Loan Cabin will service your loan for a short period after it closes, usually about 30 days. Typically 15 to 30 days after Loan Cabin will sell your loan on the secondary market and transfer loan servicing to one of Loan Cabins investors.
After that, we will transfer your loan to a permanent servicer. We have multiple servicers and mortgage investors including major US banks, government-sponsored entities, publicly-traded mortgage companies, and specialized servicing firms. We collect third-party reviews and survey our borrowers post-transfer to ensure the permanent servicers are quality partners.
What a mortgage broker does is they facilitate originations for other financial institutions. Brokers are middlemen between the customer and the lender they send your loan to. Loan Cabin closes mortgages in our own name and uses our own funds to close your loan. This means we are the lender and you will work with us and only us throughout the process.
As a direct lender, we originate your application, underwrite the loan in house, close, and then fund your loan using our own funds.
We try to be fully transparent to all our customers. You can always ask your mortgage loan originator about your loan’s permanent servicer, or email firstname.lastname@example.org
After your loan closes, your loan closing documents will have all instructions on to who and where to make the first payment to.
In some cases, your first payment will be made to Loan Cabin. Loan Cabin will contact you via email if this is the case and provide you with the proper steps to make your payment to us. Once your loan is sold or transferred to the permanent servicer, the servicer will send proper documentation of this along with a service transfer letter stating they have acquired your loan.
For your first payment to Loan Cabin, we will request that you mail us a check for the one-time payment as your loan will very likely be transferred to a permanent servicer before the second payment is due. Once your loan is transferred you will be able to setup automatic payments with the servicer.
Yes. You will have to wait until you are fully setup with the new servicer and then you can arrange with them to start biweekly payments. Please confirm with your mortgage loan originator on biweekly payments before starting.
Yes, of course we will. If you have any concerns please email email@example.com. We will get in touch with the permanent servicer right away and resolve the issue on your behalf.