Mortgage Servicer Changing from Cenlar to Ally Bank

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Topic Author
KNMLHD
Posts: 134
Joined: Sat Jul 09, 2016 7:57 am

Mortgage Servicer Changing from Cenlar to Ally Bank

Post by KNMLHD » Sat May 23, 2020 7:47 am

I received a notice in the mail that current mortgage servicer was changing from Cenlar to Ally effective June 1st.

I had a couple questions:

1) Letter said Cenlar would stop accepting payments on May 31st - I was intending to my June payment a day or two in advance of that... would you wait?

2) Anyone have experience with Ally Bank and anything I should be wary of/proactive with?

HomeStretch
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Re: Mortgage Servicer Changing from Cenlar to Ally Bank

Post by HomeStretch » Sat May 23, 2020 8:33 am

1. I personally would make the June payment in the next couple days to the old processor. Just in case the new processor has any issues with getting transferred accounts set up online quickly.

2. I have only banked with Ally (CDs). Good experience.

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grobertj
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Location: Greensboro, NC

Re: Mortgage Servicer Changing from Cenlar to Ally Bank

Post by grobertj » Sat May 23, 2020 10:29 am

I've been with Ally for 8 years. I've been very pleased. They are always available to discuss issues and have decent rates on checking and savings accounts.
The only constant is change.

DesertMan
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Re: Mortgage Servicer Changing from Cenlar to Ally Bank

Post by DesertMan » Sat May 23, 2020 10:41 am

Ally is a good bank. You will have a nice experience with them. You might also qualify for their customer parks like the free Webroot anti-virus.

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anon_investor
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Re: Mortgage Servicer Changing from Cenlar to Ally Bank

Post by anon_investor » Sat May 23, 2020 11:19 am

Interesting. I just closed on a refi with Ally this week, just waiting for it to fund and get servicer info. In another thread I was told that Cenlar is often the servicer for Ally. I wonder if Ally is servicing the loans themselves now...

viewtopic.php?t=314553

lstone19
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Re: Mortgage Servicer Changing from Cenlar to Ally Bank

Post by lstone19 » Sat May 23, 2020 4:44 pm

HomeStretch wrote:
Sat May 23, 2020 8:33 am
1. I personally would make the June payment in the next couple days to the old processor. Just in case the new processor has any issues with getting transferred accounts set up online quickly.
OTOH, I'd wait and make the payment to the new processor on or after 6/1. The new processor is expecting your 6/1 payment; if made to the old processor, who knows how they'll post it. Entirely possible the night of 5/31 they pass it on to the new processor as nothing more than balance and monthly payment and on 6/1, the new processor is expecting a June 1 payment unaware it's already been made.

Topic Author
KNMLHD
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Joined: Sat Jul 09, 2016 7:57 am

Re: Mortgage Servicer Changing from Cenlar to Ally Bank

Post by KNMLHD » Sat May 23, 2020 8:33 pm

I have yet to receive any payment coupons, although I have an address to send a payment to (was in the letter).

I’m assuming online payments would take at least a couple of days to link Ally to my bank account.

Perhaps this week more details will come in the mail from Ally.

eagleeyes
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Re: Mortgage Servicer Changing from Cenlar to Ally Bank

Post by eagleeyes » Sat May 23, 2020 9:09 pm

Believe there is a federal law that doesn’t allow late penalty for payment being sent to the wrong company in the first 60 days after loan changes ownership

Topic Author
KNMLHD
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Joined: Sat Jul 09, 2016 7:57 am

Re: Mortgage Servicer Changing from Cenlar to Ally Bank

Post by KNMLHD » Tue May 26, 2020 6:58 pm

anon_investor wrote:
Sat May 23, 2020 11:19 am
Interesting. I just closed on a refi with Ally this week, just waiting for it to fund and get servicer info. In another thread I was told that Cenlar is often the servicer for Ally. I wonder if Ally is servicing the loans themselves now...

viewtopic.php?t=314553
FWIW, I received correspondence from Ally today. It turns out they purchased my mortgage from the original investor. As part of that purchase, they will be taking over the servicing of the loan from Cenlar.

The one interesting thing - In the original letter from Cenlar, the mailing address for future payments to Ally, was the exact same address for Ally (same PO Box, same city/state). The only difference was the phone number. Just a guess here, but I'm leaning to the belief that if Ally owns the loan, then they service the loan. If Ally services a loan for some other investor, it's done through/via Cenlar.

Now I'm wondering if Ally would be amenable to a paid rate modification... I've been shopping for a refi, but jumbos are way out of whack at the moment. We're not too far off from being in the super conforming range, so was planning to pursue a refi in a couple months. However, if they'd consider a reasonable rate modification at a reasonable cost... I may be up for that.

I tried exploring earlier with the prior investor, and I received an emphatic "No". Maybe they new the loan was being bundled up for a sale.

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