Can I Change My Mortgage Servicing Company?
No, a borrower is generally not allowed to change the mortgage servicing company managing that borrower's mortgage. Since it is the current loan holder that outsources the management of the loan to a servicing company, you will rarely have any input in the selection of the servicing company.
The only option you have to change your servicing company is to refinance your loan. However, this is not an advisable strategy. Refinancing a loan is not only costly and time consuming for you, but also you will not be able to select the servicing company for your new loan. You may even end up with a servicing company than is worse than your current one. In short, refinancing is not an advisable strategy for the purpose of changing loan servicing companies.
If you have good reasons to request a change of the loan servicing company, it's better to try to negotiate with your lender or loan holder. A good starting point is to send a complaint letter to your current loan holder explaining your situation and attaching all the necessary documents for the lending company to have a better understanding of your case and why you want to switch loan servicing companies.
- What Is Predatory Mortgage Servicing?
- What Are the Specific Formal Requirements for Periodic Statements?
- What Are Coupon Books and When Can They Replace Periodic Statements?
- When Are Servicers Allowed to Stop Providing Periodic Statements or Coupon Books?
- How Are Periodic Statements Delivered?
- What Is the Rule on Interest Rate Adjustment Notices?
- When Should I Receive an Interest Rate Adjustment Notice?
- What Information Must Be Included in the Initial and Ongoing Interest Rate Adjustment Notices?
- What Is the Prompt Payment Crediting Rule for Servicing Companies?
- What Are the Prompt Payment Crediting and Payoff Statement Rules for Servicers?
- Can the Loan Servicer Refuse to Provide You with a Payoff Balance Statement within 7 Days?
- Can I Choose My Mortgage Servicing Company?
- Are There Any Rules Regarding Written Communication with Servicing Companies?
- Are Servicers Allowed to Charge a Borrower for Force-Placed Insurance Coverage?
- What Are the General Rules Regarding Servicing Policies, Procedures, and Requirements?
- Are There Any Special Rules for Servicers When Dealing with Delinquent Borrowers?
- What Is the "Successors in Interest Rule" for Servicing Companies?
- How Should I Inform Servicers When I Become a Successor in Interest?
- Am I Liable for the Loan Once Confirmed as a Successor in Interest?
- Can I Turn to a Government Agency to Complain Against a Mortgage Servicing Company?
- Are There Any Federal Laws Protecting Me from Mortgage Servicers?
- What Are the Mortgage Servicing Rules Issued by the Consumer Financial Protection Bureau?
- What Is the Periodic Statement Rule for Mortgage Servicers?
- Are There Any Exceptions to the Periodic Statement Rule?
- How Many Periodic Statements Am I Entitled to Receive?