What is Retained Servicing and Why Does it Matter?

Colonial retains the servicing of 99% of mortgage loans we make, but what does that mean and why does it matter?  Retained servicing means that after closing, the servicing of your loan – that is, the collection of your payments and the management of your escrow account for taxes and insurance — is not sold time after time to other mortgage companies.

What is the benefit of retained servicing?

ONE: You’ll always know who to call about your mortgage or escrow account.  We keep your mortgage history from year to year, with records of property tax and insurance payments, if applicable, saving you time and trouble if questions arise.

TWO: Because we know you and your mortgage history, we also know when refinancing may make financial sense.  Plus, we may also be able to streamline the  paperwork.

THREE: A recent customer satisfaction survey by a national firm suggests  you should consider retained servicing when evaluating a lender.  It’s just as important as the interest rate and closing costs.

Colonial is proud to be one of only five mortgage servicers in the nation to receive the Fannie Mae Four STARS award for customer service and foreclosure prevention.  With us, it’s not just a loan, it’s a relationship.

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