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You generally can’t choose a different mortgage servicer simply by asking to switch. If your loan’s servicing transfers, follow the notice’s dates and payment instructions, update any automatic payments, and verify the next statement. A servicing transfer changes who handles payments and related account tasks; it does not, by itself, change the other terms of your mortgage.
Can you switch mortgage servicers yourself?
Usually, borrowers do not select the servicer when a servicing transfer occurs. A transfer changes the company that collects payments and handles servicing; it is separate from selling the loan, and a loan sale does not necessarily change the servicer. The CFPB’s Appendix MS-2 model transfer notice puts the point plainly: “Nothing else about your mortgage loan will change.” CFPB Regulation X, § 1024.33 CFPB Appendix MS-2
Refinancing can result in a new servicer, but it is a new loan rather than a simple servicing change. The CFPB describes refinancing solely to obtain a different servicer as expensive and generally impractical. If you are considering refinancing for broader reasons, compare the full costs and terms of the new loan—not just the company that would service it. CFPB: Can I change my mortgage servicer?
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What to check in a transfer notice
The notice identifies when the old servicer stops accepting payments and when the new one begins. Those effective dates govern where to send the next payment. The notice must also provide contact information for both servicers; follow its specific addresses and instructions, including any information about optional insurance.
Under CFPB Regulation X, the former servicer generally must give notice at least 15 days before the effective transfer date, while the new servicer’s notice is due no more than 15 days after it. The servicers may send a combined notice at least 15 days before the transfer. In specified circumstances, including certain servicer termination, bankruptcy, or conservatorship proceedings, notice may be provided within 30 days after the transfer. These are regulatory notice deadlines, not estimates of when a transfer will happen. CFPB Regulation X, § 1024.33(b)(3)
- Effective transfer date
- Last date the old servicer accepts payments and first date the new servicer accepts them
- Payment address and contact details for each company
- Any instructions about optional insurance
How to redirect payments without missing one
- Read the notice and mark the dates. Use the notice to identify which servicer is accepting payment on your next due date.
- Update automatic payments. Change the recipient and payment details in your bank or credit union’s bill-pay service. If you pay by mail, allow enough time for delivery to the address listed in the notice.
- Keep proof of payment. Save the notice and your payment confirmation, including the date and method you used.
- Check the next statement. Confirm that the payment posted correctly and that the account reflects the expected amount and date. CFPB: What happens if the company that I send my mortgage payments to changes?
What if you accidentally pay the old servicer?
For the 60-day period beginning on the effective transfer date, a payment received on time by the former servicer cannot be treated as late for any purpose, and no late fee may be imposed because of that misdirected payment. The former servicer must promptly forward the payment to the new servicer or return it to you and tell you the correct recipient. CFPB Regulation X, § 1024.33(c)
Keep records showing when and how you paid, then contact both servicers to resolve any posting issue. Don’t assume a payment has been credited correctly until you confirm it on the account or statement.
What to do if the notice is missing or something goes wrong
If no notice arrived, a payment appears misapplied, or loss-mitigation paperwork is not being handled, the CFPB says you may contact both servicers with an information request or a notice of error. Explain what happened and include relevant dates and payment records. The CFPB consumer guidance identifies these response paths; the exact procedural requirements can depend on the issue, so use the applicable instructions and addresses for your account. CFPB: What happens if the company that I send my mortgage payments to changes?
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