Why Do Mortgages Get Sold? And What You Can Do About It?
Many lenders specialize in originating mortgages, but often the initial lender can’t afford to wait 15 or 30 years for you to pay it all back.
When a mortgage is sold, a new company is typically buying the servicing rights. Those rights include collecting and processing the payments, along with all the other regular duties that come with mortgages. Stokkete/Dreamstime/TNS
Before you applied for a mortgage, you watched interest rates, compared multiple lending options and scrutinized the terms to make sure you landed the best deal. After all that research and carefully choosing a lender, you might be asking : Why did my mortgage get sold?
