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How should a change of loan servicer be checked?
A notice may change where statements and payments are handled while the underlying agreement continues.
Identify the new organization and independently verify its role and payment details.
Retain the notice alongside prior statements and confirm any practical changes. Do not send money solely because an unsolicited message names a new account or uses the old provider's logo.
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Definitions
- Total repayable
- Sum payable under the stated schedule and its assumptions; contingent charges and changes must be considered separately.
- Amount received
- Money actually made available to the borrower, which can differ from the stated loan amount if a charge is deducted.