I’m not particularly concerned about my mortgage being sold, as my current interest rate remains unchanged. At present, I lack the funds to purchase it outright and refinancing isn’t feasible for me. Moreover, my existing rate stands at 5.675%, and I’m skeptical about securing a better rate at this time. However, we do have intentions to explore refinancing options in the future, particularly if rates improve with Navy Federal.
My apprehension regarding Mr. Cooper stems from a recent data breach incident. While I understand they were not the sole company affected, it raises questions about their handling of personal information. Should I be troubled by this?
howdy folks my advice is keep in mind that this transfer won’t affect your credit rating, and there are no late fees or negative reports to credit bureaus for the first 60 days after the transfer.
Mortgage sale itself isn’t scary - your rate stays locked. Refinancing can wait for better rates or Navy Federal.
Mr. Cooper’s data breach is a concern. Check details of what leaked and how to protect yourself. Monitor accounts and consider identity theft protection. Stay informed and decide later if Mr. Cooper is right for you.
Don’t be troubled. The mortgage holder has the right to sell to any eligible buyer. Mr. Cooper has the ability to sell it once more, but may only act as the processor, not the owner.