Mortgage Services Improvements Coming in 2017


We are pleased to announce two new enhancements coming to Mortgage Services.We are pleased to announce two new enhancements coming to Mortgage Services. Beginning in January 2017, Colonial’s Loan Servicing Division will convert all customer accounts from payment coupon books to monthly billing statements. With this change, customers will have increased visibility regarding their loan activities such as information on current loan balances, transaction history and other important information about their loan. Colonial will no longer produce coupon books for customer accounts. If customers do not wish to receive paper monthly billing statements they can opt-in to receive e-statements by enrolling at www.ServiceHomeLoan.com.  Customers will continue to receive their annual escrow analysis and year-end interest statements separately.

We are also pleased to announce that Colonial’s Loan Servicing Division is improving the way the annual Escrow Analysis is performed for customer accounts. We are shifting from a bi-annual Escrow Analysis schedule to a state-specific monthly schedule in order to better align with the tax payment schedules for each state. The transition to the new schedule began in October 2016 and will be completed by the end of 2017. During this transition period, a few states (Alabama, Florida, Kentucky, New Hampshire, Utah, Virginia, and Texas) will receive an out-of-cycle Escrow Analysis in 2017 as we complete the process of moving to the new analysis schedule. The 2017 and 2018 Escrow Analysis schedules for each state are available on our website – www.ServiceHomeLoan.com.

If you have any questions or concerns regarding these improvements, please reach out using our online secure messaging tool at www.ServiceHomeLoan.com or contact our Customer Relations Department at 800.937.6002.

As we move into 2017 and beyond, Colonial continues to work diligently toward improving the customer experience. Thank you for another great year!

 

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