FAQs: September 4 Transfer | Cornerstone Servicing

If you received a Notice of Transfer letter from Cornerstone Home Lending regarding the transfer of your loan to a new servicer on September 4, 2024, we want to set you up for a smooth transition. Please find answers to common questions below, and contact us if you need help leading up to the transfer. As your mortgage partner, we are eager to serve you.

Frequently Asked Questions

I received a letter from Cornerstone about the servicing of my loan being transferred. What does this mean?

After September 4, 2024, Cornerstone will no longer be able to collect your mortgage payments or otherwise assist with your loan.

The servicing of your loan will transfer to Planet Home Lending ("Planet") on Sept. 4. This means Planet will begin collecting your mortgage payments and otherwise assisting with your loan. If you have an escrow account, it will transfer to Planet with your loan—your new servicer will begin paying your tax and/or insurance bills when they are due and manage your escrow account moving forward.

Within 15 days after your transfer date, Planet will mail you a welcome letter with important details including your new loan number, how to make payments, their contact information, and more. This letter will be an important resource as your loan transitions to your new servicer.

Will the terms of my loan change?

No – rest assured, the terms of your loan will not change due to the transfer. This includes your interest rate.

Will my loan number change?

Yes, your new Planet Home Lending loan number is provided in the Notice of Transfer letter mailed to you by Cornerstone on September 19. Your new loan number will also be included in the welcome letter Planet mails to you within 15 days after your transfer date.

How and when I can set up an online account with my new servicer?

This information and other important details will be included in the welcome letter Planet mails to you.

Will Cornerstone still be able to help me with questions about my loan?

We want to be your mortgage partner for life, and we’ll always be a resource for you. Your new servicer will become your contact for the ongoing management of this loan beginning September 4, as they will have direct access to apply payments and assist you with your loan moving forward.

Please reach out to your Cornerstone loan officer any time with questions about the market and/or opportunities to leverage your equity. Whether you are thinking about taking out a new loan, refinancing, or otherwise, we are always eager to help you explore new opportunities! We are honored to serve you.

If I haven’t sent my next payment yet, where should I send it?

You can mail a check to your new servicer as follows:

Planet Home Lending, LLC
PO Box 69197
Baltimore, MD 21264-9197

After your transfer date, you can opt to make a payment by calling Planet at 866-882-8187. Please check the welcome letter you receive from Planet for additional payment options.

What if I already mailed my next payment to Cornerstone?

If you have already mailed your next payment to us, do not resend it to your new servicer. One of two things will happen:

If Cornerstone receives the payment before September 4, Cornerstone will post it to your loan.
If Cornerstone receives the payment on or after September 4, we will forward it to Planet. Once your loan has fully transferred, Planet will post the payment to your loan. In general, it can take 3-7 business days for a servicer to bring new loans into their system and begin posting payments.

Either way, as long as either Cornerstone or Planet receives your payment on time, you should not be charged a late fee and the payment should not be negatively reported to credit bureaus during the 60 day period following your transfer date.

If you already resent the payment to your new servicer:

If you already sent a duplicate payment to Planet, contact Planet to ask about your options. For example, depending on your preference, you could ask if the payment can be reversed and returned to you or applied to your next payment.

My loan is set up for automatic payments with Cornerstone. Will this transfer to my new servicer?

If you are actively enrolled in Autopay (recurring monthly ACH drafts) and Budget Drafts (recurring ACH drafts every 14 days) with Cornerstone, your automatic draft settings will transfer to Planet. After your transfer date, Planet will begin drafting your payments from the bank account you chose and posting them to your loan. Please note: If you have a normal scheduled draft day between the 2^nd and 10^th day of each month, it may post to your loan later than normal. Then, you can expect your normal recurring draft schedule to resume.

I scheduled a one-time draft payment to Cornerstone near or after September 4. Will it go through?

Cornerstone will not be able to receive one-time payments scheduled to draft on or after September 2. The payment(s) will not post to your loan, and if applicable, the funds will be returned to you.

You will need to make the payment to Planet by mail or by phone at 866-882-8187 once your loan is active in their system.

I use a third-party bill pay service. Do I need to do anything?

Yes – if you make your mortgage payments through a third-party entity (e.g. your bank, government allotment, biweekly, or bill-pay service), it is important to update your payment settings with your new Planet loan number, which is provided in the Notice of Transfer letter we mailed to you, and Planet’s payment address:

Planet Home Lending, LLC
PO Box 69197
Baltimore, MD 21264-9197

Will my escrow account transfer?

If your loan is set up with an escrow account, it will transfer to Planet with your loan. After September 4, Planet will begin paying your tax and/or insurance bills and manage your escrow account moving forward.

Do I need to tell my insurance company about the transfer?

No - notification will be sent to your insurance company to update the mortgagee clause on your policies with Planet's information. The mortgagee clause lets your insurance provider know where to send the premium notices as well as funds in the event of a claim.

Do I need to send my insurance info to my new servicer?

Insurance policies required for your property (e.g., homeowners, hazard, flood, and mortgage insurance): We will transfer your policy information and documents to Planet.

Optional insurance products, servicers, or memberships (e.g., mortgage life, disability, accidental death insurance, etc.): These policies will not transfer to your new servicer. If you would like to continue this coverage, please contact your insurance provider.

My homeowner’s insurance policy is changing soon. Who should I notify?

If your homeowner’s insurance policy or carrier changes on or after your transfer date, you will need to send it to Planet.

Will I receive a 2024 year-end statement from you?

Cornerstone will provide a 2024 year-end statement for interest paid through September 3. We provide these documents by January 31, 2025. Your new servicer will provide a 2024 statement for interest paid beginning September 4. You should receive a 2024 tax statement from each servicer.