I recently financed and my loan was sold. What does this mean?
Lenders often sell loans to mortgage service companies. These companies are usually other lenders or banks. Or, they may be third-party mortgage servicers. Because loan selling is common, you shouldn’t worry if your loan is sold.
The new loan servicer cannot change any of the terms of your loan. But, it is a good idea to look over your new statement as soon as it arrives. Make sure all of the information is correct. If you find errors, notify the new mortgage service as soon as possible.
See: Ten Steps to a Hassle-Free Close
Need a real estate term defined? Consult the Closing Glossary

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