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April 12, 2016

Why Was My Mortgage Sold?

Homeownership
Housing Headlines

If you received a letter from Freddie Mac stating that we purchased your loan, do not be alarmed. This letter, titled "Borrower Notification: Freddie Mac Has Purchased Your Loan" is sent to you for informational purposes only and no action is required on your part.

Even though you spent a great amount of time preparing your loan application and working with your lender to get approved for a loan, it's very common for lenders to sell the loan to another company, including Freddie Mac – sometimes very soon after closing on your home.

"The sale of your mortgage to Freddie Mac does not affect any term, payment, or condition of your mortgage."

In a nut shell, selling mortgages to companies like Freddie Mac helps provide more liquidity into the market, allowing lenders like yours to make more home loans. View this short video to learn more about the role Freddie Mac plays with your mortgage.

So, what does this transaction mean to you and who do you call if you have questions? Visit our new frequently asked questions where we address these questions and much more.

View a sample letter with helpful pointers.

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