You were recently sent a letter “Hello From Servbank” that will identify your loan number. Please use this letter as your source of reference.

So, you originated your loan with another lender, and then you were notified that you were being transferred to Servbank… what’s that all about? Rest assured, we’re going to explain the nitty-gritty of what it means to have your mortgage transferred and what that means for the future of your mortgage.

First things first, your previous servicer transferred your loan to Servbank, and that means you’ve been ‘transferred to us.’ Servbank is your loan servicer now! You probably didn’t know this, but it’s common for one servicer to sell mortgages to another servicer. Your loan was absolutely not sold because of anything you did.

And now that you’re with us, we want you to stay with us. We’re going to show you that being a Servbank homeowner is awesome. We’re 100% your partner in this. And like with any long-term relationship, we’re going to do everything we can to make sure you’re treated right.

Hopefully, your previous servicer sent you a letter of notification that included your official transfer date.

If you didn’t receive a letter with an official transfer date, call your previous servicer and they should be able to help. This letter should be sent out 15 days prior to this transfer, which is scheduled for 7/1/2024.

Within 15 business days after your transfer date, you’ll receive a welcome letter from Servbank. The welcome letter will include your new loan number, Servbank contact details and other information you’ll want to know.

Now that we are your new mortgage servicer, you might be asking yourself, “What else is going to change?”

The honest answer is not a whole lot.

The terms of your loan won’t change. Your interest rate, monthly principal and interest payment, and repayment timeframe will stay exactly the same to what they were with your previous servicer. (Unless you have an adjustable-rate mortgage, in which case your interest rate will be subject to change under the terms of your mortgage. But don’t worry, if that’s the case, we’ll notify you ahead of time to let you know when and how your rate will change.)

News Flash:

• During the first 60 days after your transfer, you will not accrue late fees or negative reporting to the credit bureaus.
• For 60 days after your transfer date, your previous servicer will forward us any payments you make to them. (After that, you’re sending payments directly to Servbank
• We’ll continue any workout or modification plan you had with your previous servicer. Please allow us up to 30 days from your transfer date for us to get all the paperwork.
• Were you in the middle of selling or refinancing your home when the transfer occurred? Once your information is in our system, you can request a payoff quote.
• Did you have an escrow account? We’ll continue making your tax and insurance payments without missing a beat.

It’s going to be smooth sailing when it comes to basic account management like payments, statements, and escrow. Below, we’ve provided you with all the details you’ll need to get your account up and running with Servbank. We think you’re going to be pretty happy about how easy it is for you to manage it all.

About 7 business days after your official transfer date, you can register to get access to your account online. To register, you can use your new Servbank loan number or the loan number you had with your previous servicer.

Managing your mortgage just got easier. With the Mobile App you can make payments, download documents, and get account notifications. You’ll also have access to our exceptional Homeowner Care Specialists who are always happy to assist you with all mortgage issues.

We’ve got several payment options, and we’re sure you’ll find the one that works best for you.

Your autopay will transfer smoothly to Servbank. We are working hard to ensure a hassle-free experience for you. Please see the details below for when you should expect to see that transaction in your bank account.

• Smooth Transition: If you are already enrolled in automatic payments (ACH), don’t worry, we have you covered. Your automatic payments will be transferred to Servbank effortlessly with no action required from you.
• July’s Payment Details:
  • Your Payment Will Be Scheduled by July 11th If: your usual draft date is between the 1st and the 10th.
  • Your Payment Will Draft on Schedule If: your draft date is the 11th or later.
  • Please allow 1-3 business days for funds to be deducted from your bank account.
• August: You can expect your monthly payments return to their normal drafting day that was previously setup.

Update the payee details to the below after your July 1st payment –

Biller Name: Servbank
Biller Remittance Address: PO Box 650094 Dallas, TX 75265-0094
Loan Number: This can be found on your Preboard letter.
Servbank Biller ID: 1026022417

Your first Servbank statement should arrive within 30 business days of your transfer date.

Did you have an escrow account with your previous servicer? If you did, it was transferred to us with your loan. Your escrow payments will continue exactly as before.