Who Is My Mortgage Servicer
A mortgage servicer handles the day-to-day management of your mortgage loan account. This includes collecting payments, applying funds, and managing escrow accounts. The servicer is who you contact if you have questions about your mortgage loan account. For more information about mortgage servicing, visit the Federal Trade Commissions website.
Your mortgage servicer is the company that sends you the bill for your mortgage payment. You should receive monthly statements from your mortgage servicer, even if you are in foreclosure. However, you may not receive one if you filed bankruptcy. From time to time, a mortgage servicer may sell the servicing rights to your mortgage. In most instances, you are entitled to notice of the transfer from both your old and new servicer. You should receive this notice even if you are in the foreclosure process. If you do not know who services your mortgage, you may be able to find out your servicer by calling MERS at 1-888-679-6377 or visiting the MERS website. If your loan is not in the MERS system, look for the most recent mortgage statement you have and ask that servicer.
How Nslds Knows Your Student Loan Balances
The NSLDS receives information for its database from a variety of sources, including guaranty agencies, loan servicers, and other government loan agencies. When you enroll in a college or university, the school also sends information, including any student loan debt you took on, to the NSLDS. It notes when you took out the loan, when it was disbursed, when your grace period ended, and when you paid it off.
The NSLDS is useful because it gives a total picture of your federal loans at once, so you know right away how much federal debt you have. However, it doesn’t include any information about your private student loans.
I Cant Afford My Student Loan Payments What Resources Are Available
If you struggle to afford your federal student loan payments, consider applying for an income-driven repayment plan. Under income-driven plans, payments can be as low as $0 per month. Monthly payment amounts are based on family size and income. Income-driven plans also offer the possibility of loan forgiveness after 20 or 25 years of qualifying payments and can provide valuable interest subsidies.
- The Revised Pay As You Earn plan offers the most generous interest subsidy. Specifically, under REPAYE:
- On subsidized loans, you do not have to pay the difference between your monthly payment amount and the interest that accrues for your first three consecutive years in REPAYE.
- On subsidized loans after these first three years and on unsubsidized loans during all periods, you only have to pay half the difference between your monthly payment amount and the interest that accrues.
If you previously enrolled in an income-driven plan but experienced a loss of income or increase in family size, you may qualify for a new lower payment amount based on your changed financial circumstances.
Massachusetts residents who need help exploring repayment options are encouraged to file a Student Loan Help Request with the Massachusetts Attorney Generals Student Loan Ombudsman at www.mass.gov/ago/studentloans.
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Fannie Mae Mortgage Loan Lookup
Our Loan Lookup tool is the path to mortgage help for homeowners with a Fannie Mae-owned loan, including those impacted by COVID-19, a disaster, or housing affordability challenges.
If we own your loan, you may qualify for programs providing payment relief including a forbearance plan or loan modification. Youll also have access to live personalized assistance from HUD-approved housing counselors through our Mortgage Help Network or Disaster Response Network.
To use the Fannie Mae Loan Lookup tool, fill in every field below carefullya mistake or typo can give you the wrong results. Then check the box to provide consent and click Get results.
The Fannie Mae Loan Lookup is provided as a convenience for borrowers. Fannie Mae makes no representation, warranty, or guarantee regarding the accuracy or completeness of the results. A search that results in a Match Found status does not guarantee or imply that you will qualify for a Making Home Affordable® refinance or modification. Information that does not match our records exactly may return inaccurate results. You should contact your mortgage company to verify these results. Making Home Affordable is a trademark of the United States Department of the Treasury.
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What Do Loan Servicers Do
The federal government is far and away the biggest provider of student loans for students enrolled in colleges, graduate and professional schools.
All federal student loans are administered by loan servicers. If youre one of the millions who have a Direct Loan , or any other type of federal student loan, you can bank on the fact youll work with one.
In addition to billing borrowers, and collecting and processing their payments, loan servicers are tasked with helping borrowers take advantage of policies and programs offered by the DOE:
On its own, your loan servicer cant alter your loans payments or its terms. Rather, they help you make your case to your lender in this case, the government by advising you on what programs you qualify for, and processing the materials that the government requires from you to make changes.
Questions about federal loans for your current or upcoming school year should be addressed with your schools financial aid office. For your other loans, you should contact that loans servicer as soon as problems emerge. You should update your servicer right away if any of your relevant personal information changes, including your name or address.
What Are Student Loan Servicers Responsible For
Student loan servicers are required to assist you with repayment. Theyre in charge of:
- Sending you student loan bills
- Helping you sign up for auto-pay, which lets you make payments automatically from a bank account. This typically comes with an interest rate discount of 0.25%. Some private lenders offer a higher discount if youre also a banking customer.
- Giving you guidance on repayment options, including switching federal student loan repayment plans if you need a lower monthly bill
- Postponing payments for a period of time if youre unemployed or experience other financial hardships. You can do so through the federal governments deferment and forbearance programs the option you qualify for will be based on the circumstances of your financial hardship. Private student loans also offer forbearance but typically for shorter periods of time.
- Confirming your eligibility for federal student loan forgiveness programs
- Consolidating your federal student loans into a single loan, which qualifies you for certain repayment options and can help you better keep track of your loans
Student loan servicers also must apply any extra payments you make to your account in the way you choose. For instance, your servicer may let you decide whether the extra money should go to your current balance or to a future payment. Youll save the most money on interest by requesting your payment go toward your balance, rather than advancing your due date.
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How Can I Tell If My Navient Loan Is Private Or Federal
The federal and private forms of your studentloans can be found by checking FSAs loan assistance website, studentaid.gov. You will find a list of all the loans and grants you received from the Federal Student Aid website. You are most likely taking out student loans if you are not able to locate their Navient loan address on that website.
Mortgage Servicing Companies Matter More Than Ever
Chances are, the company that you send your mortgage payments to isnt the owner of the loan or the original lender.
Instead, payments are sent to a separate mortgage servicing company.
Mortgage servicers tend to be out of sight, out of mind. You usually dont have to interact with them aside from sending monthly payments.
But when you do need help from your mortgage servicer for instance, to remove PMI or request mortgage relief you want it to be a good experience.
Heres what you need to know about mortgage servicers, including what to do if youre unhappy with your company.
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You May Have More Than One Servicer: How To Find Out
If you have loans with more than one servicer, you will need to make a payment to each. If you’re not sure which servicers have your loans, go to StudentAid.gov and log in with your FSA ID, or call the Federal Student Aid Information Center at 800.433.3243.
It’s your responsibility to be aware of the number of student loans that have been taken out in your name, the amount owed, the timing of repayment, and where to send payments. If you make two or more monthly student loan payments, it may be wise to consider consolidating them into one loan.
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Federal Student Aid Ombudsman Office
If you’ve tried all of these places and are still in need of help, consider contacting the Federal Student Aid Ombudsman office. The Department of Education’s student loan ombudsman helps borrowers with student loan problems. The ombudsman is a last resource usually, it will help you only after you’ve tried to resolve your issue yourself. You can contact the student loan ombudsman office at 877-557-2575.
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Can I Change Who Owns My Loans
Yes, you can.
If your student loans are in good standing, you can refinance with a private lender. Refinancing involves obtaining a new loan to pay off any or all of your private and/or federal student loan. The bank, credit, or company you refinance with will own the refinanced loan.
Refinancing not only gives you the chance to switch up who owns your loan, but it also helps you better manage your student debt. By refinancing, you can secure a better interest rate, better loan terms, and/or perks like cosigner release or military deferment.
Learn more about student loan refinancing here.
Private Student Loan Refinancing
Refinancing is similar to consolidation in that you bring all your loans into one manageable loan. But refinancing is only done with private lenders the federal government doesnt offer student loan refinancing. That means youll lose federal loan protections when you refinance federal loans into a private one.
You can refinance both private and federal student loans together. Youll complete an application with a lender and detail all the current student loans you want to refinance. When youre approved, youll start making one monthly payment on your new loan to your new lender.
You should refinance if you:
- Have good or excellent credit and can secure a lower interest rate than what youre paying now.
- Have multiple loans with many different lenders, especially private loans.
- Can secure a lower monthly payment by stretching out your loan term.
You should avoid refinancing if you:
- Dont have strong enough credit to get a lower interest rate.
- Have federal loans that are eligible for an IDR plan or youre on track for PSLF.
- Want to keep federal protections and benefits, like deferment and forbearance, in case you experience financial hardship.
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What Are Ed Held Student Loans
Loans that are not in good standing are held by ED only. By guaranty agency or ED the borrower may be held responsible for unpaid FFEL Program loans. The school that has taken delinquent Federal Perkins Loans or its owner, the educational department, is responsible for them. Data from defaulted loans that are held by ED is processed through the Default Resolution Group at Federal Student Aid.
Why Did Navient Exit The Student Loan Industry
Navient was long under fire from the Consumer Financial Protection Bureau, which sued the loan servicer in 2017: It claimed that the company had pushed borrowers into costly, subprime private loans they would be unable to repay. In January, Navient canceled $1.7 billion in private student loans for nearly 66,000 borrowers after coming under scrutiny for engaging in abusive and deceptive practices, including targeting students the company allegedly knew couldn’t pay back loans.
In 2020, the US Department of Education announced changes to loan servicing in an effort to modernize the federal student loan system. As part of the Next Gen Initiative, the Department of Education extended its partnership with five of the 10 current loan servicers, which would continue servicing federal student loans, but under stricter government regulations. Navient, along with FedLoan and Granite State, opted to end their participation in federal student loan servicing at the end of 2021.
Michael Lux, a student loan expert, attorney and founder of the Student Loan Sherpa, said that the “increase in federal regulation and government scrutiny over federal loan servicing is almost certainly to blame for Navient’s departure.”
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Automatic Federal Student Loan Forbearance
The Coronavirus Aid, Relief and Economic Security Act grants federal student loan borrowers automatic administrative forbearance if the U.S. Department of Education owns the loans. What does this mean?
Originally passed on March 13, 2020, extended through Sept. 30, 2021, and again extended to Jan. 31, 2022the CARES Act was extended once again on Dec. 22, 2021, until May 1, 2022. This still means:
- Your interest rate will drop to 0%.
- You dont have to make payments.
- If you want to keep making full or partial payments during this time, you can.
- You wont be charged any late fees.
- Interest will stop accruing.
- The interest you owed on March 12, 2020, will not be added to your principal balance.
- You dont have to contact your loan servicer to request these benefits if youre eligible for them.
When you log in to your student loan account or look at your student loan statement, it should show an interest rate of 0% if youre receiving the benefit. If your rate is not 0%, double-check that your servicer hasnt made a mistake. Heres how to determine if you should be getting this rate.
The American Rescue Plan, passed by Congress and signed by President Biden in March 2021, includes a provision that student loan forgiveness issued between Jan. 1, 2021, and Dec. 31, 2025, will not be taxable to the recipient.
Can Students Get Loans Without Parents
You dont need any parent information to apply for federal student loans if youre an independent student. You can borrow up to $57,000 in total federal student loans as an independent student, rather than $31,000 as a dependent student. The answers you provide on the FAFSA determine your dependency status.
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The New Servicer Standards
The FSAs new standards indicate that in the new year, federal loan servicers will be assessed by how effective a servicer is at keeping borrowers from falling behind on their payments and across measures of customer service including the percentage of borrowers who end a call before reaching a customer service representative by phone and whether servicers process borrower requests accurately the first time.
Student loan servicers will now have strong financial incentives to provide quality service to their customers, reads the announcement, referencing contract renewals. When the new contract terms go into effect, FSA will also require servicers to maintain core call center hours, including Saturdays, to make customer service representatives more accessible for borrowers. Further, FSA is requiring loan servicers to increase the number of Spanish-speaking customer service representatives.
Going forward, student loan servicer contracts will expressly prohibit loan servicers from shielding themselves from lawsuits brought to hold the companies accountable in court for poor servicing practices.
There will certainly be some bumps with a big service or change like this, says DiLorenzo. But I think at the end of the day, people are going to be in a better situation.
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