If your mortgage servicer administers an escrow account for you, federal law requires the servicer to make escrow payments for taxes, insurance and any other escrowed items on time.Within 45 days of establishing the account, the servicer must give you a statement that clearly itemizes the estimated taxes, insurance premiums and other anticipated amounts to be paid over the next 12 months, and the expected dates and totals of those payments.The new servicer must notify you within 15 days after the effective date of the transfer.Both notices must include: There is a 60-day grace period after the transfer: during this time you cannot be charged a late fee if you mistakenly send your mortgage payment to the old servicer.A home is one of the most expensive purchases you’ll make, so it’s important to know who is handling your payments and that your mortgage account is properly managed.The Federal Trade Commission (FTC), the nation’s consumer protection agency, wants you to know what a mortgage servicer does and what your rights are.The servicer then uses your escrow account to pay your taxes and insurance as they become due during the year.
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In many cases, the company that you send your payment to is not the company that owns your loan.A mortgage servicer is responsible for the day-to-day management of your mortgage loan account, including collecting and crediting your monthly loan payments, and handling your escrow account, if you have one.The servicer is who you contact if you have questions about your mortgage loan account.You also may be able to check your account history online.
If you have a dispute, continue to make your mortgage payments, but notify the servicer in writing (see Sample Complaint Letter) and keep a copy of your letter and any enclosures for your records.
In most cases, your current servicer must notify you at least 15 days before the effective date of the transfer, unless you received a written transfer notice at settlement.