Forgotten Your Password?

Need to Register?

Question Icon

my loan was sold!

will this change my interest rate? by isaacson480 from Detroit, Michigan. Apr 12th 2019 Reply


Jim Papatheodore (LoanJim)
#16 ranked lender in Michigan - 16 contributions

No, your rate cannot change just because it was sold to another lender. Please let me know if you have further questions. Thank you.

Apr 12th 2019
1
0
Patrick Munce (mtgbuyer1)
#26 ranked lender in Michigan - 11 contributions

As long as you have been notified in a timely manner, your new servicer accurately lists your information, and you send in payments to the right address you should have nothing to worry about. Understand that both your old and new servicers must notify you about the transfer of your servicing rights no less than 15 days before the effective date of transfer. If you never received the servicing transfer notice, you can also file a complaint with the CFPB online. You should also consult an attorney.

Apr 12th 2019
1
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

This happens all the time and No!!! the terms of your loan are not allowed to change unless all parties agree in writing. The purchaser of your loan must abide by the written terms of your agreement.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Apr 15th 2019
1
0
Subscribe to our news feed.