Why is the servicing of my mortgage being transferred to another party?
Your current mortgage servicer, Bangor Savings Bank, has transferred the servicing of your mortgage to a new financial institution. This means that you will send payments to your new servicer, and they are responsible for managing your loan moving forward.
Did I receive a notice that my servicing was going to be transferred?
You have received a Notice of Servicing Transfer from Bangor Savings Bank. This notice lets you know who your new servicer is, when your final payment is due to Bangor Savings Bank, and when your first payment is due to your new servicer.
Will my mortgage terms change?
No, the terms of your mortgage will remain the same. Your new servicer will continue to manage your loan under the original or current terms. Your interest rate, loan balance, and monthly due date will not change due to this transfer.
What is the Service Transfer date for my Mortgage Servicing Transfer?
The transfer date is indicated in the Notice of Servicing Transfer Letter that you received. You will find the last date Bangor Savings Bank will take payments on your loan, as well as the date you will start making payments to your new servicer.
Who do I make my next payment to?
You will make your next payment to the new servicer indicated on the Notice of Servicing Transfer letter.
If I have Escrow services through Bangor Savings Bank, will they carry over to the new servicer?
Yes, if you have escrow through Bangor Savings Bank, it will transfer with the servicing of your mortgage. You will be notified of any changes to your escrow account by your new servicer.
Do I need to set up automatic payments with my new servicer?
Yes, the ACH you have set up with Bangor Savings Bank will expire with your final payment to Bangor Savings Bank. You will need to contact your new servicer and set up an ACH with them. Please reference the Notice of Servicing Transfer for your new servicer.
Will my credit score be affected by the servicing transfer?
No, the servicing transfer will not affect your credit score.
Who should I contact if I have questions moving forward?
With any additional questions, please contact our Bangor Support team.