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Old 07-07-2015, 10:09 AM
 
Location: Houston
581 posts, read 406,696 times
Reputation: 503

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so we've been lucky in that our mortgage with BofA has been very painless thus far. We just received notice that our note has been sold to PennyMac and upon doing some research I can find nothing good about these people (they are run by the former Countrywide people largely responsible for the housing crash in 2008) or their customer service based on Yelp, and a few other sites with reviews that aren't obviously paid for by PennyMac.


Does ANYONE have any good experiences with them? We've been thinking about refi-ing down to a 15yr note anyway and this just may be the catalyst to get it done if they turn out to be a headache..

Is there anyway to ensure your mortgage note isn't sold to these kind of companies?
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Old 07-07-2015, 11:05 AM
 
400 posts, read 120,823 times
Reputation: 497
I'm not sure that it matters. I see no way to influence who sells your loan to whom, unless you originate it intentionally with a loan company that touts the fact that they never sell loans.

All the loan servicer does is collect your check each month (or direct debit your bank) and then satisfy the town tax liability should you be using escrow to do that. The only shenanigan I can think of would be a new requirement to escrow greater amounts, say 6 months of property tax instead of 3.

Not all require escrow, and of those that do not, some people choose it anyway and others handle taxes on their own.

Aside from that, as long as they send you the interest statement for tax time, there isn't much else.

My loans have been passed around like a hooker at a bachelor party, and I've never had any issues with any of them. The current servicer was quite responsive in adjusting my escrow in a timely manner to reflect a tax reduction based on appeal.

Others may have more information to share.
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Old 07-07-2015, 11:29 AM
 
3,317 posts, read 7,251,326 times
Reputation: 4095
Quote:
Originally Posted by kickingprop View Post
so we've been lucky in that our mortgage with BofA has been very painless thus far. We just received notice that our note has been sold to PennyMac and upon doing some research I can find nothing good about these people (they are run by the former Countrywide people largely responsible for the housing crash in 2008) or their customer service based on Yelp, and a few other sites with reviews that aren't obviously paid for by PennyMac.


Does ANYONE have any good experiences with them? We've been thinking about refi-ing down to a 15yr note anyway and this just may be the catalyst to get it done if they turn out to be a headache..

Is there anyway to ensure your mortgage note isn't sold to these kind of companies?

Indeed, PennyMac was created, and is run, by a few key players from Countrywide. My impression is that they have existed since about 2007/8 (?) or so, and today's guidelines prevent a lot of the things that really caused the meltdown, from lying borrowers to collusive realtors and appraisers, to mortgage companies, to Wall Street. As a servicer, they might be well-run. I'd personally prefer that my mortgage be serviced by any company other than B of A, but that's just me, your mileage may vary.
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Old 07-07-2015, 02:43 PM
 
421 posts, read 306,323 times
Reputation: 570
They've not caused any problems for me. Took them a bit to get the account set up, but that's probably typical in transfers.
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Old 07-07-2015, 02:47 PM
 
10,265 posts, read 6,491,094 times
Reputation: 10837
Best not to worry about something you have no control over. You could do a refi and then it might be sold back to a company you hate.
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Old 07-08-2015, 02:45 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,614,249 times
Reputation: 8078
It is what it is and you cannot control who the servicer will be on your loan.

As for the refinance, almost all benefits of staying with the same lender have been removed with the churning of the mortgage business, and if anything, I'm willing to bet you would benefit from multiple competitive quotes. Be sure to do your shopping all within a 2 or 3 hour window and the first words out of your mouth should be, I live in Texas. That is, if that is the case, Texas has the absolute toughest refinance laws on the books. I lend in all 50 states and Texas is the only state I cannot do a refinance in. (Texas has some of the harshest refinance legislation on the books). Do ask each lender for their interest rate, points and lender fees and ask for a 60 day quote you can lock by the end of the business day. You tell them what your score is (your best guess, the top tire for best rates is typically 740, however some give additional concessions (credits) for 760, then it drops by 20 points, 720, 700, and then 680 and on down). Obviously, if you say your score is 740 and it's 734, the quotes you were given will likely be adjusted. And that is typically true across the board. So, pick a conservative score for yourself and be consistent with using that score talking to people - I'd tell you to do a FreeCreditReport or such, but not one has been accurate.
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Old 07-09-2015, 08:20 AM
 
Location: Houston
581 posts, read 406,696 times
Reputation: 503
I'm not worried about being able to refi, even being in Texas. Wife and I have no debt, both have credit scores in the 800's, our loan is only about 150k on a house worth 330k, and we have plenty of money in the bank... Which is to say, if we can't refiance, ain't nobody going to refinance...
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Old 07-09-2015, 09:22 AM
 
10,265 posts, read 6,491,094 times
Reputation: 10837
Quote:
Originally Posted by kickingprop View Post
I'm not worried about being able to refi, even being in Texas. Wife and I have no debt, both have credit scores in the 800's, our loan is only about 150k on a house worth 330k, and we have plenty of money in the bank... Which is to say, if we can't refiance, ain't nobody going to refinance...
But after you refi and pay the fees associated with it a company you hate can buy your loan at a later time.
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Old 07-09-2015, 09:53 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,614,249 times
Reputation: 8078
Quote:
Originally Posted by kickingprop View Post
I'm not worried about being able to refi, even being in Texas. Wife and I have no debt, both have credit scores in the 800's, our loan is only about 150k on a house worth 330k, and we have plenty of money in the bank... Which is to say, if we can't refiance, ain't nobody going to refinance...
It's definitely not you. I don't know what the issue is, but I have a prize buyer in the Dallas area, off the charts for everything and was told no home equity lines and no refinances. What this tells me if you are not a brick and mortar, they won't let you in without shouldering the entire responsibility of the loan on the back on the lender. This is bad for the citizens of Texas because many of the lowest quotes out there may not have an office in Texas. Removing competition is always a loss for the consumer.
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Old 07-10-2015, 06:49 AM
 
2,188 posts, read 2,513,268 times
Reputation: 1610
Quote:
Originally Posted by Orion99 View Post
All the loan servicer does is collect your check each month (or direct debit your bank) and then satisfy the town tax liability should you be using escrow to do that. The only shenanigan I can think of would be a new requirement to escrow greater amounts, say 6 months of property tax instead of 3.

Not all require escrow, and of those that do not, some people choose it anyway and others handle taxes on their own.

Aside from that, as long as they send you the interest statement for tax time, there isn't much else.
I agree. I did a refi earlier this year and the lender was brutal to work with. During the process I googled them and found tons of horrible reviews. However, the servicing has been fine. I actually like their website interface and I called them one time with an escrow payment question and they were very helpful. I think the lending arm and servicing arms are completely different so you can't hold bad reviews of one against the other.
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