For borrowers
Your loan is moving to Provident. Here’s what to expect.
Your transfer notice and welcome information explain when to start paying Provident, your new loan number, and how to access your account. Follow those instructions for your loan’s effective date.
Before servicing changes
Know what stays the same and what changes.
A servicing transfer changes who manages the account. It does not rewrite the loan documents.
What stays the same
- Loan documents and terms
- The signed loan agreements remain in effect, including the interest rate, principal balance, maturity date, and scheduled principal-and-interest payment.
- Lender and borrower
- The parties to the loan do not change. Provident becomes the company responsible for servicing the account.
What changes in servicing
- Loan number and account access
- Provident assigns a servicing loan number and provides the account-access information that applies to the loan.
- Payment instructions and automatic payments
- The transfer information explains when and how to begin paying Provident. Automatic payments may need to be set up again.
- Insurance and correspondence
- Insurance records and servicing correspondence may need to be updated with Provident's information.
During the transfer
Follow the most recent payment instructions.
Before the effective date
Continue following the instructions from the current servicer until the transfer notice provides the effective date and new payment information.
On and after the effective date
Use the loan number, payment instructions, and contact information in the transfer notice. Update automatic payments, insurance, or correspondence if instructed.
Most transfers take about 21 days.
Provident reviews the records from your previous servicer, sets up your account, and provides your new loan number and payment instructions. Most transfers take about 21 days from the lender’s authorization. Follow the effective date in your transfer notice for where to send your payments.
Automatic payments need attention.
Your old payment arrangement does not automatically become a Provident payment arrangement. Check your welcome instructions before setting up new automatic payments so you avoid a missed or duplicate payment.
Borrower forms