lender

[Metro West]

My realtor recommended someone she worked with many times before. It was fairly quick and painless.

 

[elgerber]

I have always worked for one, so I never need to look

 

[AndreaDM]

My realtor is family so we went with who the recommended for the initial loan and the refi.

Yep, exactly this,

 

[mrodgers]

Yeah, all 4 our our mortgages were sold before the first payment was due.

Mine was within a year.

I don't understand how it is legal to force someone to do business with an entity they do not wish to do business with.

My mortgage was with whoever the realtor dealt with, which was Countrywide. Then it was sold to Bank of America. I did not agree to do business with Bank of America. I did not have a contract with Bank of America. As far as I'm concerned, the business I did have an agreement with accepted that they were adequately compensated and I no longer owed them. My obligation was complete.

 

[elgerber]

Mine was within a year.

I don't understand how it is legal to force someone to do business with an entity they do not wish to do business with.

My mortgage was with whoever the realtor dealt with, which was Countrywide. Then it was sold to Bank of America. I did not agree to do business with Bank of America. I did not have a contract with Bank of America. As far as I'm concerned, the business I did have an agreement with accepted that they were adequately compensated and I no longer owed them. My obligation was complete.

Likely you signed a document at closing stating your loan may have the servicing transferred. That is a standard disclosure in closing packages.
In your specific case, Bank of America bought out Countrywide, the entire company.

 

[mrodgers]

Likely you signed a document at closing stating your loan may have the servicing transferred. That is a standard disclosure in closing packages.
In your specific case, Bank of America bought out Countrywide, the entire company.

True, dang fine print.

And that happened 7 years later. Though things probably were in the works I'm sure. And prior to BofA buying out Countrywide, BofA sold the mortgage around 2004. I can't remember the company, something with an M and nothing I'd ever heard of.

 

[mommy2allyandaveri]

We refinanced several times in the last year, the rate kept dropping. One time we used a broker. We had used him when we bought our house several years ago. It took FOREVER. The other two times we did it through owning.com. That was a great experience. Super fast and no fees.

 

[Mackenzie Click-Mickelson]

Mine was within a year.

I don't understand how it is legal to force someone to do business with an entity they do not wish to do business with.

My mortgage was with whoever the realtor dealt with, which was Countrywide. Then it was sold to Bank of America. I did not agree to do business with Bank of America. I did not have a contract with Bank of America. As far as I'm concerned, the business I did have an agreement with accepted that they were adequately compensated and I no longer owed them. My obligation was complete.

I take it you never had student loans? That's pretty common to happen in that industry as well as mortgages.

Most people I know don't want to do business with Bank of America either lol but it does happen.

My student loans and our mortgage (which has been refinanced 2 times at this point) has been sold several times over as well as new servicer. It's kinda a pain to keep track that's for sure.

 

[mrodgers]

I take it you never had student loans? That's pretty common to happen in that industry as well as mortgages.

Most people I know don't want to do business with Bank of America either lol but it does happen.

My student loans and our mortgage (which has been refinanced 2 times at this point) has been sold several times over as well as new servicer. It's kinda a pain to keep track that's for sure.

I'm too old for student loans, LOL. My cost was $671 per semester which I paid for working at the grocery store.

Ok, it was just community college, a 2 year science program. In comparison, my oldest completed her 2nd year at the same school and it is now $2500/semester. I don't know what big schools were like back then. My youngest is going for $200,000 for the 4 years. She knows neither broke dad nor broke mom has $200k. Dang doesn't the little stinkrat text me 3 days later that her scholarship and FAFSA pays all but $8000. I was the one posting in one of the college threads clueless how the top 2 kids in the high school goes to college when the parents have no money while other kids get to go just because they can kick a ball. I'm still in shock over this.

 

[slo]

We used our hometown bank that we’ve had accounts with since we were kids.

 

[bjscheel]

As someone who deals with closing real estate transactions, I LOVE it when someone uses a small, local bank. They handle all their paperwork with the buyer themselves, and the buyer comes to closing with a check in hand.

But if they use someone like Wells Fargo, Quicken, etc. I have to do way more prep work, they send us 100+ pages to go over with the buyer and ship back immediately, there's multiple people working on it at different stages and it can be hard to get answers, waiting on the wire because no one will say when, extra hoops to jump through etc.