Loan Sold - Any Concerns?

[Anonymous]

So my first mortgage payment isn't even due yet, and I just got a letter that my loan has been sold by my CU to Fannie Mae - but will still be serviced by my CU. Is this standard? I am pretty sure they said they would not be transferring the loan, but maybe they just meant the servicing? My loan was not an FHA so this kind of caught me off guard and I'm wondering if there is anything I should worry about.

[MarineVietVet]

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@Anonymous wrote:

So my first mortgage payment isn't even due yet, and I just got a letter that my loan has been sold by my CU to Fannie Mae - but will still be serviced by my CU. Is this standard? I am pretty sure they said they would not be transferring the loan, but maybe they just meant the servicing? My loan was not an FHA so this kind of caught me off guard and I'm wondering if there is anything I should worry about.

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I recently did a refi through Chase and they also sold my note to Fannie Mae. But Chase will continue with servicing the account.

I don't think it's a big deal but I can't say for sure.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[StartingOver10]

This is perfectly normal.

In fact, very few lenders keep loans now (portfolio loans). The money is in originating and servicing the loan. They need the proceeds from the sale to originate more loans.

There is nothing to worry about at all.

[namvet]

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@StartingOver10 wrote:

This is perfectly normal.

In fact, very few lenders keep loans now (portfolio loans). The money is in originating and servicing the loan. They need the proceeds from the sale to originate more loans.

There is nothing to worry about at all.         +1  SOP

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