Mortgage loan getting transferred to another company

NorCalAthlete · 10-19-2021, 04:24 PM

Mine got sold 3x already (bought 1 month ago) and is now being serviced by Penny Mac (I haven't even had to make the first payment yet).

I was assured this is perfectly normal and happens all the time.

edit - 2.375% fixed 30 year on just under $1M VA loan. Gotta love those bay area prices...it was like the 8th or 9th place I put in a bid on and we still had to bid $50k over asking.

OkieSnuffBox · 10-19-2021, 04:30 PM

Quote:

Originally Posted by TiMSport

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.

EDIT: Redacted because I was being a jerk.

TiMSport · 10-19-2021, 04:44 PM

Quote:

Originally Posted by OkieSnuffBox

Your response is hilarious. Because what it's essentially broken down to is, "They didn't alert me the way I wanted, so I went online to make a post about it."

I know you didn't read your mortgage documents, because they legally have to tell you about if it's sold, how to contact you, etc. It's ok, keep doubling-down, it doesn't impact me at all.

#staymad #stayuneducated

I'm glad you find it hilarious. You ought to work on your reading comprehension skills and not worry about mine. You apparently want to try and be the smart guy here, that's fine but you're coming off as a douche as a result for no reason.

What I wasn't familiar with was the name of the company Mr. Cooper and stated that it didn't sound right to me. I don't have a need to "double down" on anything but simply explaining my thought process, not the legalities of loan transfers. Since it doesn't impact you, not sure why you bother to post on this thread except to be an ass, period.

Adding hashtags proves my point.

TiMSport · 10-19-2021, 05:04 PM

Quote:

Originally Posted by OkieSnuffBox

EDIT: Redacted because I was being a jerk.

I didn't see this until after I responded to your last remark which apparently you're saying was redacted. If that's the case, thanks for that. I was a little confused with what was going on there.

OkieSnuffBox · 10-19-2021, 05:08 PM

Quote:

Originally Posted by TiMSport

I didn't see this until after I responded to your last remark which apparently you're saying was redacted. If that's the case, thanks for that. I was a little confused with what was going on there.

Yeah, I was attempting to apologize for being an ass/jerk.

bosstones · 10-19-2021, 07:08 PM

I had none of the issues some others noted here w/ Nationstar or Mr Cooper. I paid online and have also sold. No out of place fees or issues. No issues w/ escrow other than their annual shortage projections but even that was a zero aum thing in the end.

Everyone is different, though. I certainly read some bad reviews on Nationstar before I refi'd w/ them. I was trying to get out of an ARM once the bubble popped and I had less than 80 LTV. They had a program for that so I rolled the dice.

More recently, we refi'd our house w/ JPMC back in July. They sold it off several weeks ago. They held our original mortgage for 4yrs. I'm guessing they sold off the refi since there was almost zero margin for them btwn APR and APY(?).

Does Chubb offer e-pay? I'd hate to have to name that program.

JP10 · 10-19-2021, 08:50 PM

Funny, I just got the mail that mine was sold to the same company. Note that we closed 13 days ago, so this post actually gave me relief. 1st time home buyer so knowing this quick of a sale is typical was reassuring

fiveohwblow · 10-19-2021, 08:55 PM

Really all of you are just peasants as I paid cash for my $6.3m third home. What is a mortgage?

TiMSport · 10-19-2021, 09:17 PM

Quote:

Originally Posted by fiveohwblow

Really all of you are just peasants as I paid cash for my $6.3m third home. What is a mortgage?

fiveohwblow · 10-19-2021, 09:18 PM

Quote:

Originally Posted by TiMSport

Oh no, I didn’t say anything about that pig nose ugly abomination. That’s when I get the bant stick.

DenverSteve · 10-19-2021, 09:25 PM

Quote:

Originally Posted by zx10guy

I don't profess to know all the ins and outs with mortgage investments. But selling off of mortgages is very common. It's been happening for decades. ......

Quote:

Originally Posted by TiMSport

...So I just discovered that my existing mortgage loan was transferred to a different company by way of a letter sent to me from my current bank (BofA). It states my loan will be serviced through a company now known as "Mr. Cooper". WTF kind of name is that?!? It seems they used to be known as Nationstar Mortgage LLC. I thought this was a scam at first when reading it because I simply couldn't believe a company would change their name to something as moronic as Mr. Cooper.

Has anyone experienced anything like this? Oh and I received the letter today and the transfer takes place from November 2nd. Talk about a last minute notification. :mad0260.....:

Your debt was sold by the bank, probably bundled with many other loans, and purchased by the new lien-holder. As stated above, it's not new and goes on every day. It doesn't change anything. You simply continue to make your payments as before, except to a new lender/debt-servicer.

TiMSport · 10-19-2021, 09:35 PM

Quote:

Originally Posted by DenverSteve

Your debt was sold by the bank, probably bundled with many other loans, and purchased by the new lien-holder. As stated above, it's not new and goes on every day. It doesn't change anything. You simply continue to make your payments as before, except to a new lender/debt-servicer.

Yep. I actually called my bank today to confirm everything and the representative told me there were at least a thousand loans that were sold to Mr. Cooper so she had talked to a very large number of people about this sudden notification. Many of them with similar concerns.

I have to inform my insurance company about this ASAP.

TiMSport · 10-19-2021, 09:36 PM

Quote:

Originally Posted by fiveohwblow

Oh no, I didn’t say anything about that pig nose ugly abomination. That’s when I get the bant stick.

I had to think about this because I wasn't certain what that was referring to and then it occurred to me that maybe it's the..... G80?

fiveohwblow · 10-19-2021, 09:40 PM

Quote:

Originally Posted by TiMSport

I had to think about this because I wasn't certain what that was referring to and then it occurred to me that maybe it's the..... G80?

Now you did it. First you complained about mr cooper and it wound up resulting in our bans because you correlated that half aborted pile of yuck.

TiMSport · 10-19-2021, 09:43 PM

Quote:

Originally Posted by fiveohwblow

Now you did it. First you complained about mr cooper and it wound up resulting in our bans because you correlated that half aborted pile of yuck.

None of us will get any sleep now. It will forever haunt us.

RickFLM4 · 10-19-2021, 09:50 PM

Mortgage sales / transfers / changes in services happen every day. Mr. Cooper is a publicly-traded company.

dinonz · 10-19-2021, 10:31 PM

Quote:

Originally Posted by 6oclockshadow

This is a very common practice--mortgages are asset-backed securities, that are bought and sold as such by investors. It's stated clearly in the application process, and it happens up there too with the same frequency. Non conforming loans are not sold, and typically offered through small local banks and credit unions.

My non-conforming jumbo loan was sold soon after I moved into my house. And it's been sold again since - although I don't even know who holds it as they bought it from the second company, but use that companies website services to manage it so nothing changed for me.

zx10guy · 10-20-2021, 07:05 AM

I guess I've been lucky with Wells Fargo in relation to this thread topic. I bought my vacation home as new construction. I went with the builder's inhouse financing. And as expected was sold off to Wells Fargo shortly after closing. That was 9 years ago and I'm still with Wells.

I also refinanced my primary home with my credit union from I think it was ABN AMRO 9 years ago too. That mortgage has still not transferred hands.

Watch....I'll probably receive letters in the mail today stating my mortgages have been sold off.

TiMSport · 10-20-2021, 08:18 AM

Quote:

Originally Posted by zx10guy

I guess I've been lucky with Wells Fargo in relation to this thread topic. I bought my vacation home as new construction. I went with the builder's inhouse financing. And as expected was sold off to Wells Fargo shortly after closing. That was 9 years ago and I'm still with Wells.

I also refinanced my primary home with my credit union from I think it was ABN AMRO 9 years ago too. That mortgage has still not transferred hands.

Watch....I'll probably receive letters in the mail today stating my mortgages have been sold off.

If so, I will expect you to report to us, accordingly.

Jinx!!

Hawkeye · 10-20-2021, 09:24 AM

Quote:

Originally Posted by NorCalAthlete

Mine got sold 3x already (bought 1 month ago) and is now being serviced by Penny Mac (I haven't even had to make the first payment yet).

I was assured this is perfectly normal and happens all the time.

edit - 2.375% fixed 30 year on just under $1M VA loan. Gotta love those bay area prices...it was like the 8th or 9th place I put in a bid on and we still had to bid $50k over asking.

My last refi was serviced with Penny Mac and they were an awesome company for that. They have a good intuitive app and website and everything seemed to happen easily.

My current refi (also 2.375% 30y Fixed) is now with WestGate bank and the verdict is still out. No app, and they just sent me a letter saying my payments would increase because my escrow *might* go under $2k balance when they are projecting all costs out, which I do not remember from any of my closing documents.

JP10 · 10-20-2021, 11:27 AM

Quote:

Originally Posted by TiMSport

Quote:

Originally Posted by DenverSteve

Your debt was sold by the bank, probably bundled with many other loans, and purchased by the new lien-holder. As stated above, it's not new and goes on every day. It doesn't change anything. You simply continue to make your payments as before, except to a new lender/debt-servicer.

Yep. I actually called my bank today to confirm everything and the representative told me there were at least a thousand loans that were sold to Mr. Cooper so she had talked to a very large number of people about this sudden notification. Many of them with similar concerns.

I have to inform my insurance company about this ASAP.

Just confirming as I'm new to this whole process, but also understand that I was required to present my loan company for the home insurance. So since the loan was sold the insurance company is not automatically informed and it is up to us to do so? Appreciate the help!

TiMSport · 10-20-2021, 12:04 PM

Quote:

Originally Posted by JP10

Just confirming as I'm new to this whole process, but also understand that I was required to present my loan company for the home insurance. So since the loan was sold the insurance company is not automatically informed and it is up to us to do so? Appreciate the help!

As per the bank rep I spoke with, I'm responsible for contacting my insurance company about this. I'm calling my homeowner's insurance company to discuss with them hoping they'll be of some help regarding this matter. Ultimately I'll be speaking with Mr. Cooper as well for obvious reasons.

Based on what little feedback I have to share with you on this, I would go ahead and call your insurance company to be safe.

10-19-2021, 04:24 PM	#45
NorCalAthlete Lieutenant Colonel 3292 Rep 1,682 Posts Drives: '23 M4CX - Tanzanite / Tartufo Join Date: Aug 2014 Location: Bay Area, CA iTrader: (0)	Mine got sold 3x already (bought 1 month ago) and is now being serviced by Penny Mac (I haven't even had to make the first payment yet). I was assured this is perfectly normal and happens all the time. edit - 2.375% fixed 30 year on just under $1M VA loan. Gotta love those bay area prices...it was like the 8th or 9th place I put in a bid on and we still had to bid $50k over asking. __________________ Ego is the anesthesia that deadens the pain of stupidity. The single biggest problem in communication is the illusion that it has taken place. Wheel horsepower is just crank horsepower after taxes. IG: EmFore_650
	Appreciate 0 Quote

10-19-2021, 07:08 PM	#50
bosstones Lieutenant Colonel 1244 Rep 1,593 Posts Drives: o_0 Join Date: Mar 2008 Location: Suburbia iTrader: (0)	I had none of the issues some others noted here w/ Nationstar or Mr Cooper. I paid online and have also sold. No out of place fees or issues. No issues w/ escrow other than their annual shortage projections but even that was a zero aum thing in the end. Everyone is different, though. I certainly read some bad reviews on Nationstar before I refi'd w/ them. I was trying to get out of an ARM once the bubble popped and I had less than 80 LTV. They had a program for that so I rolled the dice. More recently, we refi'd our house w/ JPMC back in July. They sold it off several weeks ago. They held our original mortgage for 4yrs. I'm guessing they sold off the refi since there was almost zero margin for them btwn APR and APY(?). Does Chubb offer e-pay? I'd hate to have to name that program. __________________ - Jeff bosstones' flickr
	Appreciate 1 TiMSport12843.50 Quote

10-19-2021, 08:50 PM	#51
JP10 Major 2476 Rep 1,143 Posts Drives: M3 Join Date: Jan 2018 Location: SC iTrader: (0)	Funny, I just got the mail that mine was sold to the same company. Note that we closed 13 days ago, so this post actually gave me relief. 1st time home buyer so knowing this quick of a sale is typical was reassuring
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10-19-2021, 08:55 PM	#52
fiveohwblow Major 3633 Rep 1,397 Posts Drives: F15, E46 & M3, F82 Join Date: May 2016 Location: Desert SW iTrader: (2)	Really all of you are just peasants as I paid cash for my $6.3m third home. What is a mortgage?
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10-19-2021, 09:50 PM	#60
RickFLM4 Brigadier General 11826 Rep 4,872 Posts Drives: M4 Join Date: Jul 2015 Location: PB County, FL iTrader: (0)	Mortgage sales / transfers / changes in services happen every day. Mr. Cooper is a publicly-traded company. __________________ Current: 2018 SO/SS F83 ZCP Gone: 2015 SO/SO F82
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