It is your previous mortgage servicer’s responsibility to inform your insurance company and your property tax authority of the new mortgage servicer. A follow-up call to your insurance company or taxing authority can help ensure that the tax or insurance bill is sent to the correct mortgage servicer. Make sure they have your current contact information in case they need to contact you.
If your loan is transferring to Statebridge Company LLC, please make your insurance company aware of our mortgagee clause, listed as follows:
ISAOA / ATIMA
P.O. Box 7086
Troy, MI 48007-7086
You should make sure to transfer the beneficiary to ensure that, in case of a claim, the check is written and sent to the appropriate mortgage servicer.
If your escrow account is interest-bearing, all interest due should be posted to your account by your previous servicer before the date of transfer.
During the twelve months after your mortgage servicing is transferred, your new lender will perform an escrow analysis. During the analysis, your new mortgage servicer will review your escrow payment and determine if it is adequate to cover the amounts of your tax, insurance and (as applicable) mortgage insurance payments for the upcoming year. If the amount is found to be insufficient, your new mortgage servicer may increase your escrow payment to collect for these amounts.