We know receiving a loan transfer notice can be confusing. We're here to help make the process as smooth as possible. We would like to reassure you that the terms of your loan stay exactly the same—the main change is where you send your payments and who you contact with questions.
Your mortgage is moving to a new company that will collect your payments, manage your account, and answer questions about your loan. The transfer does not change your loan terms, interest rate, or mortgage balance.
It can take a few days for your new mortgage company to finish setting up your account after the transfer. If they can't locate your loan right away, let them know your transfer date and ask when their setup process will be complete. During the first 60 days after transfer, you're protected from late fees and negative credit reporting related to the transfer.
We will continue processing your automatic payments until your transfer date. After that date, you'll need to set up automatic payments with your new mortgage company. They will provide instructions on how to enroll.
Please contact your bank to update the payee and address to your new loan servicer. You can usually accomplish this by logging in to your online banking account. Your new loan servicer’s contact information and payment address can be found in your ‘Notice of Servicing Transfer’ letter.
Don't worry. For 60 days after the transfer date, we'll forward any payments we receive to your new mortgage company. During that same 60-day period, you are protected from late fees and negative credit reporting related to the transfer.
Flat Branch will notify your insurance company of the transfer on your behalf. However, if you receive an insurance bill or other correspondence that still lists Flat Branch as the mortgagee, please contact your insurance provider and ask them to update their records with your new loan servicer's information.
If you have an active insurance claim, Flat Branch will continue working with you through the transfer date. Any remaining claim funds associated with a monitored claim will be securely transferred to your new loan servicer so they can continue assisting you and processing your claim without interruption.
Mortgage transfers are a normal part of the industry and happen regularly. The transfer is not related to your payment history or anything you did as a borrower.
Unfortunately, no. Mortgage transfers involve groups of loans and cannot be stopped or changed for individual accounts.
After your loan transfer date, Flat Branch will no longer have access to your current loan information. For questions about your loan, payments, or account details, please contact your new loan servicer directly.
Your new servicer will receive your loan records from Flat Branch, including payment history, loan documents, and account notes, to help ensure a smooth transition. You can find your new servicer's contact information in the Notice of Servicing Transfer letter that was mailed to you.