As per the date of October 28, 2023, all loans that had active balances transferred to Firstmark Services serviced by CommonBond.
The transition offered by Commonbond Firstmark certainly provides great differences in the way borrowers bare access, manage their loans, and make payments concerning what was available before.
If you are a CommonBond borrower, this article has everything you need to completely know about this transition and how to get around the updated platform, and most importantly, things you have to do to make it a smooth transition.
Table of Contents
Why was the Transition made?
It is not about exceptional loan servicing transitions.
CommonBond is with the transfer of loan service to Firstmark services in the past efforts made to Improving Efficiency and Providing the Borrowers with Best Tools to Manage their Loans With that Firstmark, a division of Nelnet, that has built its reputation on loan servicing including an End-to-end comprehensive platform catering for other types of loans.
With adopting Firstmark CommonBond would, in turn, make available for use Firstmark’s infrastructure, capacity for customer service, and streamlined processes.
This will help borrowers interested in accessing what is otherwise a popular servicing infrastructure while continuing to afford them easy access to loan information and repayment tools.
Key Details About the Transition
- Date of Transition: The transition took effect as of October 28 2023.
- Loan Information Access Point: Loans with an active balance on or after October 28, 2023, will have the account statement made available on the Firstmark Services website at MyLoanManager.com, including payment history.
Loans paid before this date will continue to be managed by the existing CommonBond platform.
- Communication: Borrowers will be informed through emails and/or postal mails so they can provide some information on the transition as well as instructions on how to set up accounts under the new platform.
- Loan Servicing Improvements: Expect enhanced easy servicing with shorter timeframes in resolving inquiries and better online tools for managing and monitoring payments.
- Tax Document Management: Borrowers will receive their tax documents from Firstmark Services for the year 2023. This guarantees continuity in loan interest payment reporting for tax purposes.
- Payments Management: Automated payment previously established with CommonBond will seamlessly transfer to Firstmark Services. Borrowers, however, will be advised to confirm their payment arrangement.
- Payments have now to be redirected to Firstmark Services.
What Happened To Your Loan History?
To keep a proper record of all the loans when a servicing change takes place is one of the major issues.
Firstmark Services has guaranteed to transfer from CommonBond, any payment history, account details, and communication records onto the platform. Borrowers can access the information through Firstmark MyLoanManager for all of these items.
For loans that are paid in full before October 28, 2023, the account information will still be accessible on the CommonBond website. Borrowers can login as normal to retrieve records for their tax and personal references.
Moreover, Firstmark Services has also committed to keeping loan history records for a lifetime to borrowers so that even years after the loan has been settled, borrowers will have access to comprehensive records.
Implications for Automatic Payments
Effects on Automatic Payments: Any automatic payments set up with CommonBond have now been transferred over to Firstmark Services. However, it is important to cross-check:
Bank account details: Make sure your bank account details are accurate on the new platform.
Payment schedule: Make sure payment dates and amounts match the original agreement.
Failure to review this information could mean incorrectly missed payments or overdrafts. Firstmark Services provides tools to help borrowers manage their payment schedules appropriately.
Borrowers are encouraged to set reminders for their payments as well as enjoy the benefits that come with Firstmark’s mobile-friendly platform for on-the-go account management.
Advantages Of Firstmark Services
Firstmark Services will provide borrowers with the following benefits.
1 Superior User Experience:
Firstmark MyLoanManager was created with the end-user in mind. It actually makes loan management easier.
2 Avenue of Advanced Payment Method:
Automatically set up recurring payments, make one-time payments, and track progress of payment.
3 Improved Customer Support:
Firstmark provides a much better customer support service via phone, email, and other online sources.
4 Secure Accessibility:
Your loan information is protected through multi-factor authentication and secure intuitive login.
5 Mobile Accessibility:
For those that need to manage their loan while “on the go,” Firstmark MyLoanManager is mobile-friendly.
6 Transparency:
Now customers can look at their detailed loan balances and how interest accrues and is allocated to payments, helping promote better financial awareness.
Addressing Borrower Concerns
More often than not, the transition of a borrower from other lenders raises the most questions and concerns regarding how they relate to it. It has had many issues that the borrower may have to face on document with an appropriate address. The usual issues include:
1. Loss of Access to Loan Information:
If you are unable to access your account on MyLoanManager, contact Firstmark Services for assistance immediately.
2. Payment Errors:
Check your payment history and bank details in the new platform and validate every one of them.
3. He Who Speaks Get His Thing:
If you missed the transition notifications, check your email spam folder or contact Firstmark Services to find out more.
4. Loan Terms and Interest Rates:
Make sure that your loan terms, interest rates, and repayment schedules are all the same as those documented in your original agreement. Report any discrepancies immediately.
5. Tax Documents:
Tax documents for 2023 will be provided by Firstmark Services. Watch your account notifications for these forms to download them when ready.
How to contact Firstmark Services:
Here is how you can contact Firstmark Services in case you require assistance with your loan or have any queries about the transition:
Website: Open the Official Website of Firstmark.
Phone: Call Firstmark’s customer service 1.844.649.2917 working days and hours Monday-Friday 7 a.m. – 8 p.m. Central (excluding holidays).
Email: You can Email Firstmark by opening their website.
Conclusions
The CommonBond’s transition of loan servicing to Firstmark Services reflects change for borrowers concerning the manner of dealing with loans. The purpose of the change is to allow borrowers to enjoy better or well-established servicer tools, customer care, and seamless handling of loans.
Be proactive and verify your payment details, check your loan history, and become familiar with the new platform. Firstmark Services will definitely make it easy and secure to manage your student loans.
Hello its Harison Ford, My Qualification is graduation in Financial Planning I have 10 years experience in Student Loans, And Financial aid. I will play a crucial role here means I will provide guidance to students, graduates that how they will manage their loans.
