My mortgage account was automatically transfered to another company. I was told by customer service that this is a normal practice between mortgage companies but they weren't able to explain any more as to why this transaction happened. Everything supposedly is to stay the same, only different company. I'm just confused. Any one know more about this? Thanks!
a very common practice. everything should stay the same. now you may get a ton of junk mail though for some reason. your payment should be the same but new company to be paid.
It is normal. Mortgage lenders typically package loans and sell them to other lenders. It is nothing to worry about. All your terms will remain the same. The same thing happened to me when my husband and I purchased our home. No need to worry!
from what i understand and what my hubby told me is when you buy a house the mortgage is usually sold to another mortgage company within 30 days of closing.
We have bought 2 houses since we've been together and this has happened both times.
This is completely and totally normal. Lenders make money buy selling off parts of their portfolios. They can not change the terms of your agreement, that will stay the same as they said. My last house I had for 10 years was assigned to 4 different lenders. If you have any other questions feel free to contact me directly. I worked in that industry for 13 years.
Totally normally, companies sell all or part of their portfolio. Also, during the turmoil in the financial markets,some companies are consolidating. Since your are a consumer, expect a letter explaining the change and who you will be writing your next check to, how to call customer service, etc.
Yep, it's normal, nothing to be concerned about! And it will probably change hands several times thru out the life of your mortgage, and nothing will ever change except who you write the check to.....
