SESLOC is committed to offering products and services that support the changing lifestyle needs of our members. To ensure we are providing exceptional member experience, we continually review our services, and when necessary, make adjustments to better benefit our members. SESLOC has contracted with a subservicer to provide expanded servicing for your loan, while maintaining the high-quality service you expect from SESLOC. 

Our trusted subservicer will:

• More efficiently and effectively service mortgage loans.
• Provide more robust mortgage servicing information than currently provided.
• More quickly amend or enhance your services in response to the constantly evolving digital technology landscape.
• Enable SESLOC to focus on building more robust and unique home loan programs and banking services to better meet your needs.

SESLOC residential mortgage loans are being transferred to the subservicer. Home Equity Line of Credit (HELOC) and Commerical Real Estate Loans WILL NOT be transferred to the subervicer.

Absolutely not. This relationship will in no way affect the terms of your mortgage or the ownership of the loan. Nothing will change from your original mortgage contract and agreement with SESLOC. The terms and conditions, the specified payments, the payment due date and grace periods all remain the same. It is simply a transition to a trusted subservicer that has more capabilities and enhancements over what we can do for you now at SESLOC.

In fact, your mortgage loan billing statements will continue to say “SESLOC Credit Union,” and a new online payment portal will be available for you in SESLOC Online Banking, which is called the My Mortgage dashboard.

Regulatory compliance prevents us from disclosing the information of the subservicer ahead of the official Notice of Servicing Transfer letter that will be sent to you on or around January 24, 2025. In addition, we are choosing to avoid sharing our trusted subservicer’s contact information and your new loan information in this preliminary announcement letter due to security reasons. We take every precaution to ensure that information is kept in strict confidence so that it cannot be spoofed.

The transition to the new mortgage subservicer will be complete and accessible on Tuesday, February 18, 2025 at 9:00 a.m. PT, to go in effect for your March 1, 2025 mortgage payment.

However, please note our terms of service, or contract with the subservicer, will officially begin on February 9, 2025.

The most critical dates in 2025 are:

• February 1: February mortgage loan payment is due to SESLOC
• February 6 – February 17: Transition period where select mortgage services are temporarily unavailable or discontinued
• February 18: Set up preferred payment option to subservicer
• March 1: March mortgage loan payment is due to subservicer

Please see the Transition Schedule chart below for more details.

There are two key changes to be aware of during the transition period:

1. You will receive a new mortgage loan account number.
2. You will need to take action beginning February 18, 2025 to set up your preferred payment method to be sent to the subservicer for your March 1, 2025 payment and all following payments. (Continue reading for details on payment options).

After the transition period is complete, and you have successfully set up your new payment method, please note:

1. Inquiries regarding your mortgage loan payment processing, escrow account, private mortgage insurance should all be directed to our trusted mortgage subservicer.
2. You will have the ability to request a loan payoff via SESLOC Online Banking. Currently, this information is only available to you on the SESLOC mortgage loan billing statement, and we required you to request it via phone or in writing.
3. You will see more detailed mortgage information in SESLOC Online Banking via a My Mortgage dashboard, including escrow account balances, disbursements and transaction history. Currently, this information is only available on the SESLOC mortgage loan billing statement.
4. You will need to re-enroll in paperless billing if you choose to only receive eStatements and eTax forms. These documents are archived for 13 months for all borrowers, regardless of your electronic delivery enrollment status.
5. You will need to enroll in the subservicer’s Flex-Pay option if you choose to submit more than one incremental payment per month, otherwise known as “split payments.”
6. You may still pay more than the principal each month.
7. Be sure to see all of the changes in the “Services Comparison Chart” below.

Yes, of course!

We are available during regular business hours: 

• Monday – Friday via phone (805) 543-1816 and Live Chat from 8:00 a.m. – 6:00 p.m. and on Saturday from 9:00 a.m. to 1:00 p.m.
• Branches are open Monday – Friday 9:00 a.m. – 5:00 p.m.
• You may also leave a Secure Message in Online Banking.

We are closed in observance of federal holidays:

• January 20 – Martin Luther King, Jr. Day
• February 17 – Presidents’ Day

There are a number of new, streamlined or modified services that are an enhancement over your current SESLOC mortgage service. We are pleased to offer you more ease and more access, especially with online services. Please see our Mortgage Services Comparison Chart below for details.

Good news!

Borrowers will not be assessed any late fees or negative reporting to the Credit Bureau for the payments that are due February 1, 2025, and March 1, 2025.

Payments are due to SESLOC on February 1, however, our mortgage loan agreement has established a grace period of 15 days. However, SESLOC and the subservicer are not able to accept the payment during the last 9 days of this grace period, which is the during the transition period, and ends on Feburary 17. We apologize for this inconvenience and appreciate your patience as we work to transition to the subservicer. Rest assured, payments for February 1 and March 1 will not be assessed late fees or reported to the credit bureaus if they are not received by February 5 at 5:00 p.m. by SESLOC.

Please contact us at (805) 543-1816 or visit any branch during regular business hours to make arrangements for submitting the late February payment.

Yes, you will still be able to access your SESLOC mortgage loan eStatements and eTax forms that were generated prior to the transition period in Online Banking. They will be available during the transition period and after the transition is complete, for up to 36 months of history. These eStatements and eTax forms are archived and available to all borrowers in Online Banking regardless of your electronic delivery enrollment status. Simply login to Online Banking and select Statements & Documents from the menu.

The subservicer’s online payment portal will be available in SESLOC Online Banking on February 18, 2025 at 9:00 a.m. You will not need to register for this system. Once you log in to Online Banking, simply click the “My Mortgage” tab in the main menu. Have your new mortgage loan number handy, which is mailed to you in the last week of January and have your deposit account number and routing information so that you can set up your preferred electronic payment option. Further instructions for using the My Mortgage dashboard will be made available in SESLOC Online Banking and sesloc.org as we approach the transition date.

Yes, if you prefer to go paperless for statement and tax form delivery, you will need to re-enroll in eStatements with the new subservicer beginning February 18, 2025. You can do so by logging in to Online Banking on or after February 18, 2025 at 9:00 a.m. and selecting “My Mortgage” from the menu. Further instructions for accessing eStatement re-enrollment will be made available in SESLOC Online Banking and sesloc.org as we approach the transition date.  

Yes, you will still be able to access your SESLOC mortgage loan eStatements and eTax forms generated prior to the transition history in Online Banking for up to 36 months of history. Simply log in to Online Banking and select Statements & Documents from the menu. eStatements and eTax forms are available to you regardless of your electronic delivery enrollment status. Tax forms for the 2024 calendar year will be delivered to you as per your communication preferences (either postal mail or electronic mail) at the end of January.

After the transition period, eStatements will then be generated by the subservicer, and made available in the My Mortgage dashboard. They will begin to accumulate a history of up to 13 months. In addition, the subservicer will also post eNotices (or one-time letters regarding your mortgage loan account) in this dashboard.

eStatements, eTax forms and eNotices are available to you regardless of your electronic delivery enrollment status.  

Your transaction history from on, or before February 5, 2025, at 5:00 p.m. will not migrate to the subservicer. We recommend viewing or downloading the account transaction history prior to this date. You may also request SESLOC Member Services to download and send the history to you. Request by sending a Secure Message in Online Banking or call our Contact Center at (805) 543-1816.

After the transition period is complete on February 18, 2025, your mortgage loan account transaction history will start accumulating and be available in the My Mortgage dashboard for up to 36 months.

Yes, you will still be able to submit more than one mortgage payment per month if you enroll in the subservicer’s Flex-Pay option. Further details regarding the Flex-Pay service and instructions for enrollment will be made available in SESLOC Online Banking and sesloc.org as we approach the transition completion date.  

Yes, an enhancement offered by the subservicer is that you may pay additional funds to go to principal, make a principal reduction, pay a late fee or add funds to your escrow account. Your account information will be saved, so you won’t have to enter the information each time.

No, you do not need to contact your homeowner’s insurance company or manage the transfer of your escrow account to the subservicer. We will submit that information to the subservicer on your behalf which will migrate automatically during the transition period. The subservicer will then manage the relationship with those vendors. After the transition is complete, the subservicer will provide details to you regarding how escrow accounts are analyzed, how new homeowner’s insurance policies are procured and negotiated and on PMI payments.