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Questions About Your Mortgage Transfer?
We have appreciated the opportunity to assist you with your home financing. As part of our ongoing commitment to provide you with the highest level of service, we have decided to transfer the servicing of your mortgage from Independent Bank to PHH Mortgage Services, effective March 1, 2025. While this decision was not easy, we believe it is in your best interest.
Please be assured that the terms and conditions of your loan will remain unchanged. Our goal is to ensure a smooth transition for you, and we are here to support you throughout the process.
Mortgage Transfer to PHH FAQs
Answers to Commonly Asked Questions About Your Mortgage Transfer
What does it mean that my mortgage servicing rights have been sold?
Your mortgage servicing rights being sold means that the responsibility of managing your loan, including collecting payments, handling escrow accounts, and providing customer service, has been transferred to a new servicer.
Why did IB make this decision?
Banks and lenders sometimes sell mortgage servicing rights as part of their business operations. This is common in the mortgage industry and does not impact the terms of your loan. It was a difficult decision; however Independent Bank believes that PHH, which specializes in Mortgage Servicing, will be well suited to handle your ongoing mortgage servicing needs.
How will I pay my monthly mortgage payment?
Automatic reoccurring payments will not transfer to your new mortgage account.
- If you have automatic payments set up via Independent Bank Online Banking or Bill Pay from another financial institution, you will need to cancel the reoccurring payment so it is not sent to Independent Bank.
- If you’d like to set up automatic payments with PHH Mortgage Services, please call them at 800.449.8767. You will also be receiving more information from them after March 1, 2025, via mail and/or email.
- You will not be able to make your mortgage payment at an Independent Bank branch.
- Check payments may be mailed to:
PHH Mortgage Services
PO Box 371458
Pittsburgh, PA 15250-7458
How do I know if I need to cancel my automatic payment with Independent Bank?
If you are unsure if you need to cancel your automatic payment, please contact the Independent Bank Loan Servicing Department at 800.355.0641, option 4, option 5.
What if I usually pay in the branch?
An Independent Bank branch will not be able to process your payment after 2/28/2025. See ‘How will I pay my monthly mortgage payment?’ question above.
What if I usually pay automatically from my Independent Bank deposit account?
Your automatic payment will not transfer to your new mortgage account. If you’d like to set up automatic payments with PHH Mortgage Services, please call them at 800.449.8767. You will also be receiving more information from them after March 1, 2025, via mail and/or email.
How do I set up automatic payments with PHH Mortgage Services?
If you’d like to set up automatic payments with PHH Mortgage Services, please call them at 800.449.8767. You will also be receiving more information from them after March 1, 2025, via mail and/or email.
Who is PHH Mortgage Services?
PHH Mortgage Services is one of the largest servicers of residential mortgages in the United States. For more information, visit their About Us webpage: https://www.phhmortgage.com/About/About-Us
Will my escrow account be affected?
Your escrow account will transfer to PHH Mortgage Services. All funds and current obligations for taxes, homeowner’s insurance, and mortgage insurance will be managed by the new servicer without interruption.
Will this impact my property taxes?
No. Taxes paid through escrow as part of your monthly payment will automatically transfer to PHH Mortgage Services. If you pay your taxes on your own, outside of escrow, you may continue those payments as normal.
What should I do if I have questions about my loan or the transfer?
You may contact PHH Mortgage Services at 800.449.8767, Monday-Friday 8 am-9 pm and Saturday 8 am-5 pm (ET). Or, you may contact Independent Bank Loan Servicing Department at 800.355.0641, option 4, option 5. For TTY, please dial 711.
What if there are discrepancies after the transfer?
If you notice any discrepancies in your loan account after the transfer, contact PHH Mortgage Services at 800.449.8767 for resolution. They will work with you to address and correct any issues.
Will this sale affect the terms of my mortgage loan?
No, the sale of servicing rights will not change the terms, interest rate, or balance of your mortgage loan. All existing terms and conditions will remain the same.
Does this affect the rest of my banking relationship?
No, any other accounts you have with Independent Bank will remain with the Bank.
What do I do if I've already sent my payment to Independent Bank? Will I get a late fee?
If you've already sent a payment to Independent Bank during the transition period, we will forward your payment to PHH Mortgage Services on your behalf without a late fee or negative impact to credit reporting. Please ensure that future payments are sent to the new servicer starting from the transfer date. See ‘How will I pay my monthly mortgage payment?’ question above.
What if I usually pay online via express loan pay?
Your payment will not be accepted through this Independent Bank channel. See ‘How will I pay my monthly mortgage payment?’ question above.
What if I usually pay by mail with a check?
Check payments may be mailed to:
PHH Mortgage Services
PO Box 371458
Pittsburgh, PA 15250-7458
What if I usually pay automatically from my account at another institution?
Your automatic payment will not transfer to your new mortgage account. If you’d like to set up automatic payments with PHH Mortgage Services, please call them at 800.449.8767. You will also be receiving more information from them after March 1, 2025, via mail and/or email.
When do the changes take effect?
The servicing transfer is effective 3/1/2025.
Will this impact my credit?
This transfer will have no impact on your credit score.
Is there anything that I need to do with my homeowner’s insurance as a result of this change?
No. Independent Bank will work with your insurance carrier to change where they send your renewal documents. Homeowner’s insurance paid through escrow as part of your monthly payment will automatically transfer to PHH Mortgage Services. If you pay your insurance on your own, outside of escrow, you may continue those payments as normal.
How can I ensure my personal information is secure during the transfer?
Both Independent Bank and PHH Mortgage Services follow stringent privacy and security protocols to ensure that all your personal and financial information is securely transferred and protected.
Will I still be able to access account information online or in ONE Wallet?
Your online access to account information with Independent Bank will cease following the transfer, but PHH Mortgage Services will provide instructions on how to set up online access through their platform after the transfer.
Can I refinance my mortgage during or after the transition?
Yes, you can still apply to refinance your mortgage. The transfer of servicing rights does not impact your ability to refinance.
