The team at BANK is honored to have the opportunity to service mortgages for Northwest Bank & Trust customers. The servicing of your mortgage is transferring to BANK effective February 1, 2024, and we intend to make this transition as smooth as possible for you. Below are some details of the transfer, followed by some frequently asked questions. If you are in doubt, don't hesitate to reach out to your dedicated mortgage loan officer, Derek Kramer, at 515.223.2265.
You should receive a notice of transfer from Northwest Bank & Trust that includes the effective date of the mortgage loan transfer, which is February 1, 2024.
You should receive a “welcome letter” from BANK, which includes instructions for paying your mortgage, temporary payment coupons and other important information meant to help make your servicing transfer to BANK as seamless as possible.
For your convenience, your loan number is staying the same.
You will be able to set up your new BANK online account five to seven days after the effective date of the transfer. You will need your BANK loan number to create this account. Simply click on “Online Banking” in the upper right corner of this website. Select “Personal." From there you will be able to create your online account.
With your BANK online account, you can make one-time payments, or you can set up recurring payments.
You can review your loan details, payment histories, and send and receive secure messages.
Automatic payments set up with Northwest Bank & Trust will transfer automatically to BANK - you don't need to do a thing!
Q: Why did Northwest Bank transfer the servicing of my loan?
A: Northwest Bank & Trust made a strategic business decision to stop servicing mortgages and they chose BANK to takeover servicing of their entire mortgage portfolio due to a longstanding professional relationship between the two institutions and BANK’s exceptional reputation in the industry. Both Northwest Bank & Trust and BANK are committed to providing the highest quality service to you and we are working closely together to make this transition as seamless as possible.
Q: Will anything change on my loan?
A: All the terms of your loan will remain exactly the same. Your monthly payment may change if you escrow taxes and insurance; however, that could occur even if your loan remained with Northwest Bank & Trust.
Q. Does BANK have experience servicing mortgages?
A. BANK has been around since 1900 and we have been servicing mortgages for over 20 years. Your mortgage is in good hands with BANK and we are committed to helping you with all of your mortgage needs going forward.
Q: Where should I send my mortgage payments?
A: If you make your monthly mortgage payments via coupon book or bill pay, you need to send your payments to BANK, PO BOX 287, Wapello, IA 52653 starting February 1, 2024, and thereafter.
Q: When will I receive my coupon book to make my payments?
A: If you use a coupon book, there are two temporary coupons at the bottom of the letter you received from BANK. Official coupon books will be arriving in mid-February. Monthly payments can still be processed if you are unable to locate your coupon - please just memo your loan number on the check.
Q: If I have an automatic withdrawal (autopay) set up with Northwest Bank & Trust, do I have to set it up again with BANK?
A: No, that information is being transferred from Northwest Bank & Trust over to BANK so you will not have to take any action if you pay via ACH automatic withdrawal. It will continue as usual unless you want to make a change to the account you already have set up to make your mortgage payment.
Q: What if I want to change or set up automatic withdrawal for my payments?
A: To set up or change automatic loan payments, please download this form, complete it, sign and mail it back to the address at the bottom of the form, along with a voided check.
Q: What happens to my taxes and insurance (escrow)?
A: For customers who escrow taxes and insurance, that information is being transferred from Northwest Bank & Trust over to BANK, and BANK will be making those tax and insurance payments on your behalf from February 1, 2024, and onward. If you have questions about any invoices you receive for taxes or insurance, please contact Derek Kramer (525.223.2265) for more help.
Q: How do I sign up for online banking?
A: As of February 1st, you’ll be able to sign up for online banking by clicking on “Online Banking” in the upper right corner of our website. Select “Personal” and then you will be able to create your online account. You will need your loan number to create this account.
Q: Will my account numbers change?
A: No, you will keep the same loan number you had with Northwest Bank & Trust.
Q: Will I get a year-end tax statement (1098) from Northwest Bank & Trust or BANK?
A: Year-end tax statements (IRS Form 1098) for 2023 will come from Northwest Bank & Trust. For 2024, you will receive two 1098s, one from Northwest Bank & Trust showing mortgage interest and taxes paid in January of 2024, and another one from BANK showing the interest and taxes paid from February 1, 2024 through the remainder of the year.
Q: If I use BillPay, do I need to do anything?
A: Yes, you will need to login into your BillPay provider and change the address you have set up for your mortgage payments to go to BANK (BANK, PO BOX 287, Wapello, IA 52653). Our routing number is #073906872. You will also need your loan number when setting this up.
Call Derek at 515.223.2265 or send him a message here.
Monday to Friday, 8:30 a.m. to 4:30 p.m. CST