Don’t Panic When Your Mortgage is Sold or Serviced by Another Company

When the servicing rights to your mortgage are sold, the only thing that changes is who you make your payment to and where, the terms of the mortgage are the same.

I had to talk one of my clients off the cliff yesterday. At the time I did her mortgage I explained that most likely the mortgage we are doing will not be serviced by this lender. Sure enough, no sooner was the ink dry, my client was notified that the mortgage was now going to be serviced by someone else.

She said she went online and saw all kinds of complaints about this company. I told her that all the complaints were probably all warranted, but that doesn’t mean she is ever going to have a problem with any of her payments getting to where they need to go. I told her, for now, keep copies of all her payments, check with the town to make sure that the taxes are paid when they are supposed to be, check with her insurance company in a year to verify that the homeowners insurance was paid, as both are being escrowed.

I am by no means in favor of bigger government, but hopefully the CFPB will do their job to make sure that the companies that are servicing mortgages do it correctly and fix any problems quickly and efficiently.

Analysts Warn on Perils of CFPB Guidance on Servicing Transfer.

By: Amilda Dymi

"In appropriate cases the Consumer Financial Protection Bureau plans to continue its Big Brother approach to customer-disputed loss mitigation cases subject to mortgage servicing transfers."

 Click here for the full article

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