FAQs
Q. When is your first mortgage payment due?
A. Your first mortgage payment is usually due on the first day of the second month following your mortgage closing.
Q. Should I make my second mortgage payment with Open Mortgage?
A. It is unlikely you will owe a second payment to Open Mortgage but if you do we will contact you to discuss your payment options.
Q. Why was my loan sold?
A. Open Mortgage does not service loans and we sell them to investors who provide servicing.
Q. How will I be notified if my loan is sold?
A. You will get two notices. One will come from Open Mortgage detailing your new servicer’s name and contact information. This is called your “goodbye” letter. The other letter will come from your new servicer. This is called your “welcome” letter.
Q. What if I already mailed my payment to Open Mortgage and my loan has sold?
A. If you have already mailed your payment to Open Mortgage and you receive a goodbye letter from us, we will forward your payments to your new Servicer. If you would like your payment tracking information please email Servicing with your name and loan number at servicing@openmortgage.com
Q. Should I worry about a late fee or credit mark if my loan is sold?
A. If your loan has been transferred to the new servicer, but you made your payment to Open Mortgage instead of your new servicer, Open Mortgage will forward your payment to the new servicer, and no late fee will apply. This applies to payments made on or before the due date for 60 days after loan servicing has been transferred on a loan. The 60 day timeframe begins on the date of the transfer.
Q. Why is my loan being serviced by a subservicer?
A. A subservicer is a qualified outsourcing partner that performs all administrative, compliance and financial servicing activities related to a mortgage loan.
