Important Billing Notice Changes Effective January 10, 2014

Changes to billing notices for first mortgages, second mortgages and home equity loans effective January 10, 2014

Due to new regulatory requirements that went into effect January 10, 2014, we are now required to provide additional billing information for our consumer mortgage loan customers.

Changes for those on automatic (ACH) payments:  If your Merchants Bank mortgage payment is automatically deducted from your checking or savings account each month, you will now start receiving a billing notice as well.

We understand this change may cause questions.  This statement is for information purposes only and your automatic payment will continue as in the past. While Merchants cannot legally allow you to opt out of receiving this billing notice, we do encourage you to contact Merchants Bank Loan Servicing at 800-765-2194 if you have questions and we’d be happy to walk you through the change.

Changes for those who use a coupon payment book:  If you use a Coupon Payment Book to submit your Merchants Bank mortgage payment each month, you will be receiving a new coupon book after January 10, 2014.  This new regulation requires banks to disclose additional information on mortgage loan coupons; therefore, we are required to provide you with a new coupon book. Please discard your old coupon book and begin using your new one when you receive it. Your payments are not changing, there is just additional information included, such as loan balance and interest rate, and the coupon format has changed slightly.

Again, we understand this may raise questions and we encourage you to contact Merchants Bank Loan Servicing at 800-765-2194 with any question you may have.