Post CLosing Concierge Support

When Is Loan Transferred

The transfer of servicing can happen within two weeks to 45 days after closing. There are many factors that can affect the time it takes for the transfer of servicing to occur.

After your loan closes, our post-closing department prepares your file for review by the servicer. It may be necessary to provide additional documentation before the transfer can take place. If we have any questions or need any additional documentation from you, we will contact you during this part of the review process.

Once the servicer has completed their review and the transfer takes place, you will be notified of the transfer of servicing. The notice you are provided will show that date in which your new Servicer will begin collecting your payments and ensuring all payments are made for any insurance or taxes you have set up with your escrow account (if applicable).

The transfer will not impact the terms of your mortgage in any way. Your loan amount, interest rate, contractual payment obligation and payment schedule will remain the same. The only change will be where you send your mortgage payment.

Where Do I Send My First Payment

This is determined by the length of time it takes the servicer to review your mortgage and the date that your first mortgage payment is due. Sometimes the first payment is made to us (Premium Mortgage Corporation) and sometimes it will be sent directly to the end Servicer.

If your loan is transferred more than 15 days before your first payment is due, you will be sending your first payment to your new Servicer. *If your loan has not been transferred more than 15 days before your first payment is due, you will be sending your first payment to Premium Mortgage Corporation.

In either case, we will send you an e-mail detailing where to send your payment that is due:

-When your loan is transferred more than 15 days before your payment is due, we will send a “Transfer of Servicing” e-mail that includes details for your new servicer and how to contact them. (The new Servicer will mail you a Welcome Letter as well).

-If your loan is not transferred more than 15 days before payment is due, we will send you an email that will contain a mortgage statement and payment coupon for sending in your payment to our office. This e-mail will typically be sent around the 16th or 17th of the month if your payment is due to Premium Mortgage Corporation (this will be received through the portal).

In the event you have not received any correspondence from Premium Mortgage Corporation within 10 days of your payment being due please reach out to myself or servicing@premiummortgage.com and we will provide you with the information need to make your payment. (At closing, in your closing paperwork, you received a temporary coupon payable to Premium Mortgage Corporation if it is necessary to make the first payment to us).

Homeowners Insurance Info

Once your Servicer has been determined, you will need to contact your homeowner’s insurance agent to update them on who the new servicer of your mortgage is. The information you need to provide is called the “Mortgage Clause” and is contained in the e-mail sent notifying you of your transfer. This is also outlined in your Transfer of Servicing’ letter that gets uploaded to your Encompass Loan Portal after the transfer has been completed (this is where you may have you loaded your documents before). Be sure to review your next policy renewal notice to verify the change has been made.

If you change insurance companies, remember to notify your loan servicer in writing of your new insurance account information.

Avoiding Scams by Email/Mail

Premium Mortgage Corporation will always identify itself and have our unique blue logo on all our correspondence. Once you close on your mortgage and the mortgage is recorded, it becomes public information. There are companies out there that will mail you information and these letters may look official, but most are junk mail/scams. You should expect to receive plenty of offers for things like life insurance quotes, home security services, lawn care, and handyman services just to name a few. Never put any confidential information on these forms and return them.

Encompass Support

Once the transfer of servicing has started, you should receive two notices:

1.  A letter from Premium Mortgage Corporation, which should be provided at least 15 days before your first payment is due to the new Servicer. This is commonly referred to as a Transfer of Servicing Letter. It will be sent to you via Premium Mortgage Corporation’s secure Encompass Loan Portal.
   
   
2.  A letter from your new Servicer, which should be provided within 15 days of the effective date of the transfer. This is commonly referred to as a Hello / Welcome Letter.

Both documents will contain information regarding the impending transfer including the name, location, and phone number of the end servicer. The welcome letter from your new loan Servicer will also include where and when you should begin sending your monthly payment. Each letter will also provide a statement explaining your rights and what to do if you have any questions or complaints about the servicing of your loan.

In very rare cases, borrowers may receive a single letter indicating the transfer of loan servicing. If you only receive one letter, it should represent both sides of the servicing equation; it should include the ‘goodbye’ from Premium Mortgage Corporation and the ‘welcome’ from your new Servicer.