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

Effective August 1, 2025, the servicing of your loan will transfer to LoanCare on behalf of Lakeview Loan Servicing, LLC. This means after August 1, 2025, Cornerstone will no longer be able to collect and apply your payments or otherwise support your loan.

On August 1, LoanCare will begin servicing your loan on behalf of Lakeview. They will collect your mortgage payments and otherwise assist with your loan. If you have an escrow account, it will transfer 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, expect to receive a letter in the mail from your new servicer 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 servicer has assigned a new loan number for you, which will be included in the welcome letter you receive from your new servicer 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 your new servicer 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 August 1, as they will have direct access to apply payments and assist with your loan moving forward.

Please reach out to your loan officer any time with questions about the market and/or opportunities to leverage your equity. We're are always eager to help you explore new opportunities! We are honored to serve you.

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 LoanCare on behalf of Lakeview Loan Servicing. After your transfer date, they will begin drafting your payments from the bank account you chose and applying them to your loan. Please note: Your August payment may post to your loan later than normal due to the transfer, but it should not be considered late. 

I scheduled a one-time draft payment to Cornerstone near or after August 1. Will it go through?

Cornerstone will not be able to receive one-time payments scheduled to draft after July 31. 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(s) to your new servicer by mail or by phone once your loan is active in their system--details are available below.

I make my payments through a third-party bill pay service. Do I need to do anything?

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

LoanCare, LLC on behalf of Lakeview Loan Servicing, LLC
PO Box 37628
Philadelphia, PA 19101-0628

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

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

LoanCare, LLC on behalf of Lakeview Loan Servicing, LLC
PO Box 37628
Philadelphia, PA 19101-0628

After your transfer date, you can opt to make a payment to your new servicer by phone at 1-800-509-0183. For additional payment options, please check the welcome letter you receive after the transfer.

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 August 1, Cornerstone will apply it to your loan.
• If Cornerstone receives the payment on or after August 1, we will forward it to your new servicer and they will apply it to your loan. Please note, 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 your new servicer 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 your new servicer, contact them to ask about your options. For example, depending on your preference, you could for the payment to be reversed and returned to you, or applied to your next payment.

Will my escrow account transfer?

If your loan is set up with an escrow account, it will transfer to the new servicer with your loan. After August 1, LoanCare on behalf of Lakeview Loan Servicing 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 your new servicer'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 your new servicer.

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 your new servicer.

Will I receive a 2025 year-end statement from you?

Cornerstone will provide a 2025 year-end statement for interest paid through July 31, 2025. We provide these documents by January 31, 2025. Your new servicer will provide a 2025 statement for interest paid beginning August 1. You should receive a 2025 tax statement from each servicer.

Before August 1, 2025:

If you have questions leading up to your transfer date, we’ll be happy to help. Here’s how to reach Cornerstone Customer Care:

• Call 866.500.0756
• Message with us via our website and app
• Email us

After August 1, 2025:

Contact your new servicer:

• Call 1-800-509-0183
• By Mail:
  LoanCare, LLC on behalf of Lakeview Loan Servicing, LLC
  Consumer Solutions Dept.
  PO Box 8068
  Virginia Beach, VA 23450