Mortgage Sold?

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  • #47963
    Lex
    Member

    I’m not sure if this is the correct place to ask this, but any help would be greatly appreciated. I went through NACA and closed on my home in September of 2017. I recently received a letter from Citimortgage stating that my mortgage will be “serviced” by Cenlar going forward. My memory was that NACA mortgages could not be sold, but I am a bit unclear as to whether this is really a sale of my mortgage or just a change in loan servicing. Either way, I would prefer not to have to deal with Cenlar as I have heard very bad things about them. Is there anything that I can do in order to stop this change from going through?

    #47964
    billbehrens
    Member

    It was my understanding that Citimortgage is getting out of the loan servicing business entirely, so that may explain the sale. I suspect Tim will weigh in on this at some point, but if my guess is correct, you won’t be the only NACA-member with a servicing transfer.

    The best thing you can say about Cenlar is that they are not Ocwen or Mr. Cooper, but I would not worry too much. RESPA Regulation X and NACA member services are a pretty good one-two punch if there are any servicing issues after transfer.

    #47965
    rassha
    Member

    I just received the same letter, as long as the terms and conditions stay the same, I guess it is non issue. I plan on calling Citi and Cenlar just for clarification. Please share any information you find out.

    #47972

    Hello does any body have nfo on getting grants to buy down interest rate on this naca 1st time home buyer program. If yo know about programs can you post it. Does Bank of America help?

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