{"id":5162,"date":"2016-05-20T23:33:49","date_gmt":"2016-05-20T23:33:49","guid":{"rendered":"https:\/\/www.movoto.com\/foundation\/?p=5162"},"modified":"2016-05-20T23:33:49","modified_gmt":"2016-05-20T23:33:49","slug":"ultimate-homebuyers-guide-mortgage-rejection","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/ultimate-homebuyers-guide-mortgage-rejection\/","title":{"rendered":"What Happens When Your Loan Is Sold?"},"content":{"rendered":"<p><a href=\"https:\/\/www.movoto.com\/foundation\/wp-content\/uploads\/2016\/05\/Loan-Sold_banner.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-5353\" src=\"https:\/\/www.movoto.com\/foundation\/wp-content\/uploads\/2016\/05\/Loan-Sold_banner.jpg\" alt=\"Loan-Sold_banner\" width=\"600\" height=\"125\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.movoto.com\/foundation\/basics\/ultimate-homebuyers-guide-budgeting-mortgages\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-5396 size-full\" src=\"https:\/\/www.movoto.com\/foundation\/wp-content\/uploads\/2016\/05\/Budgeting_thumb_2.jpg\" alt=\"Budgeting_thumb_2\" width=\"300\" height=\"250\" \/><\/a>Once you close on the home, it\u2019s common for your loan to be sold. Don\u2019t worry, this doesn\u2019t mean anything will change. Banks will often sell mortgages to other lenders to free up money. This can happen multiple times during the duration of your loan or not happen at all.<\/p>\n<ul>\n<li>What happens when a loan is sold?<\/li>\n<li>Your lender is legally required to notify you within 15 days. You\u2019ll receive a letter from your old lender and a letter from your new lender.<\/li>\n<li>Your new lender will provide information on who to make payments payable to from here on out, where to send them, and the payment methods they have available.<\/li>\n<li>Your new lender will provide contact information and customer service information.<\/li>\n<li>You get a 60-day grace period in case a payment gets sent to your old lender. During this time, you can\u2019t get charged late fees, get reported to a credit agency, or get any delinquency marks on your loan.<\/li>\n<\/ul>\n<p>The terms of your loan will stay the same, however be sure to compare your old contract with your new contract to make sure there aren\u2019t any discrepancies.<\/p>\n<p>If you see a mistake or issue:<\/p>\n<ul>\n<li>File a written complaint to your new lender\u2019s customer service department (not the same place you send your payments).<\/li>\n<li>Any communication you send to your new lender must receive a response within 20 business days.<\/li>\n<li>Any questions, complaints, or disputes you send to your new lender must be investigated and fixed within 60 business days.<\/li>\n<li>It\u2019s important to continue making mortgage payments while the issue is resolved.<\/li>\n<li>If you don\u2019t receive a response from your new lender, report them to the Consumer Financial Protection Bureau (CFPB).<\/li>\n<\/ul>\n<p>Nothing should change if your mortgage is sold and it\u2019s not a cause for alarm.<\/p>\n<table style=\"width: 100%; border-spacing: 5px;\">\n<tbody>\n<tr>\n<td style=\"width: 50%;\"><a href=\"https:\/\/www.movoto.com\/foundation\/basics\/ultimate-homebuyers-guide-rejected-mortgage\"><span style=\"text-align: left; font-size: 11pt;\">&lt;&lt; PREVIOUS CHAPTER: If You&#8217;re Rejected for a Mortgage<\/span><\/a><\/td>\n<td style=\"width: 50%; text-align: right;\"><a href=\"https:\/\/www.movoto.com\/foundation\/basics\/ultimate-homebuyers-guide-home-search\"><span style=\"text-align: right; font-size: 11pt;\">NEXT CHAPTER: Home Search &gt;&gt;<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><a href=\"https:\/\/www.movoto.com\/foundation\/basics\/ultimate-homebuyers-guide\/\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5426 size-full\" src=\"https:\/\/www.movoto.com\/foundation\/wp-content\/uploads\/2016\/05\/Hombeuyers-Guide_button.jpg\" alt=\"Hombeuyers-Guide_button\" width=\"334\" height=\"48\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Once you close on the home, it\u2019s common for your loan to be sold. Don\u2019t worry, this doesn\u2019t mean anything will change. Banks will often sell mortgages to other lenders to free up money. This can happen multiple times during the duration of your loan or not happen at all. What happens when a loan is sold? Your lender is legally required to notify you within 15 days. You\u2019ll receive a letter from your old lender and a letter from your new lender. Your new lender will provide information on who to make payments payable to from here on out, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[167,260],"tags":[],"class_list":["post-5162","post","type-post","status-publish","format-standard","hentry","category-basics","category-buyer","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Happens When Your Loan Is Sold?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.movoto.com\/blog\/ultimate-homebuyers-guide-mortgage-rejection\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Happens When Your Loan Is Sold?\" \/>\n<meta property=\"og:description\" content=\"Once you close on the home, it\u2019s common for your loan to be sold. Don\u2019t worry, this doesn\u2019t mean anything will change. Banks will often sell mortgages to other lenders to free up money. This can happen multiple times during the duration of your loan or not happen at all. What happens when a loan is sold? Your lender is legally required to notify you within 15 days. You\u2019ll receive a letter from your old lender and a letter from your new lender. Your new lender will provide information on who to make payments payable to from here on out, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.movoto.com\/blog\/ultimate-homebuyers-guide-mortgage-rejection\/\" \/>\n<meta property=\"og:site_name\" content=\"Movoto Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/MovotoRealEstate\/\" \/>\n<meta property=\"article:published_time\" content=\"2016-05-20T23:33:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.movoto.com\/foundation\/wp-content\/uploads\/2016\/05\/Loan-Sold_banner.jpg\" \/>\n<meta name=\"author\" content=\"Movoto Editorial Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@movoto\" \/>\n<meta name=\"twitter:site\" content=\"@movoto\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Movoto Editorial Team\" \/>\n\t<meta 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