why did my mortgage company sell my loan to another mortgage company?
shun t asked:
i just received a letter from indymac stating that i will now be making my mortgage payments to saxon mortgage services. why would they do this? should i be worried? if so, about what?
will all terms made under the original loan remain the same?
Gina
i just received a letter from indymac stating that i will now be making my mortgage payments to saxon mortgage services. why would they do this? should i be worried? if so, about what?
will all terms made under the original loan remain the same?
Gina
July 22nd, 2009 at 1:44 am
Constance
very common for the lender that issued the loan originally to sell it to a third party, only 1 out of 5 loans stay with the original lender
July 22nd, 2009 at 4:22 pm
Bernice
terms and everything remain the same, except for the payment address.
this was an ordinary thing.
there are three different businesses, or maybe four now, in the mortgage business. business A originates loans — indymac found you and sold you and closed the deal. business B only services the loans — saxon will do the computations and handle the money. business C is the one that collects 1,000 such loans from all over the country and slices them into pieces for sale to businesses D whose only business is to own the loans and receive the money.
there is no requirement that any single firm be in all four businesses and plenty of good reasons for a company to do only the one or two things it is good at doing.
indymac sells the deal to you. saxon services the resulting loan. C packages them together [reduces risk if they're from wildly different places instead of all from LA 'burbs], and D just puts up the money and collects the payments.
July 22nd, 2009 at 5:23 pm
Tim
No need to get alarmed or upset. With the exception of where to mail all future payments, everything stays the same.
They did it because they didn’t want their money tied-up for many years. Your mortgage was “assigned”.
Its a very common occurrence. Believe me, your mortgage was not “singled-out” to be sold. Your mortgage was “bundled”. It was one of many sold at the same time.
In fact, don’t be surprised if you get another notice from another lender informing you to mail your payments to that lender at another address.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name!
July 23rd, 2009 at 8:51 am
Kathy
Your loan terms will stay the same, just who you pay has changed.
Now that you have received the letter, any payments going forward should go to IndyMac.
PS: BE SURE to double check the account number that IndyMac has assigned to your mortgage before you send in the check…most of the time the account number changes when it changes lenders…and for people that use online banking they have the “old” account number pre-programmed in, so they change the address and forget to change the account number…which means the payment cannot get credited properly.
July 25th, 2009 at 4:54 am
Ann
1. So they can the money out to a new buyer.
2. All terms and conditions remain the same
July 27th, 2009 at 2:39 am
Jesus
This happens all the time. My first mortgage was sold 3 times before WAMU got it.