Don’t Like Your Mortgage Servicer? Good Luck Trying to Switch
- 6 years ago
Don’t Like Your Mortgage Servicer? Good Luck Trying to Switch
If so, keep in mind that whoever originates your next mortgage could turn back around and sell the servicing rights, which means
that even if you shed Wells Fargo in a refinance, it could end up back in your life each month once more.
And they care a lot about which company is servicing the mortgages they own — so much so
that they may pay more or less for a basket of mortgage loans depending on whether a particular servicer is collecting the payments each month.
When it comes to the big-ticket items — mortgages, student loans, 401(k) providers and the companies
that control our credit data — we often don’t get to pick whom we’re doing business with or when we can exit our relationships with them.
Finally, a third party may turn up on the scene — a servicer — that will actually collect your monthly payments.
“It’s your desire to enlist in projects that we do not have time
and bandwidth for, however noble, and your willingness to inflict pain on ourselves in order to inflict pain on some corporation that doesn’t care.”)
You, however, may fare better on refinance pricing depending on your current mortgage loan.
If they offered mortgages with interest rates that did not change
but had to pay different interest rates over time to depositors, there could be a money-losing mismatch.
If so, keep in mind that whoever originates your next mortgage could turn back around and sell the servicing rights, which means
that even if you shed Wells Fargo in a refinance, it could end up back in your life each month once more.
And they care a lot about which company is servicing the mortgages they own — so much so
that they may pay more or less for a basket of mortgage loans depending on whether a particular servicer is collecting the payments each month.
When it comes to the big-ticket items — mortgages, student loans, 401(k) providers and the companies
that control our credit data — we often don’t get to pick whom we’re doing business with or when we can exit our relationships with them.
Finally, a third party may turn up on the scene — a servicer — that will actually collect your monthly payments.
“It’s your desire to enlist in projects that we do not have time
and bandwidth for, however noble, and your willingness to inflict pain on ourselves in order to inflict pain on some corporation that doesn’t care.”)
You, however, may fare better on refinance pricing depending on your current mortgage loan.
If they offered mortgages with interest rates that did not change
but had to pay different interest rates over time to depositors, there could be a money-losing mismatch.