Below is a list of the most common questions people are asking regarding mortgage loan transfers. This list is updated frequently so feel free to check back often. Thanks!
A servicing transfer is the transition of your mortgage loan from your current mortgage servicer to another servicer servicing provider.
Your lender has decided to transfer the servicing of your loan to a different provider. Loan servicing transfer is common in the mortgage world and has nothing to do with you and your mortgage.
• This transfer means that effective October 1, 2021, a new servicer will be collecting your mortgage loan and escrow payments from you.
• Your escrow accounts will be handled by the new servicer, and any balance in your escrow account will be transferred to the new servicer.
• Nothing else about your mortgage loan will change.
– The transfer of the servicing of your mortgage loan does not affect any term or condition of the mortgage instruments, other than directly related to the servicing of your loan.
– The transfer of servicing rights will affect the continued availability of mortgage life, disability, accidental death insurance or any other type of optional insurance in the following manner. If you currently have optional insurance, we will not continue to bill you for the same premium. Please contact your insurance carrier to make payment arrangements.
• After you receive the Notice of Transfer from us, you should monitor at least two payments to ensure they are being correctly applied to your loan. In addition to monitoring your mortgage account, you should also monitor your credit report to ensure that it accurately reflects payments made toward the loan.
• Pivot will send you a Notice of Servicing Transfer letter no less than 15 days before the date of transfer.
• The new Servicer will send you a servicing transfer notice no more than 15 days after the date of transfer.
• The Notice of Servicing Transfer letters will include:
– The effective date of the transfer of servicing.
– The name, address, and local telephone number for an employee at Pivot that you can contact to get answers to any questions you have about the servicing transfer.
– The name, address, and toll-free telephone number for the department of the new servicer that you can contact to get answers to any questions you have about the servicing transfer.
– The date Pivot will stop accepting your payments and when the new servicer will start accepting payments (these dates must either be the same or consecutive days).
• You will receive two year-end statements for each loan that is transferred: 1) a 1098 statement from Pivot Servicing Group for the period of time in which we serviced your loan, and 2) a 1098 from your new servicer for their servicing period.
• During the 60-day period following the effective date of the transfer of servicing for your loan, any loan payment that is received by Pivot Servicing 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.