Can I choose my loan servicer?
When you first get federal student loans, you can’t choose your servicer — the company contracted by the government to manage your loans. But you can change student loan servicers if you consolidate. There’s no reason to make a change if you’re fine with your current servicer.
Can I change who services my loan?
The only way to change mortgage servicers is to refinance your loan and move to a lender that services the loans they originate. Keep in mind, just because a company services a loan today doesn’t mean they’ll continue to do so long term. The industry is always changing.
Can I choose who services my student loans?
When you take out federal student loans, you don’t get to choose your servicer. The Department of Education assigns you one, whether it’s Navient, FedLoan Servicing or another of the student loan servicing giants.
Who can service a loan?
Loan servicing can be carried out by the bank or financial institution that issued the loans, a non-bank entity specializing in loan servicing, or a third-party vendor for the lending institution.
How often should I contact my loan officer?
It’s probably not realistic to ask for your loan officer to touch base with you every single day, several times per day while you are trying to close on a house. In general, I think every 2 – 3 days is very reasonable for touching base if you haven’t heard anything specific and you are under contract with a home.
Can you fire your mortgage company?
As a consumer, you have the right to change mortgage lenders if you aren’t satisfied for any reason, and you can do so at just about any time.
What does it mean to transfer servicing of a loan?
When your lender transfers servicing, they hand over the management of your loan to a new mortgage or servicing company. For the borrower, all this means is a new institution will be collecting your payments, handling your escrow accounts, dealing with any insurance or tax matters, and answering your questions.
Can a loan servicer foreclose a mortgage?
Servicers cannot foreclose on a property if the borrower and servicer have come to a loss mitigation agreement, unless the borrower fails to perform under that agreement.
What is a Notice of servicing transfer?
Answer. A notice of servicing transfer means your loan servicer is changing. This kind of transfer happens all the time in the mortgage servicing industry, even during a foreclosure.
Is OSLA a good servicer?
One of its strengths is customer service. OSLA’s staff are consistently rated in the 90th percentile with good customer satisfaction ratings. It was also recognized as an Exceptional Performer by the U.S. Department of Education. OSLA has serviced the loans of over 130,000 student loan borrowers.
Who will service federal student loans?
These are our current approved student loan servicers:
- FedLoan Servicing.
- Granite State.
- Great Lakes.
- OSLA Servicing.
Twelve million federal student loan borrowers have their loans serviced by Navient (previously part of Sallie Mae, the well-known private student loan lender, but split as of 2014). … In fact, we asked people to rate their experience including Navient complaints, and the average score was 2.7 out of 5 stars.