Who owns/services your mortgage and what're they like? Does it matter?
December 20, 2013 9:19 AM Subscribe
We're shopping for a mortgage (in the DC area), and are feeling anxious and frustrated that 1) it's so hard to know who we'll end up with because so many lenders/originators are likely to sell our loan and/or servicing after closing, and 2) it's easy to find complaints about most servicers out there and hard to find anyone that's satisfied. What has your experience been like with the place(s) that own and/or service your mortgage? Or should we put all that to the side and just try to find someone with the best rates/fees and the best reviews/recommendations regarding smooth and quick closing?
posted by EmilyClimbs to Home & Garden (21 answers total) 3 users marked this as a favorite
Basically all we really want is a servicer who won't make big mistakes and has half-decent customer service and a reasonable system for payment and prepayment. (After a little research, we've lowered our expectations on this dramatically... of course we'd love an A+ kinda place but we'd settle for a solid B or B-.) And it would also be nice if whoever owns the loan is open to no/low-fee refinancing/adjustments if interest rates drop again.
What's your experience been like with your mortgage servicer(s) and/or owner(s)? Anyone happy or at least satisfied with whoever's servicing your mortgage? It seems like all we can find is bad experiences. But we still also want to know about *your* bad experiences, and who's worth actively trying to avoid and why. Please tell us everything you can about your mortgage servicer and/or owner, no matter where they fall on the spectrum!
And how much should we care about this, anyway? Of the lenders we've reached out to so far because of good reviews/recommendations regarding the application and closing process with them, some say they keep most of their loans (with either bad reviews for their servicing or little info to be found) and others sell most. Should we just accept that we're pretty likely to end up with a mediocre-to-bad servicer no matter what, and focus only on the best rates & fees and on the best closers? (We'll take recommendations for that too! We are in the DC area.)
This is all so new and overwhelming... any and all advice appreciated, thanks for your help!