As your loan servicing transitions to a new company, we know you may have questions. These FAQs are designed to help you understand what’s changing and what’s staying the same. Colonial is working closely with each new servicer to make this process as smooth and seamless as possible for our customers.
We understand that changes like this can raise questions, but please rest assured, the terms of your loan will remain the same. The only change is in the company that will be servicing your loan moving forward. This means your payments and customer service will now be handled by a new servicer, while everything else about your loan remains unchanged.
After many years, Colonial has decided to exit the mortgage servicing business. As a result, your loan is being transferred to a new servicer who will continue to support your mortgage needs.
Borrowers will receive a 1098 statement from each company that serviced their loan during the calendar year.
No. Colonial has decided to exit the mortgage servicing business and as a result, your loan is being transferred to a new servicer who will continue to support your mortgage needs.
Online access after your transfer date will be limited, but all access will be discontinued on July 1, 2026.
You will receive a written communication with a date of transfer at least 15 days prior to your loan transferring.
Please refer to your Notice of Transfer letter from Colonial which will indicate the status of your autodraft. You will receive additional information concerning drafting in your Welcome letter from your new servicer.
Third-party bill pay services (for example, payments sent through your personal bank’s online bill pay) will need to be updated with your new servicer’s payment information once your transfer is complete.
Your payment will be transferred to your new servicer during the first 60 days after the transfer.
Yes, any online registrations will need to be completed with the new servicer. You will receive information in your Welcome letter concerning how to sign up for online access.
You will receive a goodbye letter from Colonial Savings as well as a welcome letter from your new servicer with their contact information, payment instructions, and online account access details.
Until the date of transfer, nothing changes. You will continue to make monthly payments directly to Colonial.
Yes, until the date of your loan transfer. Once your loan transfers, you will need to reach out to your new servicer for instructions on how to get your check endorsed.
Any lender placed policies will be cancelled as of the date of the transfer. You will need to obtain your own policy, or the new servicer will place a lender placed policy. You will receive notices from your new servicer.
Yes, your taxes will be paid prior to the servicing transfer.
Your original loan terms, including your interest rate and repayment period, will not change with the transfer. Only the company that collects your payments changes.
We will transfer your payment history to the new servicer. However, some online portals may only show payment history from the time of the transfer forward.
If you have an escrow account for taxes and insurance, the funds will be transferred to your new servicer.
Your original loan terms, including your interest rate and repayment period, will not change with the transfer. Only the company that collects your payments changes.
Until your transfer is complete, you can continue to reach Colonial’s Customer Service team at:
Phone: 800-937-6002
We’ll post ongoing updates, FAQs, and helpful links at GoColonial.com/Servicing so you can stay informed throughout the process.
Applications received by the new servicer that were not acknowledged by Colonial must be acknowledged by the new servicer within 10 days (excluding weekends and holidays).
If a complete application was in review but a decision was not made, the new servicer will have 30 days from the transfer date to evaluate the application and make a decision.
A transfer does not impact the Borrower's ability to accept or reject an offer with the new servicer and existing workouts in process will not be impacted.
“My family has banked with Colonial since the '70s. You are a member of the family here. The mammoth banks cannot compete with Colonial's personalized service. They ALWAYS make sure they know you and your specific needs. I will never switch. Highly recommend!!”
Barbara C.
“I may be living in Houston now but my money stays in Colleyville and has for the last 45 years! You are like family to me.”
Don B.
“All the ladies at Colonial in Colleyville are friendly, caring, and service friendly. I highly recommend this bank!”
Ruth E.
“It is so refreshing to be a customer of a business that is so concerned with customer service. From someone answering the phone and not getting a phone tree, to being greeted at the front door, to employees truly there for you. I highly recommend Colonial Savings.”
Susan D.
“I have been with Colonial Savings since 1999. They have always looked for ways to serve my banking needs with professional and courteous associates. Definitely a 5 star organization!”
Jeffrey P.
“Great service on banking and loans as well. I have been a customer for 30 years and have always been treated with courtesy and respect. Top notch service!!! I highly recommend.”
Thomas H.
