Who’s Collecting Your Mortgage Now?
- Neil Caron
- Apr 4
- 3 min read
How to Stay Ahead of Servicing Transfers and Protect Your Peace of Mind
When you buy a home — likely the biggest purchase you’ll ever make — you expect a stable relationship with the lender who guided you through it all. You trusted them with your loan, your goals, your financial future.
But here’s the truth most people don’t realize: that relationship may not last long. That’s because mortgage servicing rights — the responsibility for managing your loan and collecting payments — can be transferred, sold, or reassigned to another company, often without your input.
And when that happens, things can get... messy.
🚩 Why Servicing Transfers Stress People Out
Federal law requires that homeowners get two notices:
A “goodbye letter” from the old servicer at least 15 days before the transfer
A “hello letter” from the new servicer within 30 days after the transfer
But even with these letters, confusion is common. Some borrowers toss the mail, don’t check their accounts, or have no idea where to send their next payment. If they're enrolled in auto-pay or in the middle of a special program like forbearance, it gets even trickier.
🐷 RSL Piggy Points: What Could Go Wrong
You miss the mail, and your next payment goes to the wrong servicer.
Your automatic payments don’t transfer — and you fall behind.
You’re in forbearance or modification, and now you’re dealing with a totally new team.
Your credit takes a hit for a missed payment you didn’t even realize was late.
🧠 RSL Perspective:
“Servicing transfers are one of the most overlooked, under-explained parts of the mortgage process — and yet they can impact your financial life in big ways. At ReadySetLoan, we believe borrowers deserve transparency, tools, and proactive support throughout their homeownership journey.”
🛠️ How to Stay Ahead of Servicing Transfers
Here are simple steps you can take to protect your mortgage — and your peace of mind — during and after a servicing transfer:
✅ Keep an Eye on Your Mail
Open everything from your lender, even if it looks like standard paperwork. Both the “hello” and “goodbye” letters are required by law and contain critical info.
✅ Check Your Loan Account Weekly
If your lender offers online access, make it a habit to log in and review your loan status and payment history. Watch for any new messaging about changes.
✅ Set Up Alerts
Use reminders on your phone or email alerts through your bank to double-check that payments are being sent to the correct company — especially if you're using auto-pay.
✅ Call to Confirm
If you’re unsure who owns or services your loan, call your lender or check www.mers-servicerid.org to look up your current servicer.
✅ Keep Records
Hold onto copies of payment confirmations, bank drafts, and emails from your lender or servicer — especially during a transfer window.
✅ Update Your Auto-Pay ASAP
If your loan transfers, don’t assume the new company has your bank info. Reach out immediately and update payment details to avoid missed payments.
✅ Ask About Your Programs
If you’re enrolled in forbearance, a payment deferral, or any other special arrangement, confirm it has transferred correctly. Get it in writing.
🐷 RSL Piggy Points: Tools to Bookmark
MERS Servicer ID – Find out who services your mortgage
Your lender's mobile app or online portal
A calendar reminder to verify your next due date post-transfer
Don’t Let a Servicing Transfer Catch You Off Guard
At ReadySetLoan, we’re here to demystify the mortgage journey — from application to long after closing. Servicing transfers are one of those "fine print" areas where things can go sideways, but with a little guidance, you can stay fully in control.
🏁 Whether you’re a new homeowner or a seasoned borrower, ReadySetLoan is your go-to guide to everything home loan related. From expert tips to real talk, we’re here for the full race — not just the starting line.
➡️ Have questions about your mortgage or a recent servicing transfer? Visit ReadySetLoan to connect with your trusted mortgage experts.
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