LOAN TRANSFERS
Why is my loan transferring? Service transfers are a common occurrence in the mortgage industry; actions taken by the customer do not cause a transfer.
What changes can I expect during the service transfer? During a servicing transfer, you will change who you make your monthly mortgage payment to, and the new servicer will manages your escrow account, and be available to answer any account questions that you have. Please be assured the transfer of your mortgage loan does NOT affect any term or condition of the mortgage agreement itself. However, the transfer could affect fees levied by the new servicer to perform certain account services, such as fees to process payments and/or to set up automatic payments to be drafted from your bank account.
What do I do if my loan is being transferred away from Carver? Stop your ACH payments. Your new servicer will begin accepting payments after the transfer date.
If you’re enrolled with us to have your monthly mortgage payment automatically debited from your bank account, this service will end when the transfer occurs. We will draft any payment you have already scheduled on or before the transfer date, but NOT any payments scheduled after that date. If you use your bank’s automatic Bill Pay service, please make sure to update it with information for your new servicer.
If you have mortgage life or disability insurance, or any other type of optional insurance, the transfer of servicing rights may affect your coverage, including a risk of cancellation. Contact your provider with any questions or concerns.
SERVICING AND PAYMENTS DURING TRANSFERS
My loan just transferred to Carver. How will my credit be reported? During the first 60 days following a servicing transfer to Carver, no credit reporting will occur. This ensures credit will not be affected if payments were made to the prior servicer, after the transfer to Carver.
Will my auto-draft be transferred? Carver will cancel your auto-draft after your last payment is made, prior to the new servicer transfer. You will receive confirmation of your auto-draft cancellation as well. Please reach out to your new servicer to set up your new auto-draft.
I made a payment to my previous servicer. How do I know you received it? Payments received by the previous servicer during the transfer of a loan, are sent to Carver as soon as possible. The process of receiving all loan documents and payments may take as many as 60 days following the effective date of transfer.
Trailing payments during the 60-day transition period, are not reported as late to the credit bureaus if the account is current at the time of transfer. Additionally, no late fees are incurred during this time.
What happens if my payment is received late? Trailing payments during the 60-day transition period, are not reported as late to the credit bureaus if the account is current at the time of transfer. Additionally, no late fees are incurred during this time.