Our mortgage was sold to NewRez

[pooh2001]

Please help - NewRez got a 1.3/5.0 rating for customer service
Should we refinance
We have a 4.0% interest rate

I looked at current refinance rates ... 7%

 

[londonderrydisneyfan]

Personally I would not make a refinancing decision on consumer ratings of our mortgage holder. We've owned our current home for 20+ years and have refinanced a couple of times but the decision was always based interest rates, length of loan etc...

I would give your current mortgage holder the benefit of a doubt for now and just wait and see. I don't think you'd get better than a 4% interest rate but I don't know your exact situation.

 

[ronandannette]

I don't know what the implications of your new company are, but I'd put up with A LOT for a 4% interest rate. I just signed documents for a new mortgage with the same company I've been with for 9 years and in addition to refusing to "blend" my current remaining term (at 2.5%) and charging me an early-pay out penalty, the best rate they offered is 5.79%.

 

[BrianL]

I mean, do you think that you'll NEED customer service? I've been paying a mortgage for 15 years and I don't think I've ever once needed to contact them about anything. I pay it when it's due and get my e-statements. That's about it. At 4%, I wouldn't worry about it at all.

 

[kdonnel]

I wouldn't, you are not going to get 4% now.

At one point my mortgage was held by a servicer that was somewhat annoying.

Every month they would start calling me a couple weeks before the due date and ask if I planned to make a payment. Every day until the payment posted.

My payment posted every month prior to the due date.

My payment was an electronic payment sent from my bank to them, no physical check, setup as an auto payment.

I would get 14-20 calls a month asking if I planned to make a payment, every month.

I could not ignore the calls because they would call until they got an answer each day.

Eventually the mortgage was sold again.

 

[bcla]

I've dealt with them. They have a clunky web interface, but other than that they weren't that bad. The websites for major banks is usually better.

 

[Robbie Cottam]

I would wait and see if YOU have an issue with them....

My mortgage got purchased by a company that was so horrible, they are no longer allowed to sell new mortgages in my state.....

I have at 3 percent rate,

They have an app,

I never have to deal with them ....

If you find they are doing things that are really unlivable maybe consider it then,

Maybe you'll get lucky and never have to deal with them

 

[pooh2001]

thank you for your advice

 

[Christine]

Wow, no way. I've had my mortgage for 20 years and have never needed customer service. It wouldn't even occur to me for that to be a factor.

 

[firefly_ris]

I would never willingly pay a higher interest rate because I heard the company might not be amazing. It would have to be pretty bad for me to re-finance out of my current rate right now.

 

[bcla]

I would wait and see if YOU have an issue with them....

I made payments through their website, and I will say it's pretty bad. Not even close to the ease of navigation of a major bank's website. And it was sold (or at least the administration) to them from a major bank with an easy to navigate web interface and apps.

 

[_19disnA]

How often have you ever had to contact them about your mortgage? Customer service ratings can be arbitrary and certainly wouldn't be a reason to jump to a new lender with a much higher rate.

 

[Robbie Cottam]

I made payments through their website, and I will say it's pretty bad. Not even close to the ease of navigation of a major bank's website. And it was sold (or at least the administration) to them from a major bank with an easy to navigate web interface and apps.

Not sure what your balance is but a 3 percent rate increase is like 250 dollars a month plus refi fees.....

I can have my auto pay send then a check once a month for 250 dollars.....

 

[Robbie Cottam]

How often have you ever had to contact them about your mortgage? Customer service ratings can be arbitrary and certainly wouldn't be a reason to jump to a new lender with a much higher rate.

usually when someone has to contact customer service they are already upset with the bank
I think I have heard other then before, and it has never been good, but I also take it with a grain of salt

 

[Mackenzie Click-Mickelson]

I wouldn't switch but I'd keep an eye out, it's also possible the loan gets sold before you even get a chance to have an encounter with them.

FWIW people in this thread I think are considering customer service too broadly. Things like misapplied payments, incorrect processing times or timelines, non-compliance with regulatory requirements (such as not responding to a customer within legal timeframes), not paying someone's homeowner's insurance, etc are all things my very brief searching can find and happening with enough clients. So I'm inclined to understand the concerns of the OP but would hold off on switching immediately.

 

[bcla]

Not sure what your balance is but a 3 percent rate increase is like 250 dollars a month plus refi fees.....

I can have my auto pay send then a check once a month for 250 dollars.....

I sold the house so I don't have to deal with it any more. And I had my agent deal with the payoff, so I didn't have to. I remember calling for customer service a few times and it kind of sucked. But it wasn't that bad. It's just they have a pretty clunky looking website. It looked like something 20 years old.

 

[Luv Bunnies]

We've had mortgages sold many times over the years. The only thing that changed was where we sent our payments. I would recommend staying with the new company unless you encounter an insurmountable issue and really need to change.

 

[Robbie Cottam]

Another point to think about
Unless the bank puts it in writing that they will not sell you mortgage you may end up with the same services paying more right after you refi….

 

[LuvOrlando]

Can you afford to have another bank account at another bank linked and pay a month in advance so they can't mess with you?

I never thought a bank could be a problem until 2020 when the Home Equity we got as a buffer while the kids were in college started creating entries that made us look late in order to charge lots of fees. I still don't know if the loan servicer was inept or a crook. I had to go so far as to provide paper statements to Experion to have the problems fixed as their monkeying around distorted my credit rating which had to be fixed, such a nightmare.

I resolved it by maintaining enough in the linked checking account to cover autopay but moved all other money to a more reputable bank. Now I maintain a month or 2 credit lead in prepay (due date reads in October) and make ongoing payments from my external account far in advance. They never get paid from the autopay because there is always a credit in the loan and I make principal payments too, I expect it to take 2 weeks for transactions to clear and have no idea how they aren't in trouble. Sometimes I have gone to the window with cash in hand because there is no way to lag cash. Now I screenshot every single transaction and download it.

If you can manage to create a buffer for yourself stay, your good rate is probably why they are trying to shake you loose as your loan looks like an opportunity lost to make 7% from someone else for the same money. So much for consumers being protected, we need to protect ourselves these days.

 

[wabbott]

If you send a check in each month with a voucher, scan the docs and save them in a folder. When the check clears the bank, save a scan of the cleared check. If you have a monthly draft, save your monthly paper statements. If ever there's an issue, it's always good to have copies of the docs showing timely payments before you get on the phone or in a chat.