Close this windowFrequently Asked Questions

Q:  What does a transfer of servicing mean?
A:  It means that your lender has transferred the servicing of your mortgage – the right to collect payments – to another financial institution.  A transfer of servicing does not mean that you have a poor quality loan or credit history.  Going forward, Green Tree will collect your payment, manage any escrow transactions, and provide all customer service for your mortgage loan.

Q:  What takes place during the servicing transfer process?
A:
  Green Tree will be working with the data file that we received from your prior servicer, which is essentially a snapshot of your account at the time your servicing was transferred.  We test and confirm the loan data, and then upload that information into our computer systems for further testing.  Once the transfer process is complete, we will post all payments as of the date of receipt and will make your current account information available on our web site and through customer service.

Q: Will this change your loan terms?
A: The servicing transfer will not change the original terms or conditions of your mortgage.  It just changes the party responsible for collecting your payment.

Q:  When and how do you make your next payment?
A:   You should send all payments to Green Tree.  Payments can be mailed to the following address:  Green Tree, PO Box 94710, Palatine, IL 60094-4710.

Q:  Can I make an electronic payment?
A:  Green Tree offers a wide range of electronic payment alternatives.  The most popular option, provided at no charge, is an automatic monthly payment withdrawal.  You can set up recurring payments on our website.  You can also make a payment over the telephone or through our web site, but you may be charged a fee for this service.

Q:  What about my escrow account for taxes and insurance?
A:
  Your escrow account balance will transfer to Green Tree from your prior servicer.  Green Tree will conduct your next escrow analysis on the same schedule as your prior servicer.  An escrow analysis is typically conducted annually.

Q:  Can I pay Green Tree through my bank's bill payment system?
A:
 Yes you can.  Your bank will ask you to provide the monthly payment amount, your new Green Tree loan number, and the following address: Green Tree, PO Box 94710, Palatine, IL 60094-4710.

Q:  Green Tree cashed my check, so when will you post my payment?
A:
 Green Tree will be working to set up your loan on our servicing system.  During this period, any checks that we receive will be cashed and the proceeds held for processing.  Once all of the loans are transferred to our system, we will apply your payment showing the date that it was received in the mail. 

Q:  When will Green Tree start my automatic monthly payment withdrawal?
A:
  Your first payment will be withdrawn once your loan has been set up on our system.  If you selected a payment date before your loan is set up, we will post your payment effective the date of receipt.  If your payment is scheduled to be transferred after your loan is on Green Tree's system, you will not notice any delay.

Q:  Will the delay in processing my payment create any problems with my credit rating?
A:
 Since the delay in your payment is due to the conversion process, you will not be charged a late fee.  Since we are posting your payment effective the date of receipt, your Green Tree account record will show that you paid on time.

Q:  Who will provide the amount of mortgage interest paid for 2013 income taxes?
A:
  You will receive two documents with your mortgage interest information: one from your prior servicer with interest paid up until the transfer date; and a second from Green Tree that will reflect Interest paid from the transfer date through the end of the current year.  Your mortgage interest will be reported on IRS Form 1098, which will be mailed to you in late January.


Do you have other questions that we did not cover here?  We would like to hear from you.  For more information, please visit our web site at www.gtservicing.com.  You can also call our Customer Service department toll-free at 800.643.0202 or mail your inquiry to us at Green Tree Customer Service, PO Box 6172, Rapid City, SD 57709-6172.


Print this window