Don’t Like Your Mortgage Servicer? Good Luck Trying to Switch<br />If so, keep in mind that whoever originates your next mortgage could turn back around and sell the servicing rights, which means<br />that even if you shed Wells Fargo in a refinance, it could end up back in your life each month once more.<br />And they care a lot about which company is servicing the mortgages they own — so much so<br />that they may pay more or less for a basket of mortgage loans depending on whether a particular servicer is collecting the payments each month.<br />When it comes to the big-ticket items — mortgages, student loans, 401(k) providers and the companies<br />that control our credit data — we often don’t get to pick whom we’re doing business with or when we can exit our relationships with them.<br />Finally, a third party may turn up on the scene — a servicer — that will actually collect your monthly payments.<br />“It’s your desire to enlist in projects that we do not have time<br />and bandwidth for, however noble, and your willingness to inflict pain on ourselves in order to inflict pain on some corporation that doesn’t care.”)<br />You, however, may fare better on refinance pricing depending on your current mortgage loan.<br />If they offered mortgages with interest rates that did not change<br />but had to pay different interest rates over time to depositors, there could be a money-losing mismatch.
