What happens if my mortgage servicer changes? What do I do?

If the servicing rights for your loan are sold and you get a new servicer, your old and new servicers must notify you of the transfer of the servicing rights to your loan. The notice should disclose to you the date on which your old servicer will stop accepting payments and the date on which your new servicer will begin to accept payments. It should also disclose the new servicer’s name, customer inquiry address, telephone number for an employee or department of the new servicer, and the effective transfer date.

If your loan servicer changes, carefully review your monthly mortgage statement to confirm that your payments are being accurately credited. Failure to send your payments to the right servicer after you receive notification that the servicing rights on your loan have been sold could result in your payments not being credited properly. 

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Additionally, for 60 days beginning on the effective transfer date of the servicing rights from your previous servicer to your new servicer, your new servicer cannot charge you a late fee or treat the payment as late if you sent it to you previous servicer on time or within the applicable grace period.

Generally, the entity that is selling the servicing rights must provide you with a notice not less than 15 days before the effective date of the transfer and your new servicer must deliver a transfer notice not more than 15 days after the effective transfer date. If the two notices are combined, then the combined notice must be delivered to the borrower not less than 15 days before the effective transfer date.

TIP: Pay attention to the effective dates and be sure to account for additional time in transit if you mail your mortgage payments.

TIP: If you have your mortgage payment automatically debited from your bank account and your servicer changes, be sure to update the information in your account.