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

After December 2, 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 LoanCare, LLC, on behalf of Lakeview Loan Servicing, LLC, on December 3. This means LoanCare on behalf of Lakeview Loan Servicing will begin collecting your mortgage payments and otherwise assisting 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, your new servicer 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 servicer loan number is provided in the Notice of Transfer letter mailed to you by Cornerstone in mid-November. Your new loan number will also be included in the welcome letter your new servicer mails to you within 15 days following 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 December 3, 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.

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

If you are actively enrolled in monthly autopay (one recurring ACH draft per month) and Budget Drafts (recurring ACH drafts every 14 days) with Cornerstone, your automatic draft settings will continue with your new servicer. After your transfer date, your new servicer 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 on or after the 2^nd day of each month, it may post to your loan later than usual. It should not be treated as late. You can expect your normal recurring draft schedule to resume after your December payment.

I scheduled a one-time draft payment to Cornerstone near or after december 3. Will it go through?

Cornerstone will not be able to receive one-time payments scheduled to draft on or after December 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 your new servicer, LoanCare on behalf of Lakeview Loan Servicing, by mail to the address provided below or by phone to 1-800-509-0183 after your transfer date.

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 servicer loan number, which is provided in the Notice of Transfer letter we mailed to you, and your new servicer's payment address:

LoanCare, LLC on behalf of Lakeview Loan Servicing, LLC
PO Box 60509
City Of Industry, CA 91716-0509

I haven’t sent 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 60509
City Of Industry, CA 91716-0509

After your transfer date, you can opt to make a payment by calling LoanCare on behalf of Lakeview at 1-800-509-0183. Please check the welcome letter you receive from your new servicer 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 mailed payment before December 3, Cornerstone will post it to your loan.
• If Cornerstone receives the mailed payment on or after December 3, we will forward it to your new servicer. Once your loan has fully transferred, your new servicer 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 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 LoanCare on behalf of Lakeview Loan Servicing, contact them 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.

Will my escrow account transfer?

If your loan is set up with an escrow account, it will transfer to your new servicer with your loan. After December 3, your new servicer 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 2024 year-end statement from you?

Cornerstone will provide a 2024 year-end statement for interest paid through December 2. We provide these documents by January 31, 2025. Your new servicer will provide a 2024 statement for interest paid beginning December 3 in accordance with IRS guidance. You may receive a 2024 tax statement from each servicer.

Before December 3, 2024:

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 December 3, 2024:

Contact your new servicer, LoanCare on behalf of Lakeview Loan Servicing.

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