Home Lending Changes - Santander

Important news about home lending:

Understanding the changes at Santander

Santander is no longer accepting any new mortgage or home equity line of credit (HELOC) applications as of February 11, 2022.

We considered many factors in making this decision, which are explained in the question and answer section below. If you’re a current home loan client or have recently applied for a home loan with us, please know that this change does not affect you. We will continue to service current loans and loan applications under the same terms.

Fast facts about this decision

Overview

What is happening?

On February 2, 2022, we announced our decision to stop originating residential mortgage and home equity lines of credit (HELOCs). We will continue to service our existing home loans and lines and will honor pending mortgage and HELOC applications. The last day Santander accepted new home loan applications was February 11, 2022. We continue to process complete applications and close approved loans that were submitted as of 11:59 p.m. Eastern Time Friday, February 11.

Why did the bank decide to stop offering mortgages and HELOCs?

The discontinuation of mortgage and home equity line of credit (HELOC) originations allows us to focus our efforts and resources on products, services, and digital capabilities that let us better meet evolving consumer needs. We remain committed to our clients, small businesses, and the communities we serve. Please note that our commercial mortgage business is not impacted by this decision.

What will happen to my existing mortgage or HELOC?

If you have an existing home equity line of credit (HELOC) or mortgage with us, you are not currently impacted by this change. We’ll continue to service these home loans just as we have been. Your rate and term will remain unchanged.

If you recently submitted a loan application, please know we’ll continue to process complete applications and close approved home loans that have been submitted as of 11:59 p.m. Eastern Time Friday, February 11, 2022.

Mortgage

What will happen to my existing mortgage?

If you have an existing mortgage with us, you are not currently impacted by this change. We’ll continue to service these home loans just as we have been. Your rate and term will remain unchanged.

I just submitted a mortgage application. What will happen next?

We’ll continue to process complete applications and close approved loans that have been submitted as of 11:59 p.m. Eastern Time Friday, February 11, 2022. The criteria used to make decisions about loan and line applications remains unchanged.

What if I have a pre-approval?

We accepted pre-approval applications up to 11:59 p.m. Eastern Time on Friday, February 11, 2022.

Who do I contact for more information regarding my existing application?

You may contact your assigned Direct to Consumer Mortgage Development Officer and/or the Processor assigned to your application. Although your original Mortgage Development Officer may no longer be available, your application has been assigned to another Mortgage Development Officer who will help guide it through the process. If you need assistance contacting your assigned Mortgage Development Officer or Processor, please call us at 1-855-684-4968.

Who do I call for servicing my existing mortgage?

Servicing will not change. You can continue to contact mortgage loan servicing at 1-855-241-5700.

Does the rate discount for my Santander Private Client (SPC) account still apply?

Yes. There will be no impact to existing clients’ discounts or applications in process that are utilizing the SPC discount program. As long as they meet the program requirements, they will continue to receive their respective discount. As of February 11, 2022, the discount is no longer available.

HELOC

What will happen to my existing HELOC?

If you have an existing home equity line of credit (HELOC) with us, you are not currently impacted by this change. We’ll continue to service these home loans just as we have been. Your rate and term will remain unchanged.

I just submitted a HELOC application. What will happen next?

We’ll continue to process complete home equity line of credit (HELOC) applications and close approved loans that have been submitted as of 11:59 p.m. Eastern Time Friday, February 11, 2022.

Who do I call for servicing my existing HELOC?

Servicing of your existing home equity line of credit (HELOC) will not change. You can continue to contact Customer Service at 1-877-768-2265.

What will happen when my end of draw period expires for my existing HELOC? What options do I have?

When your end of draw period expires, you can enter repayment and start making your new monthly payment or refinance into a new home equity line of credit (HELOC). However, Santander cannot support this refinance at this time, and any refinance must be pursued with another lender.

Where do I send subordination requests?

For now, there is no change to the existing subordination process. Any future changes will be communicated at a later date.