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 at (800) 765-2194 or loanservicinghelpdesk@merchantsbank.com.
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.
What happens to my mortgage loan at Merchants after I close?
You will continue to work with Merchants Bank and our local loan servicing team based in Winona, MN. We are proud to share that our loans are serviced locally, which means that our local staff will be there to help if you have questions about your payments or other loan-related items.
Can I change my payment due date?
Only for certain types of loans:
- 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?
Unfortunately, no. Because our mortgage loans follow Secondary Market guidelines (Fannie Mae and Freddie Mac), if we receive a partial mortgage payment, we are not allowed to keep that payment and must return it to the borrower.
Can you help me figure out how to pay off my loan early?
Yes, just contact Loan Servicing. Make sure to include the date (either today’s date or one in the near future) and you’ll receive pay-off information verbally or in statement form based on your preference.
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.
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?
Each year we will send you a 1098 statement, which includes much of the tax information you’ll need:
- Interest paid on your loan for the year
- Year-end principal balance
- If applicable, information on the property securing the loan
I received my property tax bill in the mail from the county. If I’m escrowing, what should I do with this bill?
Please reach out to the Loan Servicing Department at (800) 765-2194 or loanservicinghelpdesk@merchantsbank.com for guidance.
I received loan coupons that are not in a booklet format...does this replace my coupon book?
Yes. Our processor changed the way they produce loan coupons and coupons will now be provided four to a sheet on an 8.5x11 sheet of paper. Please detach and submit the appropriate coupon with your payment each month.
I think my loan payment was late. When will I be assessed a late fee?
Mortgage loans have a 15-day grace period before late fees are assessed. Other personal loans and business loans have a 10-day grace period.
My loan payment is scheduled to pull electronically after the due date each month, so why am I receiving a past due reminder?
When a loan payment is unpaid for at least seven days past the payment due date, a payment reminder is sent as a courtesy. If you would like to avoid receiving this reminder, we suggest changing your automated payment to no later than five days after the payment due date.
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?
Merchants Bank is required by law to mail out monthly mortgage statements for loans with electronic payments. At this time, we do not offer mortgage statements online.
What happens to the extra money I send to the bank when I round up my mortgage payment?
Any additional money on top of your monthly payment is automatically applied to the principal of your loan. By applying extra money to the principal, a borrower can reduce the amount of overall interest paid on their loan.
I have paid off my loan, but still received a final escrow statement that indicates a balance. Why?
The escrow statement you were sent is for informational purposes only. The analysis represents history since your last analysis statement.
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.
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.
What process should I follow if I have property damage and need assistance with a claim?
Please reach out to the Loan Servicing Department at (800) 765-2194 or loanservicinghelpdesk@merchantsbank.com for guidance.
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