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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →If your mortgage payment servicer changes, follow the transfer notice: it tells you when to stop paying the old servicer and when to start paying the new one. You generally cannot choose a different servicer as part of a servicing transfer. The transfer changes who handles payments and related servicing, not the other terms of your mortgage.
First, know what is changing
A mortgage servicer collects and processes payments and handles other account tasks. A servicing transfer changes the company doing that work; it does not itself change your interest rate, balance, or other loan terms. The CFPB’s Appendix MS-2 model notice puts it plainly: “Nothing else about your mortgage loan will change.” CFPB Regulation X, § 1024.33 includes the model notice.
A loan sale and a servicing transfer are separate events. Your loan can be sold without changing who services it, and a servicer can change without a sale of the loan. The CFPB explains what happens when the company you pay changes.
Read the transfer notice for the dates that control payment
The notice should identify the effective transfer date, the former servicer’s final payment date, the new servicer’s first payment date, and contact information for both companies. Follow the specific instructions in your notice, including any information about optional insurance.
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Under CFPB Regulation X, the former servicer generally must send its notice at least 15 days before the effective transfer date; the new servicer’s notice is generally due no more than 15 days after that date. The servicers may instead send one combined notice at least 15 days beforehand. Certain circumstances, including specified termination, bankruptcy, or conservatorship proceedings, allow notice within 30 days after the transfer. See § 1024.33(b)(3).
Redirect your next payment
- Write down the dates and payment details. Record the transfer date, the old servicer’s last date for payments, the new servicer’s first date, the payment addresses, and support contact information.
- Pay the company designated for that payment date. Use the notice to determine where the next payment goes. If you mail a check, allow time for delivery.
- Update recurring payments. Change the payee and payment details in your bank or credit union’s bill-pay service, and update any other automatic payment arrangement you control.
- Keep proof and check the next statement. Save the notice and payment confirmation. Review the next statement to verify that the payment was credited correctly.
If you accidentally pay the former servicer
For the 60-day period beginning on the effective transfer date, a payment received by the former servicer on or before its due date cannot be treated as late for any purpose, and no late fee may be imposed because of that misdirection. This protection is in CFPB Regulation X, § 1024.33(c).
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The former servicer must promptly forward the payment to the new servicer or return it to you and tell you the correct payment recipient. Keep documentation showing when and how you paid, then contact both companies to confirm the payment is properly handled.
If the transfer causes a problem
If you did not receive a notice, a payment was misapplied, or loss-mitigation paperwork is not being handled, contact both servicers. The CFPB says you may send an information request or a notice of error to address servicing issues. Its consumer guidance identifies these options but does not provide every procedural deadline or mailing address; use the contact and submission instructions for your servicers and loan. See the CFPB’s guidance on a change in mortgage payment company.
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Can you choose a different servicer?
Usually, no—not through the transfer itself. If you are considering refinancing for broader reasons, compare the full costs and terms of the new loan. The CFPB describes refinancing solely to obtain a different servicer as expensive and generally impractical. A refinance may result in a different servicer, but do not assume a particular company will accept or service a loan.
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