Can I Choose My Mortgage Servicing Company?

No, typically your mortgage servicing company is assigned by the financial institution that holds your mortgage. This institution, either your lender or loan holder, selects a mortgage servicing company mostly based on the loaned amount and your credit rating. In practice, you as a borrower have no input as to the servicing company that is going to manage your mortgage. Moreover, most of the time borrowers do not even know which company is currently managing their loan, since it is very common for companies to sell or trade mortgage servicing contracts on a regular basis.

Tellus TIP:

You should always try to keep track of which company is servicing your mortgage. Plan to conduct research online in order to see if other borrowers have had problems with that particular company in the past so that you are forewarned in case problems occur during the life of your mortgage.