Transfer of Mortgage Servicing

 

Staten Island’s only community-based business bank reminds you of your mortgage rights

 

STATEN ISLAND, N.Y.When you get a mortgage, you may think that the lender will hold and service your loan until you pay it off or sell your home. That’s often not the case. In today’s market, loans and the rights to service them often are bought and sold. In many cases, the company that you send your payment to is not the company that owns your loan.

If your loan is transferred to a new servicer, you generally get two notices: one from your current mortgage servicer; the other from the new servicer. In most cases, your current servicer must notify you at least 15 days before the effective date of the transfer, unless you received a written transfer notice at settlement. The effective date is when the first mortgage payment is due at the new servicer’s address. The new servicer must notify you within 15 days after the effective date of the transfer.

Both notices must include:

    • the name and address of the new servicer
    • the date the current servicer will stop accepting your mortgage payments
    • the date the new servicer will begin accepting your mortgage payments
    • telephone numbers (either toll-free or collect), for the current and new mortgage servicer, for information about the transfer
    • whether you can continue any optional insurance, such as credit life or disability insurance; what action you must take to maintain coverage; and whether the insurance terms will change
    • a statement that the transfer will not affect any terms or conditions of your mortgage, except those directly related to the servicing of the loan. For example, if your contract says you were allowed to pay property taxes and insurance premiums on your own, the new servicer cannot demand that you establish an escrow account.
    • a statement explaining your rights and what to do if you have a question or complaint about the servicing of your loan.

There is a 60-day grace period after the transfer: during this time you cannot be charged a late fee if you mistakenly send your mortgage payment to the old servicer.

 

About Victory State Bank:

VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

Media Inquiries:

Relevant Public Relations, LLC

Headquarters:718-682-1509

Mobile:917-715-8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

What to Know When You Look for a Job

 

Staten Island’s only community-based commercial bank highlights job search tips

 

STATEN ISLAND, N.Y. –you apply for a job, employers look at the application you complete and the resume you prepare. Some employers also check into your background before they hire you. According the FTC, a background report can include:

your credit history

your criminal record

your employment history

your driving record

Employers have rules to follow when they buy your background report. As the job applicant, you have rights when someone buys your background report.

What should I do before I apply for a job?

Before you apply for any job, get your credit report. It is free. It has information about your credit history, including:

if you pay your bills on time or late

how much money you owe

if someone has sued you

Employers might look at your credit report. You should know what is in your report, too. If your credit report has mistakes, you can fix them. You also can be ready to explain any information that is correct, but that might not look good to an employer.

To get a credit report for free, call Annual Credit Report at 1-877-322-8228. Someone might try to sell you another product or service. You just need your free credit report.

What happens when I apply for a job?

The employer might want to see your background report. He needs your permission to see your background report. Usually, you have to sign your name to give your permission. The employer might ask your permission when you apply for a job.

You have the right to tell the employer not to check your background report. But if you do not give your permission, the employer might not hire you.

The employer does not need your permission to look you up online. The employer might be able to see public information about you on social networking and other sites.

Some employers might say not to apply if you have a criminal record. That could be discrimination. Report it right away to the Equal Employment Opportunity Commission (EEOC). Call the EEOC at 1-800-669-4000.

What if I might not get hired?

The employer might not hire you because of information in your background report. If that happens, the employer must give you a copy of the background report and information about your rights.

You have a right to review your report. You might be able to explain some information to the employer. If there are mistakes in the report, you can ask the company that wrote the report to fix them.

The company that wrote the report might fix the mistakes. Then the company must send you a copy of the new report. You also can ask the company to send the new report to the employer.

What if I do not get the job?

If the employer does not hire you because of information in your background report, he must tell you. This is called giving you an adverse action notice.

The employer also must give you the name, address and phone number of the company that wrote the report.

You can ask this company for a copy of your report. It is free if you ask for it within 60 days of not getting the job.

What if I think an employer is breaking the rules?

Start by talking to the employer directly. You might be able to solve the problem that way.

Or, if you think the employer did not follow the rules, you can report the employer to the Federal Trade Commission. Call 1-877-382-4357 to file your complaint.

 

 

About Victory State Bank:

VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

Media Inquiries:

Relevant Public Relations, LLC

Headquarters:718-682-1509

Mobile:917-715-8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

A Text Message That is No Prize

 

Staten Island’s only community-based commercial bank warns against text message scams.

 

STATEN ISLAND, N.Y. – A free iPad? A $1,000 gift card? And all for clicking on a “YOU HAVE BEEN SELECTED FOR A PRIZE” text message you got out of the blue? According to the Federal Trade Commission, text message scams are on the rise yet again.

So what can you do when you get unwanted text messages?

If you are an AT&T, T-Mobile, Verizon, or Sprint subscriber, report spam texts to your carrier by copying the original message and forwarding it to the number 7726 (SPAM), free of charge.

Delete the text messages. Especially ones that ask you to enter a special code, or to confirm or provide personal information. Legitimate companies don’t text or email to ask for sensitive information like your Social Security number, bank account numbers, credit card and utility account numbers, or passwords.

Don’t reply or click on links within the text message. Links can take you to spoof sites that look real but will steal your personal information.

Review your cell phone bill for unauthorized charges, and report them to your carrier.

 

 

About Victory State Bank:

VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

Media Inquiries:

Relevant Public Relations, LLC

Headquarters:718-682-1509

Mobile:917-715-8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

 

 

 

 

 

Free Grant Scheme Costs Consumers

 

Staten Island’s only community-based business bank points to new grant scam

 

STATEN ISLAND, N.Y.Free grants for regular people? The chance at some string-free money might seem like a blessing. But promises of free grants are just another scam to get your money.

Recently, a fake company told people they’d already qualified for grants — up to $25,000 — that were readily available from federal, state, and local governments, private foundations, and wealthy individuals. But the grants didn’t exist, the FTC says. Instead, people were sent to sites that charged them for general information about getting grants. Even after paying, very few people qualified for any kind of grant, and those that did found it was a long, difficult process.

If that wasn’t enough, the company also was a massive robocalling scheme, making more than 8 million robocalls — almost a third of them to numbers on the Do Not Call Registry.

In addition to the importance of filing a complaint about illegal robocalls, here’s what you need to know:

    • Don’t give out your bank account information to anyone you don’t know
    • Don’t pay any money for a “free” government grant
    • Know that scammers can fake phone numbers tolook like they’re calling from Washington, D.C.

A real government agency won’t ask you to pay a processing fee for a grant you’ve already been awarded, or to pay for a list of grant-making institutions. The names of agencies and foundations that award grants are available for free at any public library or on the Internet. The only official access point for all federal grant-making agencies is grants.gov.

 

 

About Victory State Bank:

VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

Media Inquiries:

Relevant Public Relations, LLC

Headquarters:718-682-1509

Mobile:917-715-8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Managing Someone Else’s Money

 

Staten Island’s only community-based commercial bank points to the duties of a fiduciary

 

STATEN ISLAND, N.Y. – A friend at the office was just asked to serve as the guardian of her aunt’s property and help manage her finances. That started a conversation around the lunch table: It turns out that several of us know people who have signed papers making them responsible for helping a friend or family member manage their money or property — that is, who serve as fiduciaries. 

Fiduciary responsibilities depend on the needs and circumstances of the person you’re helping and on state law, but all fiduciaries have basic legal duties. The Consumer Financial Protection Bureau describes the duties in a new series of publications. As a fiduciary:

    • you must act only in the best interests of the other person and make decisions that are best for him. You can’t let your needs and interests, or the needs and interests of other people, influence you. 
    • you must manage the person’s money and property carefully. You’ll be responsible for using the money to pay bills, rent or taxes, invest, and do what’s necessary for the person you’re helping.
    • you need to keep the other person’s money and property completely separate from your own. That means you can’t use joint bank accounts that combine your money and the other person’s.
    • you must keep good records of what you receive for the other person and what you spend. You may have to file a report with the court or government agency that named you as the fiduciary.

 

About Victory State Bank:

VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

Media Inquiries:

Relevant Public Relations, LLC

Headquarters:718-682-1509

Mobile:917-715-8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.