Bank Selling My mortgage

They do this to make money, the same reason anyone sells anything. Yes it's legal, it happens all the time, in fact, it happens most of the time. What it means to you, is you write someone else's name on the check. It changes nothing about the terms of you rmortgage, you keep paying it; just to someone else.

Your original loan documents had a disclosure that your loan may be sold. Check them if in doubt.Lenders sell loans to free up funds so the can originate and fund more loans.My company funds about $100MM a month. If those loans weren't sold, we would soon run out of money for new loans.Sometimes loans are sold, but the original lender still maintains the "Servicing Rights." Which is another source of income. The letter you received should explain everything in a manner that is clearly understood.If your servicing rights were also sold and you do not receive a coupon in time for your next payment, get on the phone so you do not have a late charge or a 30 day late payment on your record. .... Happy funding, Rudi

It is legal and nothing will change with your terms. The selling bank is required to send you an "exit" letter and the buying bank is required to send you a "welcome" letter. This is nothing to be concerned about as it happens all the time. Just make sure to stop your auto pay from your checking account if you have that set up.