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  Mortgage Basics   Chapter 7: Ownership: After closing
Emotions, family and personal reasons all come into play in any home-buying decision.
 
   

When your mortgage is sold to a mortgage servicer

 

At closing, your lender must inform you of any plans to turn over the rights to administer your loan to a mortgage servicer, as often happens when a mortgage is sold. The new servicer could be another lender, a bank, an investor or a third-party processing company that specializes in servicing mortgages. Over the term of your loan, you may have several mortgage servicers.

Do you need a mortgage servicer?
Duties of a mortgage servicer:
Rules that apply to a change in mortgage servicer:

After your mortgage servicer has changed, carefully examine your mortgage statements, making sure all payments have been recorded and taxes and insurance premiums have been paid on time. Retain copies of letters, canceled checks and other paperwork relating to your mortgage and payments in case you need to document any dispute.

-- Posted: May 1, 2006
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