Elmira Savings Bank | Mortgage Servicing
Mortgage Servicing

Your monthly mortgage payments are handled by what is known as a mortgage servicer. The mortgage servicer is responsible for collecting your monthly payments and handling your escrow account.

Your escrow account is a special account held in your name to pay obligations such as property taxes, insurance premiums and other escrow items. The mortgage servicer uses the funds from your escrow account to insure that these expenses are paid in a timely fashion. This avoids the risk of having lapsed insurance coverage or delinquent taxes. And it gives you the peace of mind of knowing that you won’t have to make large lump sum payments during the course of the year.

At the time the escrow account is established, your mortgage servicer is required to provide you with a statement of estimated expenses and the expected total of those expenses for the next 12 months.

Each year thereafter, the mortgage servicer is required to provide an Escrow Analysis Statement.  In this statement any payments into and out of your escrow account for the previous year will be displayed as well as estimated activity for the next 12 months.  This statement will also document any changes in your escrow account and any corrective measures related to them.
During the course of your loan, your mortgage servicing company may change. Prior to a change, your current mortgage servicer must notify you in writing with the effective date the first mortgage payment is due at the new mortgage servicer’s office. You should also receive notification from your new mortgage servicer. These notifications should include:

 

  • Name and address of the new mortgage servicer.
  • The last date your current mortgage servicer will be accepting your mortgage payments.
  • The date your new mortgage servicer will begin accepting payments.
  • Free or collect telephone numbers to call for more information about the transfer of service for both your current and new mortgage servicers.
  • Notice of whether you may continue any option insurance (such as disability insurance). Also what action, if any, you have to take to maintain coverage. As well as whether the insurance terms will change.

In the event that your mortgage servicer changes, the new servicer is required to honor the terms and conditions of your original mortgage agreement. This requirement’s exception is the terms and conditions related directly to servicing the loan.

Following the transfer, you’ll have a 60 day grace period in which you cannot be charged a late fee if you mistakenly send your mortgage payment to the old servicer rather than the new one.
 

If you have any questions or disputes with the new servicer, contact your servicer in writing. Continue to make your monthly payments while your dispute is settled. The servicer is required to investigate disputes and make any necessary corrections within 60 business days.

If you have any additional questions concerning your Elmira Savings Bank mortgage or escrow account, please dial (607)734-3374 during normal business hours.  We look forward to servicing your mortgage and escrow needs.


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Elmira Savings Bank is an approved Seller/Servicer of Freddie Mac, FHA/Department of Housing & Urban Development, VA, USDA, and SONYMA (NY Only). Elmira Savings Bank is an Equal Housing Lender committed to ensuring every applicant for credit receive fair and equal treatment throughout the credit application and approval process, as embodied in the Equal Credit Opportunity Act and the Fair Housing Act. All mortgage lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.

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