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.
Once you get online, choose paperless preferences, set account alerts and take a tour of your new digital account dashboard.
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.
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.
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.
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.
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.