Nationstar Mortgage Holdings Inc., a Lewisville, Texas firm that services residential mortgage loans, closed a deal to acquire $97 billion in mortgage servicing rights from Bank of America. In January, Nationstar announced that it planned to spend $1.3 billion for the rights to service residential mortgages that BofA has made with unpaid balances of nearly $215 billion.
In other words, if you have been getting statements from Bank of America for your mortgage, and have been making payments to Bank of America for your mortgage, you may very well start getting statements from Nationstar instead. Banks are allowed to change servicers without homeowners’ consent, but they MUST inform you of who the new servicer is, and how and where you are to make your payments. While changing servicers is supposed to be a seemless transition for homeowners, these changes often times result in misplaced or misapplied payments. Homeowners should take extra care to make sure they are receiving credit for the payments they are making, especially during the early transition months.