan and the interest rate.

        While your payment will be determined based on the specifics laid out in the mortgage, you can estimate the amount of a mortgage payment by using our helpful mortgage-payment calculator.

      4. What is Mortgage Manager?

        Old National Mortgage Manager enables you to access and manage your Old National mortgage loan through Online and Mobile Banking. For example, you can securely do the following:

        • Receive your billing statement electronically
        • Pay your mortgage payment
        • Sign up for automatic monthly payments
        • Set up notifications that will keep you informed about your loan

        Mortgage Manager is a free service for Old National clients.

        Visit our Mortgage Manager page to learn more and find guides for using this service.

      5. Is there a charge to use Mortgage Manager?

        Old National Mortgage Manager is a free service for Old National Mortgage clients. All you have to do is have Online Banking.

        If you don't currently have Online Banking and want to enroll, see our FAQ: How do I enroll in Online Banking and Mobile Banking?

        Please note that you will need your Mortgage Loan Account Number to get started in Mortgage Manager.

        Visit our Mortgage Manager page to learn more and find guides for using Mortgage Manager.

      6. Why is LIBOR being discontinued?

        LIBOR was introduced in the 1980’s as a benchmark interest rate that was intended to reflect banks’ average cost of short-term, wholesale unsecured borrowing. Over time, and particularly during the financial crisis that began in 2007, banks became less and less reliant on inter-bank lending. As a result, the number and dollar volume of transactions from which LIBOR was derived declined dramatically. To make up for this shortfall, LIBOR panel banks resorted to using “expert judgment” when submitting various rates used in calculating LIBOR. This left it susceptible to manipulation and fraud.

        In 2017, the UK Financial Conduct Authority (FCA), the regulator for LIBOR, announced that after December 31, 2021, the panel banks would no longer be required to submit settings for LIBOR. (This has since been revised to June 30, 2023, for most LIBOR tenors.) This announcement effectively started the countdown to the end of LIBOR.

      7. How can I see when my homeowner's insurance is paid from my mortgage escrow?

        You can find information about payments for your homeowner’s (hazard) insurance in Mortgage Manager, within Online and Mobile Banking. Our Guide to Accessing Mortgage Manager provides step-by-step directions.

        To see the total amount paid on your behalf for the previous year or year-to-date, go to the top menu in Mortgage Manager and select My Loan. From the dashboard choose Document Center and then select Escrow report.

        To find a specific payment amount during a time period you select, go to My Home on the top menu and choose Payment History. Select a date range to see what payments have been made during that time.

      8. How can I get more information about an unfamiliar charge on my credit card?

        If you see an unfamiliar charge on your credit card, and you want to obtain more detailed information, please call 1-800-558-3424.

      9. Can I receive my mortgage statement electronically rather than by mail?

        Yes. You can enroll in electronic statements for your Old National mortgage loan within Mortgage Manager. Just follow these steps:

        1. Log into Mortgage Manager
        2. Select Account Management
        3. Click on Document Center
        4. Under Mortgage eStatements select Paperless Statements
        5. Open and review eStatement Delivery Terms and Conditions
        6. Select I agree to the terms and conditions
        7. Click Let's do this!

        Use our guide How to Sign Up for Mortgage eStatements for step-by-step instructions as well.

        You will receive an email notification letting you know when your statement will be ready for viewing. If you change your mind and would like to resume receiving paper statements in the mail, you can de-activate this service in Mortgage Manager at any time.

      10. What is a mortgage escrow account?

        Your mortgage escrow account makes it easier to manage your mortgage payment along with property tax and insurance premium payments for your home. You don’t have to save for taxes and insurance separately, because your escrow account enables you to make one monthly mortgage payment for all. When you make a mortgage payment, part goes toward your mortgage to pay your principal and interest. The other part goes into your escrow account for property taxes and insurance premiums (for example homeowners insurance).

        When your property tax or insurance bills are due, Old National pays those for you using the funds that have built up in your escrow account.

        You can view your escrow account information within Mortgage Manager.