Frequently Asked Questions about Loan Servicing
Loan Servicing Information
Approved Funding acts as your interim loan servicer until your mortgage is sold to its new investor and set up with your new servicing company. Often, this might occur even before your first payment is due. However, in many cases Approved Funding will be required to collect a payment until the loan is transferred, so please see some frequently asked questions and scenarios below.
When will my loan be transferred?
There is no definite date when loans are transferred. Typically 3-5 business days after the transfer has occurred, a letter will be sent to you with information about the transfer and where to send your ongoing payments. You will be notified by us as well as the new servicing company as to where to make your next mortgage payment.
When is the last day Approved Funding can receive my payment before it is considered late?
You have until the 15th of the month the payment is due. After the 15th your payment will be considered late and late fees will apply. Approved Funding reserves the right to report late payments as applicable and permissible under FCRA.
I sent my payment to Approved Funding and it has not posted yet by my bank.
It will take anywhere from 3 to 5 days business days for your payment to reach us and it will take, depending on volume or payments received, 2 to 5 more business days for the payments to be deposited and post to your bank statement. You can email us at servicing @ ApprovedFunding.com for any questions on payment status or other servicing related questions.
Will I be getting a coupon booklet?
Approved Funding does not supply a coupon booklet. In the closing package, the First Payment Letter that the borrower signs details the breakdown of the payment. If the loan is being held by Approved Funding after the 15th of the month before the payment is due, Approved Funding will send a monthly “payment reminder letter” with a coupon attached. If you do not receive that monthly letter (statement) your payment is still due regardless and you should call or email our office immediately.
I sent a payment already and now I received a letter saying my loan was transferred. What do I do?
If your loan is transferred and you already sent in your payment, Approved Funding will forward the payment to the new servicer once we receive it. This is a very common occurrence and will be handled immediately. Also note, you will not be counted late unless Approved Funding received the payment late.
I received a tax bill. Where do I send it?
If the loan is still with Approved Funding please send it to:
Approved Funding
41 Grand Avenue, River Edge, NJ 07661
Attn: Mortgage Servicing
If the loan was transferred to a different servicer, please contact their customer service department. That information can be found on the letter that Approved Funding sent to you stating where to send your payment.
Do we offer online payments or auto drafts?
To best manage the timely and accurate payments of your mortgage, Approved Funding does not offer any online payment options. You can send a check/money order to:
Approved Funding
41 Grand Avenue, River Edge, NJ 07661
Attn: Mortgage Servicing
Make the check/money order out to Approved Funding and be sure to include your loan number. When the loan is transferred to your new servicing company you will be notified by mail and you can set up online or automatic payments if available.
What if I want to refinance my mortgage or need a payoff letter?
You can email us at servicing @ ApprovedFunding.com for any questions on payment status or other servicing related questions.
