January 10, 2022
Mortgage Servicer Update Effective February 1
Effective February 1, 2022, approximately 4,000 mortgage account(s) are being transferred to a different, trusted organization, Standard Mortgage Corporation. The transfer will maximize the growth that UFCU earns for Members, keep rates low, and support UFCU’s mission to make change locally.
Members whose mortgages were transferred will be notified via email from UFCU. The current servicer, Midwest Loan Services, and the new servicer, Standard Mortgage Corporation, will contact those Members to pave the way for a smooth transition. The first mortgage payments to the new servicer will begin in February 2022.
Like UFCU, Standard Mortgage is committed to service and user-friendly technology. The terms, rates, and amounts of these mortgages remain unchanged.
What You Can Expect If Your Mortgage Was Transferred
For Members whose accounts were transferred, the switch becomes official on February 1, 2022.
- In January, Midwest Loan Services will mail a letter with details to affected UFCU Members.1
- In February, Standard Mortgage Corporation will send an email within a few days of the transfer and a welcome packet with easy steps for making the first payment in February.
- Beginning February 1, Mortgage payments made to Midwest Loan Services will stop automatically.
- On February 1, you must make your mortgage payments directly to Standard Mortgage Corporation.
- If Midwest Loan Services currently makes tax and/or insurance payments on your behalf, Standard Mortgage Corporation will take over those payments. Escrow funds that are held to make these payments are being seamlessly transferred from Midwest Loan Services.
- Standard Mortgage Corporation will manage each account’s private mortgage insurance (PMI), if any.
- Mortgage statements and payment options will be removed from UFCU’s Online Banking and Mobile Banking applications for those Members as of February 1, 2022.
To-Do List for Members Whose Accounts Were Transferred
If yours is one of the mortgages that was transferred, please take these steps to prepare:
- Tell us right away if your mailing address has changed recently. The current and new servicers will be contacting you via mail.
- Let us know if you don’t get mailings from the two loan servicers.
- Review the entire welcome packet from Standard Mortgage Corporation when it arrives, because it will include some important next steps.
- Make sure you have all the documents you need. You will receive your 2021 form 1098 in the mail from Midwest. If you need any other documentation, please reach out to Midwest at (800) 262-6574. Next year, you will receive two form 1098s (one from Midwest and one from Standard).
If you have questions about this transition, please don’t hesitate to call us at (512) 467-8080 and listen for a temporary new option dedicated to mortgage servicing. You also can contact Standard Mortgage Corporation at (800) 448-4190 or email@example.com.
1 Midwest Loan Services and Standard Mortgage Corporation will never request your personal information through e-mail or text messages. Kindly alert us if you are asked for your information through this type of communication from someone claiming to represent a mortgage servicer.