Merchants Loan Servicing is Here to Help
As soon as you’ve closed your loan with Merchants Bank, you’re able to chat with one of our most knowledgeable and useful resources: the Loan Servicing department.
Consisting for 16 employees, the Loan Servicing department is prepared to assist you with practically any question related to your loan. Really. Keep reading to learn how Loan Servicing can help you and the top questions department experts are asked.
How to Contact Loan Servicing
Before we dive in, here is how you can reach our Loan Servicing department to ask your loan questions.
- Hours: Monday-Friday from 8:00 a.m. – 6:00 p.m.
- Email: firstname.lastname@example.org
- Call toll free: 1-800-765-2194, ext. 11500
To help keep your personal information safe, the department verifies each caller’s identity and uses encrypted email services.
Meet the Team & How They Help
The department is made up of 15 full-time employees and one part-time employee. Loan Servicing has many seasoned employees; the average banking experience of the staff is 13 years and average loan servicing experience is nine years. When you call us, you’re truly talking to a loan expert.
By the numbers, Loan Servicing:
- Receives approximately 5,000 calls per month from customers and staff who have loan questions.
- Sends out 12,000 loan payment books every year.
- Sends out more than 9,800 mortgage statements each month.
In addition to more FAQ questions below, the department can also help you:
- With any questions regarding your loan payments, how payments are applied to your loan, loan payment books or billing statements.
- Estimate an early loan pay off date if you’d like to pay extra on your loan.
- Calculate principal payments to meet an early payoff goal.
- Setup or change an automatic loan payment.
- Keep track of your escrow information, from bill payments to helping distribute funds to complete repairs on the damaged property covered by insurance.
Frequently Asked Questions
Our Loan Servicing department is asked thousands of questions each month, but here are some of the most popular. Is your question not on the list? If your loan has closed, they are here to help at the email or phone number listed above.
Questions Covering All Loans (Personal, Mortgage and Business)
Q: Can I change my payment due date?
A: Only for certain types of loans:
- Personal loans (excluding mortgages) – Contact your Lender to request changing your payment due date.
- Mortgage loans – Due to Secondary Market requirements (of Fannie Mae and Freddie Mac), mortgage payments must be scheduled on the 1st of the month.
Q: Can you help me figure out how to pay off my loan early?
A: Yes, just call or email Loan Servicing. Make sure to include the date (either today’s date or one in the near future) and you’ll receive payoff information verbally or in statement form based on your preference.
If you plan to pay off your loan early and have automatic payments set up, please contact Loan Servicing a few days before your final loan payment. This will provide enough time to cancel your automatic payment and minimize the chances of a duplicate payment.
Q: During tax season, what kind of information can you provide about my loan?
A: Each year Loan Servicing will send you a 1098 statement, which includes much of the tax information you’ll need:
- Interest paid on your loan for the year
- Year-end principal balance
- If applicable, information on the property securing the loan
If you have questions anytime throughout the year – not just at tax time – the department is always able to provide you with your current loan balance.
Q: I think my loan payment was late. When will I be assessed a late fee?
A: Mortgage loans have a 15-day grace period before late fees are assessed. Other personal loans and business loans have a 10-day grace period.
Q: My loan payment is scheduled to pull electronically after the due date each month, so why am I receiving a past due reminder?
A: When a loan payment is unpaid for at least seven days past the payment due date a payment reminder is sent as a courtesy. If you would like to avoid receiving this reminder, Loan Servicing suggests changing your automated payment to no later than five days after the payment due date.
Questions Specific to Mortgage Loans
Q: What happens to the extra money I send to the bank when I round up my mortgage payment?
A: Any additional money on top of your monthly payment is automatically applied to the principal of your loan. By applying extra money to the principal, a borrower can reduce the amount of overall interest paid on their loan.
Q: Can I make partial payments on my mortgage by making a payment twice per month?
A: Unfortunately, no. Because our mortgage loans follow Secondary Market guidelines (Fannie Mae and Freddie Mac), if we receive a partial mortgage payment, we are not allowed to keep that payment and must return it to the borrower.
Q: My monthly mortgage payment is set up for electronic payment. Can I opt out of receiving the monthly billing statement or choose to receive the statement electronically?
A: Merchants Bank is required by law to mail out monthly mortgage statements for loans with electronic payments. At this time, we do not offer mortgage statements online.
Remember, if you have any questions about your loan after it’s closed our Loan Servicing team is here to help.
To learn more about our loan options, click one of the links below:
Related Article: Why, What and How: Merchants Bank Mortgage Underwriting