Loan servicing transfer
Transfer loan servicing to Provident.
Provident coordinates the loan records, transfer notices, payment instructions, and account setup needed to begin servicing.
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.
Servicing transfer
How an existing loan moves to Provident.
Provident reviews the loan records, confirms the account information, and coordinates the servicing change. Timing depends on the completeness of the file.
Transfer information
The loan file is assembled
The lender or current servicer provides the loan documents, balances, payment history, and account details needed for the transfer.
File review
Provident reviews the records
Provident confirms the loan terms, current balance, payment status, contact information, and required documents before setting up the account.
Transfer notice
The borrower receives the servicing details
The applicable transfer or welcome communication provides the effective date, new payment instructions, loan number, and servicing contact information.
Active servicing
Provident begins servicing the loan
Provident processes payments, maintains the loan records, sends lender disbursements and reports, and supports the borrower.
Move an existing loan
Ready to transfer servicing to Provident?
Contact Provident to confirm the loan records and transfer information needed to get started.