Frequently Asked Questions
Why was my servicing being sold/transferred?
Umpqua Bank typically retains the servicing for the majority of the mortgage loans we originate. Occasionally, Umpqua Bank assigns, sells, or transfers the servicing of our mortgage loans. Disclosures were provided to you when your loan originated advising you of this possibility. This information can be found in the Deed of Trust.
What is the difference between selling a loan and transferring servicing?
Umpqua Bank, in our normal course of business, sells most conforming loans to either Fannie Mae or Freddie Mac shortly after origination. We retain the right to service the loan even though it is owned by Fannie or Freddie. Servicing the loan includes activities such as collecting payments, administering escrow accounts, managing delinquent loans, etc. Umpqua is transferring the servicing of the borrower’s loan to Mr. Cooper.
How was I notified that my loan servicing was being transferred?
A Notice of Servicing Transfer dated September 8, 2023 was sent to advise of the servicing transfer. Mr. Cooper, the new servicer, is required to provide a notice within 15 days of taking possession of the loan. The notice from Mr. Cooper would be in addition to the Notice of Servicing Transfer received from Umpqua Bank.
Can I do anything to keep my loan at Umpqua?
The servicing has been transferred and cannot be reversed.
Mr. Cooper: Your New Servicer
When will I hear from Mr. Cooper?
Mr. Cooper, the new servicer, is required to provide a notice within 15 days of taking possession of the loan. Their notice would be in addition to the Notice of Servicing Transfer received from Umpqua Bank. Mr. Cooper is mailing their “Hello” letter no later than October 13, 2023.
Concerns about Mr. Cooper’s reputation
The owner of your mortgage loan [Fannie Mae/Freddie Mac] has established servicing criteria and has approved Mr. Cooper as the new servicer. As one of the top five mortgage servicers in the country, Mr. Cooper is a reputable and financially sound partner.
What is Mr. Cooper’s contact information?
After October 1, 2023, Mr. Cooper can be reached:
Mr. Cooper
Attn: Customer Service
Lake Vista 4
800 State Highway 121 Bypass
Lewisville, Texas, 75067
Customer Service enrolled in ACH – 877-289-0500
Customer Service not enrolled in ACH - 877-372-0512
Customer Service hours:
Monday – Thursday: 7:00 a.m. to 8:00 p.m. (CT), and
Friday: 7:00 a.m. to 7:00 p.m. (CT), and
Saturday: 8:00 a.m. to 12:00 p.m. (CT)
Borrower notification of the MSR sale
How was I notified that my loan servicing was being transferred?
A Notice of Servicing Transfer dated September 8, 2023 will be/was sent to advise of the servicing transfer. Mr. Cooper, the new servicer, is required to provide a notice within 15 days of taking possession of the loan. Their notice would be in addition to the Notice of Servicing Transfer received from Umpqua Bank.
What/Who determined the timing of the Notice of Servicing Transfer?
The timing and content of the Notice of Servicing Transfer is dictated by Federal law. Federal guidelines (12 CFR Part 1024, Regulation X) require the transferor servicer (Umpqua Bank) to provide the notice of transfer to the borrower no less than 15 days before the effective date of the transfer of the servicing of the mortgage loan. The transferee servicer (Mr. Cooper) is estimating a mailing date of no later than October 13, 2023 for notice of transfer (AKA Hello Letter) to the borrower.
What if I didn’t receive the Notice of Servicing Transfer letter?
The Notice of Servicing Transfer letter was mailed to the mailing address of record. Please verify we have your current mailing address and update as necessary. A copy of the original notice can be provided upon request. You may request a copy of the original Notice of Servicing Transfer letter by phone at 877-367-5773 or by email at MortgageLoanServicing@umpquabank.com.
Payments
When can I contact Mr. Cooper to setup ACH/Autopay?
If you have an automatic payment arrangement to pay your mortgage payment with Umpqua Bank this service will transfer to Mr. Cooper with the transfer of servicing effective October 1, 2023. Please notify any third party or other bill paying service provider of the change in payee, loan number, and the new payment address of Mr. Cooper:
Mr. Cooper
Attn: Payment Processing
PO Box 650783
Dallas, Texas 75265-0783
If you have an automatic payment arrangement to pay your mortgage with Umpqua Bank and do not want this service transferred to Mr. Cooper, please notify us of your desire to opt-out of this service by phone at 877-367-5773 or by email at MortgageLoanServicing@umpquabank.com.
Will the monthly payment amount change?
No. All terms and conditions of the loan will remain unchanged.
Will the loan number remain the same?
No, the loan number will be changed upon transfer to Mr. Cooper. The Notice of Servicing transfer dated September 8, 2023 shows your new Mr. Cooper loan number below your Umpqua Bank loan number. Mr. Cooper will also communicate this new loan number in their Notice of Service Transfer, estimated to be mailed no later than October 13, 2023.
What if I accidently send my payment to Umpqua?
Any payments received on or after October 1, 2023 through November 30, 2023 will be forwarded to the new servicer. Umpqua will send a letter to you to inform you that we have forwarded your payment to Mr. Cooper. If you have an email address on file, we will send an email with the same information as the letter.
As of December 1, 2023 any payments received will be returned. A letter will be sent to inform you that your payment has been returned and will include instructions to submit payment to Mr. Cooper. If you have an email address on file, we will send an email with the same information as the letter.
What will happen with credit bureau reporting?
The reporting will transfer to the new servicer and the transferred loan with Umpqua Bank will report as transferred/sold.
Other topics
Do I need to notify the county or my Insurance Company (Homeowners/Flood/Hazard) of the change?
No. All insurance carriers were notified. Tax collectors will be notified prior to tax cycle. Mr. Cooper will monitor and pay insurance premiums and property taxes from escrow before they are due.
Who will provide tax documents?
You will receive 2023 year-end tax documentation from both Umpqua Bank and Mr. Cooper. Each servicer will report activity that occurred while serving the mortgage loan.
What will happen to my Optional insurance?
If you have mortgage life or disability insurance, or any other type of optional insurance, with your mortgage payment, this service will stop with the transfer of servicing effective October 1, 2023. If you wish to continue this coverage, please contact your insurance provider.