• Q&A for CIT Bank Mortgage Loan Customers

    For ways to access your account records online or via telephone or to contact Customer Service, please reference the CIT Bank Mortgage Loan Services document.

    • What should I know about the change in mortgage loan servicing?

      CIT has partnered with LoanCare to provide mortgage loan servicing functions on behalf of CIT Bank as of March 1, 2018. Your mortgage will still be owned by CIT Bank. Mortgage loan data and responsibility for customer service for the mortgage servicing portfolio will be transferred to LoanCare. Servicing includes processing your mortgage, insurance and tax payments.

    • Are there any benefits with the change in mortgage loan servicing?

      Yes. The CIT Bank Mortgage Loan Services overview shows the many access options now available for your mortgage account. We are pleased that the LoanCare servicing will also provide you this easier and more convenient online access to your account, as outlined in the attached CIT Bank Mortgage Loan Services overview.

    • I received a "goodbye letter". What does the letter mean?

      As your loan servicer we are required to notify you in writing at least 15 days in advance when the servicing of your loan is transferred to a new servicer. The “goodbye letter” you received includes the effective date of transfer, which is the effective date of the change of the address for making payments. The letter also includes the new address for future payments. The telephone number included in the letter is the same number available for your calls prior to the transfer date. The transfer of servicing does not affect any term or condition of your mortgage documents, other than the terms directly related to the servicing of your loan such as changes to your loan number and the address where you send payments.

    • Could there be any delays in setting up the records at LoanCare?

      Delays are possible. Setting up all the data might take as much as the first 5 business days of March. During this time you will be able to call Customer Service (800-781-7399). During the set-up period, the information available to the agent might be limited. Please note that payments cannot be made by phone or online during the set-up period. 

    • Will automatic drafting/deduction of my mortgage payment program transfer to LoanCare?

      As part of the change, the authorization for automatic drafting/deduction of your mortgage payment from your bank account (ACH) must be renewed in connection with the change. CIT mailed new authorization forms February 8 and 9, 2018 to all ACH customers along with instructions for returning the form by February 23. Other options for making payments or setting up ACH are included on the attached CIT Bank Mortgage Loan Services. 

    • What payment alternatives do I have for the set-up period related to the transition to LoanCare and afterwards?

      Between February 23 and February 28:  Call Customer Service at 1-800-781-7399 to have your payment taken over the phone. Your March 1 payment can be mailed to:

      CIT Bank, N.A.
      P.O. Box 4045
      Kalamazoo, MI 490003-4045

      Between February 28 and March 7, you will want to send payments to the new payment address:

      West Coast Property Address
      CIT Bank, N.A.
      P.O. Box 60509 
      City of Industry, CA 91716-0509

      East Coast Property Address
      CIT Bank, N.A.
      P.O. Box 37628
      Philadelphia, PA 19101-0628

      After March 7 (after set-up period):  Please see the options listed in the “Multiple Payment Options” section of the CIT Bank Mortgage Loan Services document.

    • I already sent my recent payment to the prior CIT Bank address; what should I do?

      If CIT receives any payments at the prior address, CIT will work with LoanCare to ensure that your payment is credited to your mortgage loan. You should know that, by regulation, during this conversion period to LoanCare, your loan is protected from late charges and negative credit reporting for 60 days after the effective transfer date, March 1, 2018.

    • How will this change services at OneWest Bank branches?

      After February 26, we will not be able to accept mortgage loan payments in OneWest Bank branches for the time being. 

    • When will I receive the next billing statement?

      In the past your billing statement was mailed on the 16th of the month. For the month of March, you will receive a welcome package including a temporary payment coupon prior to March 1. Billing statements will be mailed to you 3-5 days after you make a payment. If you do not make a payment by the 17th of a month, a billing statement will be mailed to you at that time.

    • Will there be any fees for processing payments by phone or through the Website?

      No fees for payment processing will be assessed to you for 60 days after March 1, 2018.

    • What happens in this interim period if my payment is routed incorrectly, resulting in incurring a possible late charge or negative credit report item?

      The servicing transfer process is highly regulated to protect consumers from inadvertent events such as these. CIT and LoanCare both strictly adhere to these regulations. During the first 60 days after the transfer if you make a timely loan payment which is not received or is delayed due to the servicing transfer, no late charge or adverse credit reporting will occur.

    • Why can’t I register on the website and/or why is my new account number not recognized?

      After the March 1, 2018 effective date of the transfer, there is a short verification period while all the data is reconciled. This process typically takes just a few days, so we may ensure accuracy. After this verification process, your loan will be viewable online and may be accessed when calling the Customer Service Center at 1-800-781-7399.

    • The customer service number (800-781-7399) looks familiar, is it the same number customers call today?

      Yes. We have arranged for the customer service number to stay the same.

    • Will CIT still offer Foreclosure Prevention Alternatives?

      Yes. Forbearance Plans, Repayment Plans, Modifications, Short Sales and Deeds in Lieu of Foreclosure (DILs) will still be available to customers that are eligible. Applications already in process for Modifications, Short Sales and DIL’s will be transferred to LoanCare.