What happens if my loan is sold to another lender?
When you apply for a home mortgage, you may think that the lender, or loan originator, will service the loan until it is paid off or your house is sold. This is not always true. In today's market, mortgage servicing rights often are bought and sold.

If you are notified that your home mortgage servicing has been sold to another company, you may wonder how it will affect your loan terms and monthly payments. Some consumers have complained that they were not given enough notice of loan servicing transfers and were unfairly charged late fees and penalties.

In 1990, the National Affordable Housing Act was passed to address some of these concerns. This section explains what a mortgage servicer does and what your rights are under the Housing Act. It also tells what you can do if you have a complaint about the transfer of your loan servicing.
 
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