When closing a loan with Quicken Loans, always remember that no matter what, Quicken Loans is your lender for life. Many times, loans that Quicken Loans closes get serviced by another lender. It’s not you, it’s us. We’re not a big, fancy bank with unlimited funds. Don’t get us wrong, we like that we’re not a bank! It allows us to give you a great mortgage experience. But in order to be able to provide high-quality service to people just like you across America, we need to free up some of our funds.
Transferring your mortgage to another lender is common within the mortgage industry. Rest assured that this process does not affect the terms and conditions of your original loan. Mortgage loans sold on the secondary mortgage market help to stimulate the real estate market and economy in general.
“The transfer of services is a simple process that is commonly done with mortgages. You can always contact Quicken Loans if you have any questions about your home loan,” said Matt Thompson, Servicing Team Leader at Quicken Loans.
As the nation’s largest online retail mortgage lender, we will always inform you who your new servicing company will be, where it is located, and where your payments should be made. You will get this information in a Mortgage Servicing Disclosure Statement. You will get a second notice from the new servicer of your loan. Quicken Loans will notify you at least 15 days before the effective date of the transfer, unless you receive a written transfer notice at settlement.
The transfer notice will include:
-Name and address of the new services.
-The date Quicken Loans will stop accepting your mortgage payments. Don’t cry, lender for life. Don’t forget!
-The date the new servicer will begin accepting your mortgage payments.
-Telephone numbers for Quicken Loans and the new mortgage servicer and information about the transfer.
-A statement explaining your rights and what to do if you have a question.
There is a 60-day grace period after the transfer. You cannot be charged a late fee if you mistakenly send your mortgage payment to Quicken Loans. Seriously, no worries! Under the Real Estate Settlement Procedures Act (RESPA), as long you make a timely payment to the old servicer within 60 days of the loan transfer, you cannot be penalized. Remember if you had an automatic payment plan set up it will have to be changed.
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