How this transfer affects your loan.
Your interest rate, terms and other loan details remain the same as in your mortgage contract. Your monthly principal payment and outstanding balance won’t change when your mortgage loan is transferred.
First, let us introduce ourselves.
We’re one of the largest banking institutions in the United States, and we offer a wide range of financial products, services and tools. We’ll be here to partner with you on every step of your home-ownership journey.
Please know that it’s a common practice in the mortgage industry for one lender to sell a loan to another. If you have questions about this mortgage transfer to U.S. Bank, we’re here to help.
FIRST STEPS AFTER YOUR TRANSFER
Here’s how to get started.
Set up your account.
Create an online account with the account number found in your welcome letter. You can also download the U.S. Bank mobile app.
Tell us your preferences.
Once you get online, choose paperless preferences, set account alerts and take a tour of your new digital account dashboard.
Make your first payment.
You can pay through autopay, online, at a branch, by mail or by phone. Visit our payments page to explore your options.
Mortgage Milestones
Your first year with a U.S. Bank mortgage
Welcome letter and legal notices
We’ll send a welcome letter and legal notices with the details of your service transfer, including the official transfer date, your new U.S. Bank account number and payment information.
Welcome call and email
Someone from our mortgage team may call to make sure everything is going smoothly. If your previous lender transferred your email address to us, you may also receive a welcome email with information about your monthly payment amount and due date.
First billing statement
Your first billing statement will be sent by mail, unless you’ve opted to go paperless with U.S. Bank. In that case, your statement will appear only in your online banking account.
Escrow analysis and 1098 tax statement
If you have an escrow account, we’ll complete an escrow analysis for you within the first year. At the beginning of the new year, you may receive 1098 tax statements from your previous lender and U.S. Bank.
Learn more about your U.S. Bank mortgage.
Frequently asked questions
Mortgage servicers may sometimes decide to sell your mortgage service rights to another company. In your case, the original mortgage loan will now be serviced by U.S. Bank. You can feel comfortable knowing that we’re a financially stable institution, with ratings from Moody’s, S&P and Fitch that are among the highest of any bank in the world.
The payment date from your previous lender will most likely remain the same. There may be a few exceptions, so please refer to your welcome letter to confirm your U.S. Bank mortgage payment due date.
Each year, we send a 1098 tax statement to all customers who paid more than $600 in private mortgage insurance (PMI), interest or points paid at closing during the previous calendar year. If you paid less than that to U.S. Bank, the IRS doesn’t require us to send a statement. You may also receive a statement from your previous lender the year of the transfer. U.S. Bank is not responsible for those documents.
Your interest rate, terms and other loan details remain the same as in your mortgage contract. Your monthly principal payment and outstanding balance won’t change when your mortgage loan is transferred.
Your previous lender will retain those records, so you might want to contact them.
Do your banking anywhere, anytime.
Use your smartphone to download the U.S. Bank Mobile App:
- View balances
- Review statements and transactions
- Manage mortgage payments
- Find the nearest U.S. Bank branch
Or text GET APP to 872265 to receive a download link.
Start of disclosure content
Disclosures
Equal Housing Lender