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If you have a Fannie May loan and your loan has been bought or transferred is the new company allowed to change the type of loan?

by Pinkchange777201 from Fort Lauderdale, Florida. Jan 21st 2016 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Absolutely not.. All transferred loans must adhere to the original terms of the note you originally signed.. It is possible however that if your original loan does not have an escrow, then they could require it if you paid the taxes or insurance late, but aside from that, your loan cannot change.. If you think something has changed and it wasn't supposed to, you should call and ask to speak to a manager.. if you still don't get any resolve, you should threaten or call the CFBP (Consumer Financial Protection Bureau) and file a formal complaint.. that will certainly get their attention. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jan 22nd 2016
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Ramez Malki (rmalki)
#1227 ranked lender in California - 4 contributions

They have to go by the "Promissory NOTE" that you signed. A servicer can not just change the loan type.

Jan 21st 2016
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

The simple answer is no they cannot.

Jan 22nd 2016
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

No any loan terms are not allowed to be changed.

Jan 22nd 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

Buying and selling of home loans is fairly common, and should be no big deal. The new lender is NOT ALLOWED to change any of the terms on the loan. Zero, nothing... Those of us here would love to hear what is going on...

Jan 22nd 2016
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

no, defitely not. There may be a simple misunderstanding. Or, if YOU want to change the type loan it would require going through the full mortgage application process again.

Jan 22nd 2016
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