You may have just received a “Transfer letter” in the mail regarding the servicing of your mortgage and wondering why your lender would transfer the servicing of your loan. The transfer of your loan is nothing personal and is the industry standard. Here are some frequently asked questions to help you understand the process of your servicing transfer.
Why did I receive a Hello/Transfer letter?
Servicing transfers frequently happen in the mortgage industry. Your loan was likely in a large transfer bundle that was based on a business decision, not a personal one. Once the servicing of a loan is transferred to a new servicer, you’ll receive a “Transfer Letter.” These letters will give you guidance on where to send your future payments.
When do I start paying the new servicer?
You have 60 days where you are protected from anything negative if you send your payment to the old servicer starting on the transfer date. By law (RESPA) the new servicer cannot issue late fees during this period, nor report your payment as “late” to the credit reporting bureaus, as long as the old servicer receives the payment on time. The old servicer will forward the payment on to the new servicer. If you have a question about a payment, please contact our servicing department at 1-855-288-1100 or servicing@mcleanmortgage.com.
Does anything change with my loan terms?
The only thing that will change is where you submit your mortgage payment. Should you have any questions or concerns, don’t hesitate to contact McLean Servicing.
If you have any other questions regarding the mortgage process, visit our FAQ’s page here, or contact a mortgage advisor!
