I see alot of posts regarding the mortgage servicing industry, of which, turns a profit ideyllically based on sub-servicing mortgages, i.e. payments, escrow, etc. There are some key factors to watch for as your loan is passed to servicers:
- Payments are posted in a proper and timely manner resulting in an accurate payoff, including those most important principal only payments.
- Watch your escrow. Verify the proper accumulation for taxes and insurance AND verify the servicer has paid total amount due in a timely manner.
- PMI? If you owe more than 80% of your loan, mortgage insurance is due - below 80% you should no longer be paying this premium.
- If your loan is sold again, verify your mortgage information has been transferred correctly (at this point, start at the beginning again, until paid off).
Sometimes, we ourselves unobservantly fall into the sub-par sub-servicing mortgage industry believing all is well, as it should be. My advice, be observant and vigilant. By keeping your own records and notes of pertinent transactions you have the power to keep a small fraction, either by you or them, to snowball.
Goodluck
