Transfer of Mortgage - New Account? Or Just Update Info and Keep the Existing

pjlambe

Hi. I hope you are well.

Not too long ago, the company servicing my mortgage switched. So I set up a new account and essentially kept the old account as legacy data.

This happens often enough and I'm wondering if I'm wasting my time. I'm in the same situation again and I'd like your opinion. Do you prefer to set up an new account? Or do you prefer just to update the existing mortgage account with the new provider's information and keep it running?

I manually update my mortgage accounts.

I appreciate your input.

Thanks,

PJL

Tom Young

Since you're running the Account manually I don't see a huge advantage to going the New Account/Transfer route. After all, it's still the same loan with the check going to a different Payee. If you happen to have a loan that gets moved through several servicers in its lifetime, that information is still available over in the checking Account by looking at the Payee history of that loan.

NotACPA

Are you downloading into the mortgage account (which isn't advised)?

If not, there's really nothing that you need to do.

If so, you'll need to deactivate the current download, exit Q, restart Q and re-establish the account with the new lender. There's no need to create a new account.

Tom Young

Since you're running the Account manually I don't see a huge advantage to going the New Account/Transfer route. After all, it's still the same loan with the check going to a different Payee. If you happen to have a loan that gets moved through several servicers in its lifetime, that information is still available over in the checking Account by looking at the Payee history of that loan.

splasher

Keep the same account and enter a $0 transaction in it indicating in the memo that the loan servicer changed at that point for historical information purposes.