People also ask
What happens if my mortgage servicer changes?
If your mortgage servicing rights are transferred to a new servicer, you will need to start sending your monthly payments to the new servicer after a certain date. You will also need to direct any questions about your loan to the new servicer.
What is a mortgage servicer and how does it work?
The company that you send your monthly mortgage payments to is your mortgage servicer. Your servicer can change. Your mortgage servicer may transfer the mortgage servicing rights for your loan to another company to service your loan.
Why did my monthly mortgage payment change?
Several things can cause your mortgage payment to change. Check your mortgage statement or contact your servicer and ask them to explain. There are several reasons why your monthly mortgage payment may have changed. Some examples include: You have an adjustable rate mortgage (ARM) and the interest rate changed.
What happens to my loan when it is serviced?
Many mortgage originators do not service loans and as a result sell your loan shortly after it funds to a mortgage servicer. However, some companies, such as PennyMac, both originate AND service mortgages so your loan remains with your originator after it funds and you retain the relationship with your lender (often for the life of your loan).