The letter should also state which servicer is responsible for making payments from any escrow account for property taxes and property insurance and the effective date. Further, it would be good if it gave the website address for the new servicer for account information and gave the proper address / flow for electronic payments (e.g. recurring mortgage payments from a checking account).
Reason – 1) I had a bad experience once when the servicer did not make a timely property tax payment which “slipped through the cracks”. 2) Customers need to know how to handle and timing of changes to regularly scheduled electronic mortgage payments.
The letter should also state which servicer is responsible for making payments from any escrow account for property taxes and property insurance and the effective date. Further, it would be good if it gave the website address for the new servicer for account information and gave the proper address / flow for electronic payments (e.g. recurring mortgage payments from a checking account).
Reason – 1) I had a bad experience once when the servicer did not make a timely property tax payment which “slipped through the cracks”. 2) Customers need to know how to handle and timing of changes to regularly scheduled electronic mortgage payments.