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Mortgage sold-how to enter into account?

Joseph Fuller

My mortgage was sold and bought by another mortgage company. How do I enter this into my Home Mortgage account to reflect the new information? Thanks for any help.

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[Deleted User]

If the mortgage is being sold, but the loan servicing remains the same, it is transparent to the borrower. I am assuming that both your mortgage and servicing was sold. You should have gotten multiple letters both from the seller(s) and buyer(s). with details on the sale, including when and where your mortgage payment should be sent to the new servicer.

The terms of the loan and the payment amount (P&I) should remain the same, but the new mortgage company's escrow calculation may be different.

In Quicken, I would update the mortgage account name to the new mortgage company, and update information in Account Details. If you use Bill Pay, then make sure that that the new mortgage payment is set up with the new payee and payment information.

I you have an "online" loan then you would need check if the new mortgage company is available on Quicken. I have never used an "online" loan so I would not be able to give you any additional information on what you need to change for that.

Joseph Fuller

I appreciate the detailed answer Damian, thank you.

And you are correct with all your assumptions. So basically, only changing the account details is called for here, because Quicken must not have a process for the selling of a mortgage to another mortgage company specifically. So it makes sense to just change the account details in the fashion you outlines. Thank you for taking the time to help out!!