What is a Lender? What is a Loan Servicer?
No doubt about it, there's a large amount of information for borrowers to digest throughout their mortgage process ...
From the first conversation with their lender/loan officer through the signing of closing documents, borrowers must be good listeners, quick learners, and respond quickly to the requests they receive.
With that being the case, I (as their loan officer) often get post-closing questions surrounding loan payments, escrow disbursements, and loan servicing.
While each facet of the process was explained earlier in the process, it now, understandably, has become the primary focus and concern of my client. Rightfully so.
Typically, my borrower was directed at their closing (and via their closing documents) to make their first monthly mortgage payment to our mortgage company (in the case of my borrowers, that is American Portfolio Mortgage Corp). They are also informed that future payments may be made to another servicer, should their mortgage be "sold".
The selling of loans is commonplace and occurs with frequency, as it allows lenders (APMC) the working capital to lend to future homebuyers at lower interest rates. When a loan is sold, the lender is required to give the borrowers notice a minimum of 15 days prior to the official sales transfer.
Again, the sale of loans has become commonplace. But they want to know:
- Is the notice legit?
- Why are they receiving the notice?
- Does the sale change their loan terms?
- Will they have a new payment date?
- Do they need to inform their insurance agent of the change?
- Will the new servicer pay their tax installments?
- How do they actually make their monthly payment?
- Will the new servicer make escrow disbursements?
- and more ...
Each question is fully answered in turn. Each borrower is assured of these facts:
- No matter what service lender they are making their monthly payment to, I will remain their loan officer.
- I will continue to watch out and advocate for their best interests.
- I will continue to serve as their main resource for future information, advice, and lending services.
The services of a good loan officer go well beyond the closing table. Those services should include the facilitating of information and assistance regarding new loan servicers.
It should be noted, however ...
Ultimately, the borrower will have to work directly with that Servicer's team for specifics on their loan payment processing, escrow payments, etc.
Should you have questions regarding the above or be in need of other mortgage information or services, please do not hesitate to contact me. I'll be happy to hear from you and assist you in successfully reaching your goals.
Contact me! I'll put my 40 years of Mortgage experience and expertise hard to work on your behalf.
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