Mortgage Service Transfer
Get answers to important, frequently asked mortgage questions.
Frequently Asked Questions
Often a financial institution will transfer mortgage servicing to MFM to offer additional benefits and services to you. Once the transition occurs, you will have new features and options for making payments and accessing information pertaining to your mortgage account. This practice is a common practice in the mortgage industry.
The transfer information is indicated on the Notice of Assignment, Sale, or Transfer of Servicing Rights letter that you will receive no later than 15 days prior to the transfer date. You will find the last date your previous servicer will take payments on your loan, as well as what date to start making payments to MFM or your new Servicer.
Yes, you will be assigned a new loan number. The new loan number is indicated on the Notice of Assignment, Sale, or Transfer of Servicing Rights letter that you will receive no later than 15 days prior to the transfer date. Your new loan number is located at the top of the letter.
No, the mortgage will continue to be serviced under the original and/or current terms.
No, please update your Bill Pay Service with your new loan number and the new payment mailing address so your payment is credited appropriately, and without delay.
MFM offers the ability to have your monthly payments taken directly from your account via ACH. Upon the transfer, all prior automatic deductions set up with your prior servicer will be stopped. ACH form will be included with your transfer letter that you can complete and return to MFM, or the ACH form can be completed online once you are able to register online.
Yes, your previous Servicer will supply you with a 1098 statement from the beginning of the year until the date prior to the transfer. MFM will supply you with a 1098 statement from the Transfer date to the end of the year.
Yes, if you have an escrow account for taxes, homeowners and/or mortgage insurance premiums, it will transfer with the servicing of your mortgage. Please note that the timing for your escrow analysis may not follow the same annual schedule.
