About two months ago, Wells Fargo & Company underwent the servicing of home equity loans. For certain period of time, customers became incapable of accessing their account. There is nothing to worry about it since the company only moved the loans into new system within Wells Fargo Mortgage. Still, it is not like there is no change at all to your loan activities before, during, and after. This Wells Fargo mortgage servicing might have already happened, but it is worth learning in case something similar happens in the future. Now, let’s just get down to it below and see what to learn.
The Changes in the Payment Information
Speaking about the payment, there is nothing you need to take care of after Wells Fargo mortgage servicing if you use Bill Pay. Any payments scheduled after January 31 will be redirected to your new loan number. If you user other payment services, you need to update your payment information. For online transfer, what was scheduled will be canceled, while you might experience 7-day delay for the automatic payment. For postal one, there will be new address in the future notice and statement after the Wells Fargo mortgage servicing.
The Changes in the Online Banking Info
The changes also happen even in online banking. Before the mortgage servicing happens, you might need to download billing statements from WF Online by January 31 since the information won’t be online till late April 2018. During Wells Fargo mortgage servicing, you are suggested to make any changes to account details till February 5 to avoid the possibility of conflicting updates. After the servicing, primary borrowers will be able to get year-end tax documents online, while others will get those very documents in late April 2018.
The Changes in the Loan Modification
Actually, there is nothing to worry about when it comes to loan modification when Wells Fargo mortgage servicing happens. If you are in this modification, the company will move your account information as it is. There will be nothing changed whatsoever. There is actually nothing you need to do for it either. After Wells Fargo mortgage servicing, your will still be in your loan modification. So, you can just pay attention to the changes to the payment and the online banking above. There are more details to pay attention to after all.
The move in Wells Fargo servicing for home equity loans won’t take forever. Last time, the move was scheduled only from February 1 to 4. You might not be able to access your account during such time, but the move will be done fast too. So, you can just wait till Wells Fargo mortgage servicing is done. If you are eligible to your Loan Tracker though, you can check your status while you get email notification too. We suggest you to contact the specialist for any questions related to this matter here. They should know better than the customers themselves when it comes to their own servicing.