Servicing FAQs

What Rate is Parkside advertising?

Please contact your broker directly to discuss Parkside Lending's mortgage rates.

Can I pay off my loan anytime? Is there a prepayment penalty?

Please refer to your mortgage note to confirm if your loan has a prepayment penalty.

Is my mortgage assumable?

Please refer to your Mortgage Note Agreement to confirm if your Mortgage is Assumable.

Is it possible to perform a "Recast" instead of Refinance?

A "Recast" allows borrowers to make a large principle curtailment and reduce the standard monthly payment for the remaining life of a loan. Recasts may be performed, however, there may be associated fees and performance criteria. If interested, please contact the servicing center for additional details.

Will the servicing of my loan be transferred?

While Parkside Lending loves its borrowers, Parkside Lending does periodically sell and transfer the servicing of its loans. In the event of such a transfer, detailed information about the transfer will be communicated to you via mail, usually followed by a verbal phone call. It's important to note all the loan terms (i.e., rate, term, principal balance, escrows, etc.) remain the same, with the exception of to whom you make your monthly payment.

Will my payment be considered late during the transfer process?

In the event of a transfer of your loan, there is a required 60 day grace period where you will not be charged a late fee for accidentally sending a payment to your previous mortgage lender.

When can I expect my Tax Reporting Forms?

The IRS Tax Form 1098 (Mortgage Interest Statement) for your mortgage will be mailed to you by the end of January. It also may be obtained through your online account.

How do I update my mailing address?

You need to contact your servicer directly for any address updates.

Does my insurance need to be updated once my loan transfers to the new servicer?

Yes, anytime your loan is transferred to a new servicer your mortgagee clause must be updated to reflect the new servicer's information. Some mortgage servicers request these updates directly to the insurance company following a transfer, but you should make sure your insurance mortgagee clause is updated for your new servicer to ensure the policy remains active and in full force. Examples of these policies include hazard, wind and flood insurance.