Immediately after closing, that company transferred the mortgage to Flagstar Bank, a pretty big bank based in the Midwest. I had been expecting that and happily made payments for a few months.
Eventually, Flagstar sold my mortgage to CitiMortgage. I was fine with this, as Citi had a better website and setting up my automatic payments and escrow account was quick and easy. I didn't really think about the monthly mortgage after that. Citi was humming away in the background.
When I got home from my most recent business trip, I had a letter from Citi saying they were selling my mortgage to "IBM Lender Business Process Services, Inc." This is effective on November 1st. That's in a few days. I'm supposed to send my November 1st mortgage payment directly to IBM. I called Citi about the lack of information about where to send my payment and the staffer to whom I spoke was a little wishy washy. He told me not to worry, that I'd probably make my payment late, but it wasn't a big deal. Really? Late mortgage payments aren't a big deal? That's interesting.
I went to the website for IBM Lender Business Process Services, Inc. (who in the world came up with that catchy name?) and found out that they just go by LBPS. They charge a $5 fee for paying online or by phone. If I want to set up a direct transfer from my bank, I have to mail in a form.
Here's where this gets interesting. I just called IBM because I don't have any account number or form to send to them with this November 1st payment. They were very nice (far nicer than the Citi guy I spoke to earlier). They told me that I won't get my paper work until after November 1st. In fact, my "welcome packet" probably wouldn't arrive until the middle of the month. They assured me that I wouldn't be assessed a late fee or be reported as paying my mortgage late. Regardless, I'm a little uncomfortable with the fact that I don't know where to send a very important payment that is due in just a few days.
This whole thing is just annoying. It has me wondering if the transferring of mortgages is common. Is everyone getting passed around the way I have been? Has your mortgage been transferred? How many times?