What does it mean to ‘transfer servicing’ of a loan?
Berkshire Bank is happy to have you as a loan customer – we are not selling your loan. Dovenmuehle Mortgage Incorporated (DMI) will take over the servicing of your Berkshire loan, which means that they will send out bills and statements, apply payments, provide a specialized loan portal with improved online capabilities, and provide first rate service for any loan questions.
Who is DMI?
DMI, is one of the leaders in loan subservicing assistance. DMI was established in 1844 and has built a reputation on regulatory compliance and customer service.
Why is Berkshire Bank transferring the servicing of their Mortgages and Home Equity Loans?
Partnering with DMI will allow Berkshire Bank to focus more on you: meeting more of your everyday needs, the attainment of your financial goals, and offering additional options for the servicing of your loan.
Why did I receive multiple letters?
A letter was sent for each loan that will transfer servicing to DMI – if you have multiple loans with us, you may receive multiple letters. The loan number for the account transferring is included at the top of the letter.
When is this happening?
Our alliance with DMI begins on November 1, 2021. In the coming weeks, you will receive additional communications about the transfer of servicing. We will continue to update this microsite as new information is available, so please be sure to check back!
Do I need to take any action?
Depending on how you currently access and/or pay your loan, the action you need to take will vary. Specifically:
- If you mail your payment or use a third-party bill pay service to pay your loan, we will ask you to update the address you normally send your payments to; this new address is still being finalized and we will be sure to communicate it with you shortly.
- If you have automatic payments set up with us, please make sure you’ve sent back any requests to update your ACH documentation – this will ensure you don’t experience payment interruptions.
- As we get closer to November 1, you will receive details on the new, more robust online loan platform where you can track your loan history and access other payment options.