Think about the typical year loan term. If a mortgage lender has its money tied up in that transaction for the full 30 years, it will have less money to offer future mortgages. By allowing the mortgage to be purchased by an investor, the lender now has the capital and money flow to continue to lend to other borrowers.
On a larger scale, this process is a part of how the mortgage market works. Investors keep the market liquid so lenders can continue to help borrowers purchase homes. Lenders also have 60 days to resolve the problem if the issue requires extraordinary efforts to investigate. Complaints having to do with fraud, unfair business practices or identity theft can be filed with Federal Trade Commission www. So, who owns your mortgage? There are three ways to find out. First, call or write to your servicer.
Most have a secure email option on their website through which you can ask. I did just that while doing research for this column and received a response within 30 minutes. When your loan is sold, you'll be notified of this change with a transfer notice within 30 days of the loan sale. When you receive this notice, your lender will let you know if your servicing was transferred and will provide details with your new contact information.
Finding out you have a new loan servicer after your mortgage has been sold is completely normal — many lenders sell mortgages. The transfer notice will provide the information you need to get a hold of your new lender. From there, you may need to set up a new online account, direct deposit schedule and account profile on a new online servicing system. Be sure to act on this quickly so there are no delays that could cause your home loan payments to go through past the due date.
Reach out to both providers to explain the issue. For instance, if you were notified on the 29th of a change in service and your next mortgage payment was already scheduled to go through on the 30th with the old provider, you might not be able to set up a new payment in just 24 hours. Be sure to talk to your original lender to ensure your last payment went through and that you have clear expectations of when you should stop paying them.
Then reach out to the new lender with this information, particularly if you missed a payment because you scheduled it with the old provider. Lenders sell mortgages on the secondary market all the time. If your servicing does change, your original lender will notify you and your new servicer will send you instructions on how to set up a new account, so there is no disruption in payment.
Be sure to reach out to the new and old providers with any questions so you understand what to expect during this transition. Miranda Crace - October 26, Nobody wants to default on their mortgage. But things happen — and there are ways around a default. Home Buying - 6-minute read. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens.
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The information on this site does not modify any insurance policy terms in any way. Before you applied for a mortgage , you watched interest rates , compared multiple lending options and scrutinized the terms to make sure you landed the best deal. After all that research and choosing a lender, though, you might be asking what feels like an odd question: Why did my mortgage get sold?
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