When your mortgage servicing transfers, the company that handles payments and account administration changes; the loan itself generally does not. Use the transfer notice to confirm the handoff date and payment destination, keep proof of payments, and check the new account and escrow records. Federal rules also provide a 60-day protection for certain on-time payments mistakenly received by the old servicer.
What changes—and what does not
A mortgage servicer administers your loan: it collects principal, interest, and escrow payments, sends statements, tracks the account, and handles related servicing tasks. A transfer changes which company performs those tasks. The CFPB’s model transfer notice says, “Nothing else about your mortgage loan will change,” but the notice’s context matters: terms directly related to servicing may change. See the CFPB’s Regulation X, §1024.33 and its model servicing-transfer notice, Appendix MS-2.
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Do not assume that an account number, payment address, online login, or autopay arrangement will carry over. The transfer notice and the new servicer’s verified instructions determine where and how to pay.
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Keep both communications: the notice from the old servicer and the notice from the new one. Federal rules generally require the old servicer to give notice at least 15 days before the effective date and the new servicer to give notice no more than 15 days after it. They may instead send one combined notice at least 15 days before the transfer. In specified situations—including termination for cause, bankruptcy proceedings, or certain federal credit union or FDIC proceedings—notice may be provided within 30 days after the effective date. These time windows are set out in Regulation X, §1024.33.
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Check the notice for the effective date, when the old servicer stops accepting payments, when the new servicer starts accepting them, and the new payment address. The old-stop and new-start dates must be the same or consecutive days. The notice should also provide contact information for both servicers and say whether optional insurance is affected. The CFPB’s model notice shows the kinds of information to look for.
Send payments to the right servicer
- For a payment due before the handoff: Follow the notice’s dates and payment instructions. If the notice is missing or unclear, contact the servicer using a phone number or address from an existing statement or other verified account record.
- For a payment due on or after the new servicer’s start date: Use the new servicer’s verified payment instructions. Allow extra delivery time if paying by mail; the CFPB specifically advises borrowers to account for mailing time. Its borrower guidance is in “What happens if the company that I send my mortgage payments to changes?”
- For autopay or bill pay: Check whether the arrangement needs to be updated rather than assuming it transfers. Confirm the new instructions with the servicer, then save the confirmation for any change you make.
- Keep a record: Retain the transfer notice, payment confirmations, and relevant statements. Note the date and destination for payments made around the handoff.
If you paid the old servicer by mistake
For the 60-day period beginning on the transfer’s effective date, a payment received by the old servicer on or before its applicable due date—including any grace period allowed by the loan—may not be treated as late for any purpose. The CFPB’s interpretation says this protection bars late fees in that circumstance. The old servicer must promptly forward a misdirected payment to the new servicer or return it and tell you the proper recipient. The rule is in 12 CFR §1024.33(c)(1), Regulation X.
This protection is tied to when the old servicer receives the payment and whether it arrives by the applicable due date or within the loan’s grace period. Keep evidence showing when and where you sent or made the payment. If it does not appear on the new account, contact the servicers using the details in the transfer notice and provide the payment date, amount, destination, and confirmation.
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Once you can access the new servicer’s account, compare its payment history and balance with your records and the transfer-related statements. Contact the new servicer if a payment is missing, the payment instructions remain unclear, or the balance does not reconcile. Use the contact details in the transfer notice; the CFPB model notice includes fields for servicer contact information and relevant departments.
Keep copies of the notice, statements, payment confirmations, and correspondence. The general transfer rules cannot establish your individual account number, amount due, autopay migration procedure, or current escrow balance; verify those in your account-specific records.
Review escrow statements and deadlines
Escrow handling may require separate follow-up. Under Regulation X, §1024.17, if the new servicer changes your monthly payment amount or the escrow accounting method, it must provide an initial escrow account statement within 60 days after the transfer. The old servicer must provide a short-year escrow statement within 60 days of the effective date. Review the statements for the account activity and payment amount, and ask the servicer about any discrepancy.
Escrow disbursements for property taxes, insurance, and other covered charges must be made by the applicable deadline to avoid a penalty, subject to the regulation’s conditions. If an apparent discrepancy could affect a tax or insurance deadline, contact the servicer promptly and contact the taxing authority or insurer directly to verify whether the bill has been paid.
If you have not received a notice or cannot resolve a problem
If the expected notice has not arrived, or the notice does not make the effective date or payment destination clear, contact the old servicer and ask for the transfer details and the new servicer’s contact information. If the handoff has already occurred, contact the new servicer as well. Use verified contact details and keep a written record of calls and correspondence.
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For a missing payment, provide both servicers with the payment date, amount, method, destination, and proof. For escrow concerns, identify the bill and due date and check with the taxing authority or insurer if timing is at risk. The CFPB’s borrower page, “What happens if the company that I send my mortgage payments to changes?”, explains the basic transfer process and payment concern.
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