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

After March 3, 2024, Cornerstone will no longer handle any activities associated with your loan. Beginning on your transfer date of March 4, 2024, Loan Care will service your loan and collect your payments on behalf of Lakeview Loan Servicing, LLC. If you have an escrow account, it will transfer with your loan—your new servicer will begin paying your tax and/or insurance bills and managing the account moving forward.

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. Please look for this letter as it 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, you will receive a new loan number from Loan Care on behalf of Lakeview Loan Servicing. Your new loan number will be provided in the welcome letter sent to you no later than 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 Loan Care 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 March 4, as they will have direct access to service your loan moving forward.

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

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

For now, you can mail a check to your new servicer at the following address:

Loan Care, 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 Loan Care on behalf of Lakeview Loan Servicing at 800.509.0183. Please check the welcome letter you receive from your new servicer for additional payment options.

What if I already sent my next payment to Cornerstone?

If you have already sent 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 March 4, Cornerstone will post it to your account and credit it to your loan.   
• If Cornerstone receives the payment on or after March 4, we will forward it to your new servicer to post the payment to your account and credit it to your loan. It may take a couple of days for your payment to appear on your bank statement—in general, it can take several days for a servicer to complete the transfer into their system and begin processing payments.​​​​​​​

Either way, as long as either Cornerstone or Loan Care on behalf of Lakeview Loan Servicing receives your payment on time, you should not be charged a late fee and the payment should not be negatively reported to credit bureaus.

If you already resent the payment to your new servicer:

If you sent a duplicate payment to Loan Care on behalf of Lakeview Loan Servicing and it has not yet posted to your bank account, contact Loan Care to request the payment be reversed and returned to you. Otherwise, the duplicate payment may be applied to your next payment.

My loan is set up for Autopay. Will this transfer to my new servicer?

If you are actively enrolled in Autopay (monthly ACH drafts) with Cornerstone the day prior to your transfer date, your automatic draft settings will transfer to Loan Care on behalf of Lakeview Loan Servicing. Cornerstone will process and apply your February draft as normal. Loan Care will process and apply your drafts beginning March 4.

Important: If your normal scheduled draft day is within the first 5 days of the month, expect your March draft to be appear on your bank statement later than normal, by March 11. Then, your recurring draft schedule will resume.

I scheduled a one-time draft payment to Cornerstone on March 1, March 2, or March 3. Did you receive it?

Cornerstone was unable to receive payments scheduled to draft between March 1st and March 3rd, 2024. Now that your transfer date of March 4 has passed, Cornerstone is no longer able to collect and apply payments to your loan. We are sorry for any inconvenience. As soon as possible, you need to make the payment to Loan Care, your new servicer, by phone at 800.509.0183 or by mail to:

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

I scheduled a one-time payment on or after March 4. Will it go through?

No, any one-time payment scheduled with Cornerstone to draft on or after March 4 will be automatically cancelled as we will no longer be able to apply payments to your loan. You will need to schedule the payment with your new servicer, Loan Care on behalf of Lakeview Loan Servicing, after your transfer date of March 4. For assistance after March 4, you will need to call your new servicer at 800.509.0183.

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

Yes – if you make your mortgage payment 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's payments address as soon as possible:
Loan Care, LLC on behalf of Lakeview Loan Servicing, LLC
PO Box 60509
City of Industry, CA  91716-0509

Will my escrow account transfer?

If you have an escrow account, it will transfer with your loan. Loan Care 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?

Notification will be sent to your insurance company to update the mortgagee clause on your policies to reflect Loan Care on behalf of Lakeview Loan Servicing. 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?

No, we will transfer your insurance policy information and documents to Loan Care. This includes insurance policies required for your property, for example, homeowners, hazard, flood, and private mortgage insurance (PMI). 

Optional insurance products, servicers, or memberships, which can include mortgage life, disability, and accidental death insurance, 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 Loan Care on behalf of Lakeview Loan Servicing. For information, please refer to the welcome letter your new servicer mails to you after your transfer date or call 800.509.0183

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

Yes, Cornerstone will provide a 2024 tax statement for the time we serviced your loan by January 31, 2025. In addition, your new servicer will provide a tax statement for the time they serviced your loan in 2024. You should receive a 2024 tax statement from each servicer.

Before March 4, 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

On or after March 4, 2024:

Contact your new servicer:

• Call 800.509.0183
• By Mail:
  Loan Care, LLC on behalf of Lakeview Loan Servicing, LLC
  Loan Servicing Department
  PO Box 8068
  Virginia Beach, VA 23450