The Buying And Selling Of Your Mortgage Loan
My last blog post talked about wire fraud scams. If you missed it, you can read it here: Wire Fraud Scams.
When you finish signing the closing paperwork on your new home, your settlement packet will include a payment coupon that you can use to send in your first payment. However, before you make your first payment, your loan will likely be sold to a new company. This is typical and you should expect this to happen.
Shortly after settlement, you will receive a “Goodbye” letter from the original mortgage lender and then a “Hello” letter from a new company.
Before you send your mortgage payment to the new company, CALL YOUR LOAN OFFICER. Verify who your loan was sold to. Make sure that it is the same company that sent you the “Hello” letter. Then as an added step, Google the company, and call the number on the website and confirm your loan info. Please do not call the phone number or use the website provided on the letter that you receive. If it is a fraudulent letter, it will look very real, but it may direct you to the criminals instead of a legitimate company.
How does this even happen? Well, it’s because your home sale goes on public record. But if you do your due diligence, you can protect yourself and avoid these potential scams. As always, if you aren’t sure if something is legitimate, please ask your agent, loan officer or title representative. Don’t be embarrassed to ask or confirm. We are all here to help!