The terms of your loan will remain the same and your payments will only change if factors outside the scope of your loan, such as mortgage insurance, or property taxes change. These types of changes will take place regardless of whether your loan is sold to another company. Who Actually Owns My Mortgage?
Mortgage bankers make a commission when they sell your loan to another company. If a banker makes a point on a package of loans worth a million dollars, he makes $10,000 dollars (1 percent of $1,000,000) in immediate profit by selling them. The banker then has freed up one million dollars which he can re-loan to other customers.
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Your mortgage lender likes when you make your payments each month. But your lender often doesn’t really make the big bucks from your loan until it sells it to Freddie Mac, Fannie Mae or some other financial institution. So don’t be surprised if some time from now, you get a notice in the mail.
If your mortgage or servicing rights. personal information we all supply to get a home mortgage frequently does not remain with the lender that made the loan. Mortgages routinely are pooled and.
And they care a lot about which company is servicing the mortgages they own. He also told me that the bank had in fact never sold my loan.
In an online video, he brushes aside “common misconceptions,” including fears about losing your home. the Columbia professor and reverse mortgage company CEO, said many older consumers could.
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My credit score took a serious dive this month. The only thing that changed was our mortgage loan company sold our loan to a new lender. Will the credit score increase again or at least get back to what it was? I see that this is common, and unfortunate for individuals, but I’d love to hear from folks who have had this happen before. Thanks.
Mortgage servicers manage loan accounts. The servicer of your loan might be the bank that you got your loan from or it might be a separate company that the bank hired to manage your account. That company in turn might hire another party-a subservicer-to manage the loan. (Learn more about how mortgage servicing works.) Servicer responsibilities.