When Quicken Loans Transfers Loan Servicing

Quicken Loans Transfer of Servicing 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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3 Responses to When Quicken Loans Transfers Loan Servicing

  1. Cris April 9, 2013 at 11:43 am #

    I was with Cenlar, then refinanced with Quicken, had time to send Quicken one payment, then they informed me they were transferring my loan to…. Cenlar!

    Went in a circle, maybe I should have just got Cenlar to refinance and saved time and work?

  2. Victoria Araj April 9, 2013 at 12:31 pm #

    Hi Cris, thanks for the feedback. Actually, the process worked as it should have with regard to Cenlar loans. For certain loans, we refinance them and transfer the servicing back to the same servicer, which in your case is Cenlar. If you have any other questions, please let us know. Thanks and have a great day!

  3. tom December 2, 2013 at 2:55 pm #

    You do your customers a great disservice by not stating up-front that servicing will move to another company, especially when statements during initial negotiations indicate that this will *not* be the case.

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