[TheWatchGuy]

Originally Posted by dscabra

Recommendation: Finance your mortgage with Wells Fargo. They will service the mortgage for the life of it.

My mortgage with Wells Fargo got sold lol.

this was about 7 years ago

[Tuxedo]

happens all the time, I did 15yr refi in 2004 area and at signing I signed 3 pages or loan transfers to various companies. it was my understanding it transferred 2 more times by the time the first payment was made. about 18mo later again, 18mo after again to Huntington were it stayed until paid off.

I have also had a car loan transfer while owning a new 2015 Buick in Jan 2017 was a smarmy company in Dallas name not sure Pyramid scheme is all I can memr, after first contact I googled them and as mentioned fee heavy poor service. it was one of those .9 apr loans from the mfg so when they wanted a fee for everything if I memr they wanted to charge $10 for our bank issued check/direct deposit account to account system. to make a payment it cost, called to waive the fee, required them to produce a contract where on time payment receive a charge. Each time going into higher ups, they had a clear motif time isn't worth the call for $10, I paid off the vehicle on their second or third payment.

Some of the transfers are smooth and good communication some a 1 page poorly worded cheap flyer looking letter.

[dscabra]

Originally Posted by TheWatchGuy

My mortgage with Wells Fargo got sold lol.

this was about 7 years ago

Well, I guess there are no guarantees. I'm on my 3rd home/mortgage with them and they've never sold mine.

[spazzyfry123]

Originally Posted by kanovic

Every house we bought our loan gets sold. Moved in this house in July and by end of august it was sold already. I think it’s very common.

Ditto

[OkieSnuffBox]

Originally Posted by TiMSport

The problem I have with this is that there is absolutely no mention of this when looking at my current bank's online account. You would think there would be a notification provided online in addition to a letter sent via regular mail service. I actually almost tossed this without even looking at the content because it looks like any other junk mail I get on a daily basis. I'm glad I actually opened it!

Thanks for letting me know you went through something similar. I'm bummed because I've been with BofA for many years and have my other accounts through them so it was very convenient. I will probably give them a call and confirm all of this.

The problem you have is that you're pretending that you read all the mortgage documents, but didn't. Most people have the same problem with insurance, they enter a contract (I'll give you X for coverage on Y) and never read the policy and assume everything is covered carte blanche with no limits............because they didn't read the policy.

Most mortgages are sold, this isn't new. Remember 2007 and CDSs?

[ryan stewart]

The funny thing is I think my loan was sold to them a while back (Mr Cooper) but LenderFI continued to handle the servicing. I did the same thing, I saw some sort of thing on my credit report and was like "WTF is this?" and looked it up. Im used to the resell (although BofA didnt resell my previous loan) but, yeah, it was the stupidest name.

[TiMSport]

Originally Posted by OkieSnuffBox

The problem you have is that you're pretending that you read all the mortgage documents, but didn't. Most people have the same problem with insurance, they enter a contract (I'll give you X for coverage on Y) and never read the policy and assume everything is covered carte blanche with no limits............because they didn't read the policy.

Most mortgages are sold, this isn't new. Remember 2007 and CDSs?

I think you're extrapolating from this discussion something I didn't say. I simply said I was surprised to get a letter sent to me from my bank about the takeover of my loan by a company with a stupid name. That is why I questioned it, not that mortgages are or aren't regularly sold off to other banks or mortgage companies. I also wondered why there was no mention of this anywhere on the BofA online account, including the mortgage loan in question. I would think it would be common sense to have an alert or notification of this pending transition and not simply rely on one letter sent via USPS. If that were in fact thrown out or shredded like I often do with stuff that looks like junk mail, it's conceivable I wouldn't have known anything until literally the last minute.

Furthermore, try not to be accusatory in your remark. How would you possibly know whether I read my documents or not? Again, that has nothing to do with my original post.

[TiMSport]

Originally Posted by TheWatchGuy

My mortgage with Wells Fargo got sold lol.

this was about 7 years ago

Lol. I was gonna say I don't see how any bank could guarantee your loan won't get sold to someone else. As others have pointed out, it happens all the time.

[vreihen16]

Please take Al Bundy's advice...RUN!!!!!

.

[6oclockshadow]

Non conforming (to freddymac/fannymae) loans are not sold as commonly as conforming loans-- which are mortgages conforming to FreddyMac/FannyMae standards.

The ability/intention of the lender to sell your loan is clearly stated in your mortgage paperwork, and needs your sign-off-at least in this state.

[Run Silent]

Threads like this help solidify my decision to build a small log cabin and pay cash with no mortgage. Thank you for the confirmation of my decision.

Proverbs 22:7
The rich rules over the poor, and the borrower is the slave of the lender.

Romans 13:8
Owe no one anything, except to love each other, for the one who loves another has fulfilled the law.

[6oclockshadow]

Originally Posted by Run Silent

Threads like this help solidify my decision to build a small log cabin and pay cash with no mortgage. Thank you for the confirmation of my decision.

Proverbs 22:7
The rich rules over the poor, and the borrower is the slave of the lender.

Romans 13:8
Owe no one anything, except to love each other, for the one who loves another has fulfilled the law.

IDK if that's a financially wise move tying up all that cash.
Mortgage rates are so low right now, you could invest all that cash in the market and get...idk, like a 10% -20% return or more on it over the last few years.

[Chick Webb]

Our 2020 Refi with Quicken got sold to Nationstar/Mr Cooper. They were OK, except that they made it rather difficult to set up a 2-week payment schedule, which is our preference. There was no way to do it online and they were not very helpful in providing the information that we needed. Did eventually get it done. And, yeah, that's a stupid name.

Refi'd again with Quicken in Feb of this year to get into a 15 yr conforming and by Oct the loan had been sold to Suntrust (now Truist, another stupid company name with zero meaning). I'd like to think that it ended up with them and not Mr. Cooper because we sent Quicken a letter asking them not to sell our mortgage to Mr. Cooper. Who knows, though?

[TheWatchGuy]

Originally Posted by TiMSport

Lol. I was gonna say I don't see how any bank could guarantee your loan won't get sold to someone else. As others have pointed out, it happens all the time.

right. My latest house, ive refid 3 times with the same company to get better rates and shorten the term and 2/3 times its been sold within a month. this last time though, im still with the original after 14 months.

[6oclockshadow]

1.99% --what I'm paying on a 15 year note. Where am I going to get credit for under 2%? Meanwhile, I have gotten a 23% return ytd on market securities.

You can use debt to build wealth, if you use it wisely.

[TiMSport]

Originally Posted by Run Silent

Threads like this help solidify my decision to build a small log cabin and pay cash with no mortgage. Thank you for the confirmation of my decision.

Proverbs 22:7
The rich rules over the poor, and the borrower is the slave of the lender.

Romans 13:8
Owe no one anything, except to love each other, for the one who loves another has fulfilled the law.

That you Ted Kaczynski?

[TiMSport]

Originally Posted by TheWatchGuy

right. My latest house, ive refid 3 times with the same company to get better rates and shorten the term and 2/3 times its been sold within a month. this last time though, im still with the original after 14 months.

I've been with the same company(bank) for over 10 years now, including a refi. I guess I'm somewhat surprised my debt wasn't sold to someone else during that long period of time.

[ryan stewart]

Originally Posted by 6oclockshadow

1.99% --what I'm paying on a 15 year note. Where am I going to get credit for under 2%? Meanwhile, I have gotten a 23% return ytd on market securities.

You can use debt to build wealth, if you use it wisely.

Yeah I get the appeal of being debt free. Im probably going to close out the debt on my house despite it only being about 100k even though Im almost as low a rate as that. My equity portion of my net worth has already reached the acceleration phase so Im not looking to change my future lifestyle that much anymore and want to have nothing over my head and probably going to start spending pre-retirement more. Use up some cash while I am young and can really enjoy it.

[ramman434]

This is a pretty standard practice. Mortgages get sold to the secondary market so that the big players can keep playing.

My Wells Fargo mortgage was sold 5 months after we closed on our home, yet we still pay direct through WF. It's just ownership of the mortgage changing hands. Shouldn't effect you.

[Run Silent]

For those who responded to my comment. Some things to note.

1. To me, I abhor debt. It's not just a financial decision, but a moral and mental one. I have nearly zero stress in my life and one of the reasons is that everything I own, I own. I don't owe money to anyone.

2. I understand that for some - it is worth it to borrow money so that they can invest that money for greater returns. That is fine if you feel the risk is worth it. I do not, but don't discount that for others, the risk may well be worth the reward and they are welcome to do that.

3. I am financially secure and could retire today if I wanted to and have sufficient money in the market to provide for me in retirement and to provide for my child when I die. As such, not having debt is worth it to me and I don't feel the loss of investment capital is a problem.

All the best to everyone and I wish you luck. This plan has done well for me and my happiness. I recommend it to anyone - but understand that it is not for everyone.

God bless.

[KevinC]

Originally Posted by dscabra

Recommendation: Finance your mortgage with Wells Fargo. They will service the mortgage for the life of it.

50-year WFB customer here. Don't.

My wife is an IT Director for WFB. Even with her "employee rate", their mortgage rates are VERY high. Anybody could do better rate wise.

We refinanced early this year at 2.625% (30 yrs, house is only a couple of years old). WFB would have been over 3%, even with her discount.

[fiveohwblow]

Originally Posted by Chick Webb

Our 2020 Refi with Quicken got sold to Nationstar/Mr Cooper. They were OK, except that they made it rather difficult to set up a 2-week payment schedule, which is our preference. There was no way to do it online and they were not very helpful in providing the information that we needed. Did eventually get it done. And, yeah, that's a stupid name.

Refi'd again with Quicken in Feb of this year to get into a 15 yr conforming and by Oct the loan had been sold to Suntrust (now Truist, another stupid company name with zero meaning). I'd like to think that it ended up with them and not Mr. Cooper because we sent Quicken a letter asking them not to sell our mortgage to Mr. Cooper. Who knows, though?

Share how you got on a bi weekly schedule cause we tried too and all they were doing was allowing the payment to stack… not applying it