Can My Loan be Sold?
It's a fact in today's mortgage market that mortgage loans are routinely sold. The lender you went to
settlement with may not be the lender that services your loan. Your loan could be sold at any time.
This is because there is a secondary mortgage market in which lenders frequently buy and sell
pools of mortgages. This secondary mortgage market is good for our economy and home buyers
alike as it increases the availability of funds, and therefore results in lower rates for everyone. A
lender buying your loan assumes all terms and conditions of the original loan, so the only thing
that changes when a loan is sold is to whom you mail your payment.
If your loan has been sold, your existing lender will notify you in writing that your loan has been
sold, who your new lender is, and where you should send your payments from that point onward.
In the mortgage industry this is known as a "Goodbye" letter. Additionally, the lender that has
purchased your mortgage loan and consequently will be servicing it will also send you a notice in
writing. This is known as a "Hello" letter, and in it they will provide you with their contact information.
back to FAQ
It's a fact in today's mortgage market that mortgage loans are routinely sold. The lender you went to
settlement with may not be the lender that services your loan. Your loan could be sold at any time.
This is because there is a secondary mortgage market in which lenders frequently buy and sell
pools of mortgages. This secondary mortgage market is good for our economy and home buyers
alike as it increases the availability of funds, and therefore results in lower rates for everyone. A
lender buying your loan assumes all terms and conditions of the original loan, so the only thing
that changes when a loan is sold is to whom you mail your payment.
If your loan has been sold, your existing lender will notify you in writing that your loan has been
sold, who your new lender is, and where you should send your payments from that point onward.
In the mortgage industry this is known as a "Goodbye" letter. Additionally, the lender that has
purchased your mortgage loan and consequently will be servicing it will also send you a notice in
writing. This is known as a "Hello" letter, and in it they will provide you with their contact information.
back to FAQ
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