frequently asked questions

What should I do if my new servicer has no record of my loan?

Since your loan has recently service released/transferred, it may not currently be available for servicing with the new servicer. The loan boarding process can typically take up to the First Day of Servicing (First Day of the Month) for the loan to be accessible. Once the loan has boarded the new servicers servicing platform, a “Welcome Letter” will be generated and mailed to the address on file. This correspondence will include information such as your new loan number, payment addresses, payment websites, correspondence addresses, and additional loan servicing information. Due to this delayed boarding, you may not receive official notification from the new servicer until after the first of the month; however, you do not have to be worried about your payment being considered late. Pursuant RESPA (Real-Estate Settlement Procedures Act) regulations, neither servicer can assess late charges, or report your loan negatively within the first 60-days following the servicing transfer effective date.