Our mortgage was sold to NewRez

[cdobert]

Mine was sold to NewRez 18 months ago. I set up automatic payments and I've had zero problems.

 

[tvguy]

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.

I have no idea how many financial institutions owned my 3 different mortgages. I never had to contact any of them.

 

[CindysFriend]

Our mortgage was sold to NewRez several years ago. No problems. We get a statement in the mail every month and we check it over. It’s always been fine.

 

[DanceDisney23]

We have NewRez right now. I don’t see anything different from the other three banks that owned our previous mortgage. As PPs said, there is no guarantee that a new lender won’t be selling your mortgage to a different company, and maybe NewRez will sell yours in the future.

 

[clh2]

My big concern would be anything that is in escrow (Ie money for property taxes, homeowners insurance). i would totally be watching how they handle those transactions, and if the timing is changing, or how they calculate the amounts.

My DH and I will not get a mortgage or refi if we are required to escrow, we simply have an Account that gets a monthly transfer for all large expenses (I.e. car insurance, life insurance plus property taxes and homeowners.)

 

[Robbie Cottam]

my wife had her mortgage transferred to NewRez. It was a mess .

 

[brockash]

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%

Of course you shouldn't refinance for a higher interest rate.

Not to mention thereno guarantee the next place won't sell your loan.

Certainly keep a close eyes on things, but it would be insane to refinance for a higher (almost double) interest rate.

 

[disney4us2002]

We've had great customer service with NewRez actually. Our 2nd home purchase was thru NewRez 2 yrs ago and it has been totally fine and we recently refinanced and again, no issues at all.

 

[Robbie Cottam]

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%

I would say 1.3 out of 5 is about what I would say is fair….

we had issues with them losing documents

the purchased insurance because “they didn’t have a copy of the current policy”

but we had emails, certified mail, and the insurance company providing the info directly to them….

they also depleted the escrow account for there insurance policy and were very slow to refund it

would I refinance??? No 3% is a lot of money every month….

once we got everything squared away, they have been ok…. Just lots of front loaded issues, that most companies would not have

 

[CdnCarrie]

how does a mortgage get sold? I’ve never heard of such a thing.

 

[Robbie Cottam]

how does a mortgage get sold? I’ve never heard of such a thing.

Mortgages are commodities.

the lender that sold you your mortgage, packages its with other mortgages and sells it, like oil or lumber ….

it is part of what cause the Great Recession

 

[barkley]

how does a mortgage get sold? I’ve never heard of such a thing.

our first 2 homes had their mortgages sold over and over. we would get a notice, new coupons to mail w/the payments (old school in the 90's). our current home we did with a local credit union who is not in the habit of selling off.

 

[CAPSLOCK]

My Bank of America mortgage was sold within a few months of obtaining it (possibly that very first month, can't remember) - but the payments & escrow all go through the same Bank of America website/portal. It made 0 difference and I literally would not have known but for the letter they mailed.

 

[tony67]

Yeah as others said the cost to refinance it- it makes no sense.

Then there is the possibility it just gets sold to NewRez again.

I tried to avoid a particular bank and every time I changed banks it got bought out - it happened three times.
So in the end I just gave up.

As for escrow - no idea why people do that. I'll deal with my bills directly thanks.

Oh and as others said watch everything very closely.
They all do some shady things IMO.

 

[CdnCarrie]

Mortgages are commodities.

the lender that sold you your mortgage, packages its with other mortgages and sells it, like oil or lumber ….

it is part of what cause the Great Recession

our first 2 homes had their mortgages sold over and over. we would get a notice, new coupons to mail w/the payments (old school in the 90's). our current home we did with a local credit union who is not in the habit of selling off.

Don’t think that’s a thing in Canada.

 

[Brian Noble]

We've had three different mortgage servicers, and NewRez most recently. I had the same concerns. But it's been a minute, and aside from the incessant requests to refinance/remove equity/"review our loan", they are fine.

(The "review our loan" thing gives me "timeshare sales meeting" vibes. No thank you.)

 

[Robbie Cottam]

Don’t think that’s a thing in Canada.

Really? Banks hold the notes for 30 plus years?

 

[CdnCarrie]

Really? Banks hold the notes for 30 plus years?

Yes.

 

[_19disnA]

In the US companies can choose to sell the mortgages they hold to another company. You have no control over that, is largely something that happens as a behind the scenes financial transaction and generally means nothing to you. We have gotten letters in the past informing us this was happening and honestly made no difference in how we paid the mortgage. Perhaps Canadian laws are different.

 

[TippyThomas]

Mine got sold after the first year but I haven't had any issues with the bank that bought it.