Mortgage Info

What to Do if Your Mortgage is Sold to Another Lender

By Lew Sichelman, Los Angeles Times

It's the mortgage market's equivalent of a Dear John letter: "Goodbye. We've sold your loan to another lender."

Some borrowers receive the missive a few days after they close on their loans. Sometimes it arrives years later. But over the life of the mortgage, practically every homeowner is sure to receive one. The loan may be sold two, three, or even four times to other lenders.

In mortgage-industry parlance, it's called a "transfer of servicing." But although some borrowers may take the notice as a personal affront, it's really nothing to fret about.

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Print Date: 9/20/2020
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