Questions About Your Loan
Merchants Bank Loan Servicing is Here to Help
As soon as you’ve closed your loan with Merchants Bank, you’re able to chat with one of our most knowledgeable and useful resources: The Loan Servicing department.
Consisting of more than 15 employees, the Loan Servicing department can answer any question related to your loan. If you don't find the answer you're looking for here, please contact our team.
Meet the Team & How They Help
Loan Servicing has many seasoned employees; the average banking experience of the staff is 13 years and the average loan servicing experience is nine years. When you call us, you’re truly talking to a loan expert.
In addition to more FAQ questions below, the department can also help you:
- With any questions regarding your loan payments, how payments are applied to your loan, loan payment coupons or billing statements.
- Estimate an early loan pay-off date if you’d like to pay extra on your loan.
- Calculate principal payments to meet an early pay-off goal.
- Setup or change an automatic loan payment.
- Keep track of your escrow information, from bill payments to helping distribute funds to complete repairs on the damaged property covered by insurance.
Frequently Asked Questions
Here are some of the most popular Loan Servicing questions. If your loan has closed, they are here to help - just contact them.
Can I change my payment due date?
- Personal loans (excluding mortgages) – Contact your lender to request changing your payment due date.
- Mortgage loans – Due to Secondary Market requirements (of Fannie Mae and Freddie Mac), mortgage payments must be scheduled on the 1st of the month.
Can I make partial payments on my mortgage by making a payment twice per month?
Can you help me figure out how to pay off my loan early?
If you plan to pay off your loan early and have automatic payments set up, please contact Loan Servicing a few days before your final loan payment. This will provide enough time to cancel your automatic payment and minimize the chances of a duplicate payment.
During tax season, what kind of information can you provide about my loan?
- Interest paid on your loan for the year
- Year-end principal balance
- If applicable, information on the property securing the loan
I received loan coupons that are not in a booklet format...does this replace my coupon book?
I think my loan payment was late. When will I be assessed a late fee?
My loan payment is scheduled to pull electronically after the due date each month, so why am I receiving a past due reminder?
My monthly mortgage payment is set up for electronic payment. Can I opt-out of receiving the monthly billing statement or choose to receive the statement electronically?
What happens to the extra money I send to the bank when I round up my mortgage payment?
I have paid off my loan, but still received a final escrow statement that indicates a balance. Why?
Any balance in the escrow has been netted out in the payoff statement; therefore, no balance remains. If you have any questions, please contact Loan Servicing.