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Old 06-25-2012, 12:25 PM
 
Location: Eureka CA
9,508 posts, read 12,543,101 times
Reputation: 14863

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I just refi'd my house , everything went fine, but now I have received a letter telling me that my loan has been sold to Freddie Mac, and that I am to continue making payments to my current bank ("the servicer of you mortgage"). I've refi'd twice in the past and never got a letter like this. Should I be concerned? Thanks for any advice.
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Old 06-25-2012, 12:36 PM
 
3,029 posts, read 7,696,411 times
Reputation: 3231
No reason to be concerned, since this is VERY common.
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Old 06-25-2012, 01:01 PM
 
Location: Richardson, TX
11,815 posts, read 18,878,316 times
Reputation: 30917
Newish policy requires this letter. Thank you Mr. Frank.
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Old 06-25-2012, 01:42 PM
 
Location: Vermont
530 posts, read 1,240,500 times
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Yes common practice. I only WISH CCO Mortgage had sold my loan. I have never dealt with a more incompetent bunch of customer service people in my life.
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Old 06-25-2012, 04:10 PM
 
4,986 posts, read 12,686,791 times
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Quote:
Originally Posted by eureka1 View Post
I just refi'd my house , everything went fine, but now I have received a letter telling me that my loan has been sold to Freddie Mac, and that I am to continue making payments to my current bank ("the servicer of you mortgage"). I've refi'd twice in the past and never got a letter like this. Should I be concerned? Thanks for any advice.
Odds are that your other mortgages were also owned by Freddie Mac or Fannie Mae, but you just didn't know it. Most people don't.
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Old 06-27-2012, 12:28 PM
 
Location: Eureka CA
9,508 posts, read 12,543,101 times
Reputation: 14863
Thanks all for your advice. I'll just file it away.
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Old 09-20-2012, 07:48 AM
 
Location: Black Hammock Island
4,536 posts, read 13,470,968 times
Reputation: 4386
We recently refinanced and consequently received the same letter as eureka1 that our lender (Wells Fargo) had sold our mortgage to Freddie Mac (with Wells Fargo remaining the servicer). Thank you everyone for responding to this thread -- I can breathe now! ... well, except for one question -- does a home with an "announced" Freddie-owned loan cause any problems with selling the house? Will buyers have to jump through extensive hoops or just the same-old-same-old hoops?
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Old 09-20-2012, 07:54 AM
 
28,461 posts, read 76,209,993 times
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Default No additional "hoops"...

Every lender requires the same settlement-upon-sale procedures. If it was not for a certain idiotic former Massachusetts congress person that has a particular love for bureaucratic inefficiency no one would really know if their loan was sold and the percentage of loans formerly owned by the "government sponsored" institutions really was not an issue before...

Quote:
Originally Posted by mawipafl View Post
We recently refinanced and consequently received the same letter as eureka1 that our lender (Wells Fargo) had sold our mortgage to Freddie Mac (with Wells Fargo remaining the servicer). Thank you everyone for responding to this thread -- I can breathe now! ... well, except for one question -- does a home with an "announced" Freddie-owned loan cause any problems with selling the house? Will buyers have to jump through extensive hoops or just the same-old-same-old hoops?

Last edited by chet everett; 09-20-2012 at 09:22 AM..
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Old 09-20-2012, 08:41 AM
 
4,986 posts, read 12,686,791 times
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Quote:
Originally Posted by mawipafl View Post
We recently refinanced and consequently received the same letter as eureka1 that our lender (Wells Fargo) had sold our mortgage to Freddie Mac (with Wells Fargo remaining the servicer). Thank you everyone for responding to this thread -- I can breathe now! ... well, except for one question -- does a home with an "announced" Freddie-owned loan cause any problems with selling the house? Will buyers have to jump through extensive hoops or just the same-old-same-old hoops?
It plays zero part in selling your home.
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Old 09-20-2012, 10:26 AM
 
3,578 posts, read 6,323,897 times
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A little off topic about mortgages being sold.

I closed on a new home purchased last month. It was with RoundPoint Mortgage (one of those internet brokers or whatever). Anyways, RoundPoint than sent me a letter 2 weeks after I closed saying they will not be servicing my loan.

I prompting called them up and ask them? "Hey I closed on a loan with you" "Why are you sending me a letter that you are my "new loan" servicing company. "When I just closed on the loan with them.

I just found that very strange. I looked up Fannie/Freddie and my loan isn't held by them either.
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