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.
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.
- 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?
- 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 Change My Mortgage Servicing Company?
- 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?