Your Transition at a Glance
Here's a timeline you can expect as we work together to make your transition as smooth and seamless as possible.
Transfer Notification:
You will receive notification from your current mortgage servicer advising you of the transfer date. No action is required at this stage.
Loan Transfer:
C&F Bank will send a welcome letter containing your loan number, payment instructions, contact information, and our website.
Account Activation:
After setup, you may contact us for loan information, make payments, access statements, and enroll in automatic payments.
Key Things to Know
Making Mortgage Payments:
Customers may make payments through automatic draft, online banking, bill pay services or mailed payments. Payments mistakenly sent to a prior servicer will generally be forwarded during the transfer period.
Escrow Administration:
C&F Bank will continue administering your escrow account for property taxes and insurance, if applicable. Escrow balances will transfer as part of the servicing transfer. Future payment changes may occur as a result of normal escrow analyses, tax changes, or insurance premium changes.
Private Mortgage Insurance (PMI):
If your loan has PMI, C&F Bank will continue tracking PMI requirements. Borrowers retain all applicable PMI cancellation rights under federal law and their loan documents. Information regarding PMI may be obtained by contacting Loan Servicing.
Homeowner Insurance:
Please continue maintaining required property insurance coverage. Updated insurance declarations, renewals, and policy information may be requested by Loan Servicing. You may also be asked to provide proof of coverage updates or add C&F Bank's mortgagee clause to your insurance policy, if not already reflected. C&F Bank will continue insurance monitoring as required by your loan agreement.
Tax Forms and Annual Statements:
Annual IRS Form 1098 mortgage interest statements will be made available according to applicable reporting requirements. Borrowers should retain all servicing transfer notices and annual tax documents for their records.
Frequently Asked Questions
Why was my mortgage servicing transferred?
Servicing transfers are common within the mortgage industry and do not change your loan terms.
Will my loan terms change?
No. Interest rate, payment obligations, and maturity date remain the same unless otherwise adjusted through normal escrow administration or loan provisions.
Why can’t I access my loan immediately?
Following transfer, loan information must be validated and loaded into our servicing system.
How will I receive updates?
Through welcome letters, mortgage statements, online banking messages, and direct support from your assigned Relationship Manager.
Who do I contact with questions?
C&F Bank’s Loan Servicing team is available to help with any questions and can be reached at 804.843.2364 ext. 18693.
Common Questions During Transfer
- Payoff Requests: Contact Loan Servicing for updated payoff information.
- Loss Mitigation: Any active loss mitigation applications will continue to be reviewed in accordance with applicable regulations.
- Adjustable Rate Mortgages (ARMs): Existing ARM terms remain unchanged and future adjustments will occur according to the loan documents.
- Construction-to-Permanent Loans: Existing conversion provisions remain unchanged.
We're happy to help