We recently made changes to how we service our mortgages. Members with mortgages have begun receiving information on the new process from our partner, Midwest Loan Services, Inc. While the letter gives in-depth information regarding the payment processing procedures we have also prepared answers to these Frequently Asked Questions.
Why is 1st Advantage partnering with MLS for the servicing of my mortgage loan?
Partnering with a larger provider of mortgage servicing gives us the ability to offer members like you additional benefits and services.
Has my mortgage been sold to MLS?
No, your mortgage has not been sold.
Who is Midwest Loan Services?
Midwest Loan Services was founded in 1992. They specialize in mortgage subservicing by partnering with credit unions interested in offering their members additional benefits and services.
Will my mortgage loan number be changing?
Yes, you will be assigned a new loan number by MLS. The new loan number is indicated on the Welcome Letter that MLS sent.
Will any of the terms of my mortgage change?
No, the mortgage will continue to be serviced under the original terms.
Will my Home Equity Loan with the Credit Union also be affected?
No, Home Equity Loan servicing is not affected at this time.
The Credit Union previously escrowed for my taxes and insurance. Will MLS continue to do this?
Yes, as of June 15th MLS will pay all of the bills that we currently pay and they will perform and mail you an Annual Escrow analysis.
My payment is currently deducted from my account automatically, what do I need to do?
In most cases, nothing. Verify the payment information at the bottom of your Welcome Letter for accuracy and if you notice a discrepancy please contact a credit union representative.
My payment is currently made through a Bill Pay service, what do I need to do?
If you transfer your payment through Advantagenet, you will continue to make your payment in the same manner. You will note that your loan will have a new loan number.
If you have your payment set for reoccurring transfer in Advantagenet, you will need to change the loan number for the payment in the transfer.
If you have Bill Pay set up from another institution to 1st Advantage for your loan payment, you will need to change the loan number and payment remittance address in that system to the new Midwest mailing address.
Can I continue to make payments at a branch?
If you are making your payment at one of our branches, you may continue to do so.
Will I still see my mortgage on my statement and in Home Banking?
Yes, your mortgage will continue to show on your 1st Advantage monthly statement and in Home Banking.
Where should I begin mailing my payments?
Beginning June 15th the new payment mailing address is:
1st Advantage Federal Credit Union
c/o Midwest Loan Services, Inc.
PO Box 188
Houghton, MI. 49931-0188
