I am currently working on a map and had a few issues with the old world editor at the start (terrain not saving, crashing whilst saving) so I had to change to the new world editor which I'm not too familiar with, so my apologies if this issue is an easy fix. Anyways, after I could finally save terrains, I've noticed that the visual terrain is moved downwards. Same goes with the collisions: I've also noticed that further down the hill, the gap between the collision model and the visual model seems to get smaller: Until it finally is back to normal: Update: Fixed it (File>Create Blank terrain)
Something like that happens if the terrain is rotated. You can try to revert it back to default values (0.039565 , -0.0 , -0.0 in the new editor) instead of starting over with a blank.
I didn't have to start over, luckily I've had the .ter saved so I could easily load it into the new terrain again.