Servicing Transfers FAQ
Why was my loan sold?
It is very common for mortgage loans to be bought and sold. You will receive notice in the mail both before and after the servicing transfer takes place from your prior servicer as well as your new servicer.
Will I get a new account number?
Yes. To obtain your new account number, please refer to your welcome letter or call us at 1.888.869.2739, ext 2001 during our business hours of 8:00 a.m. to 5:00 p.m. Eastern Time, Monday through Thursday and 8:00 a.m. to 4:30 p.m. on Friday.
Will the terms of my loan change?
No, the assignment, sale or transfer of servicing of your loan does not affect any term or conditions of the loan instruments other than terms directly related to the servicing of your loan.
If my property taxes and/or homeowner's insurance are escrowed, will they continue to be paid out of escrow?
Yes. Please make sure you enter the most updated information for your taxes and/or insurance when you fill out the customer information form.
When will I begin receiving statements?
You will begin receiving statements once the transfer is complete; and after all payments received during the transfer period have been applied. Should you need temporary payment coupons to submit your payment via mail, print them by clicking here.
Am I going to be charged a late fee just after transfer?
No. During the 60-day period following the effective date of the transfer of the loan servicing, the loan payment received by your old servicer before its due date may not be treated by the new loan servicer as late, and a late fee may not be imposed on you.
Will my credit reporting be adversely affected due to the transfer?
No. Your account will not be reported to the credit bureau until the transfer is complete to ensure all forwarded payments are received and applied.
Do I still need to make my payments during the transfer process?
Yes. All payments received during the transfer process will be credited as of the day they are received once the transfer is complete.