The Bank Just Sold My Loan, I Still Have Coupons from the Old Lender

If your old lender provided coupons for you to attach to the monthly payment, your new lender will provide written information about what to do when remitting payments to them. Coupons have become less used in recent years, having been replaced most often by monthly statements mailed to you by the lender. Go with the flow. Statements are more informative and will usually help you keep track of the remaining balance of your loan. They will also keep you informed each time a payment is made on your behalf from the escrow account, if you have one.

You should stop using the old coupons as of the effective date that the new lender takes possession of your loan. The effective date will be provided in the notice of sale letter you receive. Once you have started making payments to the new lender, it’s okay to trash the old coupons.