Loan been sold before closing?

[YHWHUDAH]

I just found out that USAA will be selling my loan. The processor said my loan will be sold to some company I forgot the name, but they will still service it. They said it can only be sold once. Is this normal for a loan to be sold 3 weeks before closing? I find it wierd that they already said it will be sold even though, I haven't gotten a commitment yet. Does this new increase my chance of it going through, or I'm I thinking to much into this? I would think if they already have a buyer that your loan packet is somewhat solid. Oh, this is a VA loan.

[p-]

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@YHWHUDAH wrote:
I just found out that USAA will be selling my loan. The processor said my loan will be sold to some company I forgot the name, but they will still service it. They said it can only be sold once. Is this normal for a loan to be sold 3 weeks before closing? I find it wierd that they already said it will be sold even though, I haven't gotten a commitment yet. Does this new increase my chance of it going through, or I'm I thinking to much into this? I would think if they already have a buyer that your loan packet is somewhat solid. Oh, this is a VA loan.

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The underwriter and the servicer are often two different people.  If your loan is underwritten by the VA, then USAA has to "Sell" it to them in order to get you funded.  That is very different from a conventional loan that might be funded by B of A, then sold to another bank who changes your servicer.

If USAA sold your loan to the VA that's good news, and you'll still send payment to USAA.

Wells Fargo services my loan, but it is underwritten by FHA.

[YHWHUDAH]

Thanks, p-

USAA is the lender, or at least I did my loan with them.  My closing is 28 Oct and they said that they sold my loan. It just kind of struck me, because I did not think a loan could be sold until its funded.  Maybe, they have already gave rights to the purchaser for my packet. I guess it like a business relationship they may have were they promise certain loans to certain purchasers. I guess everyone gets what they one. One gets a quick flip, one gets a long contract with interest, and I get the house  It's good that this is considered good news.

Thanks again p-!