The terms of your mortgage, including your interest rate, are determined by your mortgage note, not your mortgage statement. A mortgage note is the legal document executed by you and the lender that provided your mortgage that outlines the terms of your mortgage including your interest rate and if your rate is subject to change, the length of your mortgage and other key loan terms.
Lenders frequently sell mortgages to other lenders or loan servicing companies but selling or transferring your loan does not change your mortgage note or the terms of your mortgage. When your loan is sold or transferred from one company to another, the new lender is legally obligated to honor the original loan terms outlined in your mortgage note.
Review an example mortgage note
For example, in your case, your new lender is legally required to uphold the terms of the mortgage note you signed with your original lender. You mortgage rate does not change because your loan was sold or transferred and you are not required to pay any additional fees.
Without having all the information it is unclear to me if the interest rate on your mortgage statement is different than the interest rate outlined on your mortgage note or why this would be the case. I recommend that you review your mortgage note carefully to understand the interest rate you should be paying and then review the issue with your lender if there is a discrepancy.
If you feel like your new lender is acting in bad faith or violating the terms of the mortgage note then you should contact the Consumer Financial Protection Bureau (CFPB) or your state attorney general’s office to look into the matter. I have provided a link to the CFPB website below.
If you cannot resolve the issue on your own, you should consider hiring a qualified real estate attorney who can provide legal assistance. The attorney should be able to review your mortgage note to determine the interest rate you should be paying and also potentially represent your interests in discussions with your lender.
“What happens if my mortgage is sold? Is my loan safe?” CFPB. Consumer Financial Protection Bureau, August 5 2016. Web.« Return to Q&A Home About the author