February 7th, 2013 6:17 PM by Jill Kohler
It’s been a month since you closed on your mortgage loan. You’ve gotten everything unpacked, rooms painted, and hung the pictures. Then you receive notice from your mortgage servicer that they’ve transferred your loan to another company. Don’t worry, this is a common occurrence. All that really happens for you is a new company will be collecting your payments and handling your escrow account. Nothing will impact your mortgage terms, your payment schedule and interest rate will be the same. The only thing that changes is where you mail your payment. You will more than likely receive a letter 15 days before this happens from your current servicer to let you know, as well as a letter 15 days after the transfer for your new company to make sure you know how to get in touch with them.