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23. Mortgage Basics - Servicing the Mortgage

Servicing the Mortgage:

By law, lenders are required to tell you within three business days if they expect someone else to be servicing your mortgage once you close the deal. Typically, the lender will be the one who services the mortgage for the life of the loan, but it can also be handled by a third party in some cases. Whoever services your mortgage will be the one you send payments to and contact if you have any questions about the loan.


Keep all records of your dealings with the mortgage service provider in case the loan is sold. Servicing involves collecting and processing monthly mortgage payments and making escrow payments until tax and insurance fees are paid off. The lender or service provider is required to inform you of how much of your proceeds from the previous year went to principle, interest, taxes, and insurance, and to let you know if any adjustments are needed to cover tax and insurance costs for the next year.

The service provider is also responsible for dealing with any problems that might arise with the loan and will consult with you if your payments become delinquent. In such instances, they may extend a forbearance, which is a deferral of principle and interest payments until you can resume payments. In extreme cases where the loan becomes seriously in default, foreclosure may be necessary.

What If Your Mortgage Servicing Is Sold?
 
In some instances, your mortgage service may be transferred or sold. By law, both your original servicer and the new servicer must notify you of the change in writing, and should include details such as the date the transfer takes effect, as well as the name, address, and phone number of the new servicer. The terms and conditions of your original mortgage should not change, and you must be informed of any changes to your homeowner's insurance. In addition, a 60 day grace period is typically allowed, during which time you cannot be charged a late fee if you mistakenly send your mortgage payment to the old servicer. Contact the new servicer if you have any disputes or if you believe there are any mistakes in your mortgage statements, but continue to make payments as scheduled, otherwise they may be considered delinquent. Federal law requires the new servicer to investigate your claims and make any necessary corrections within 60 days.

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