The Bank Just Sold My Loan, Should I Do Anything?

Yes, actually, there is one of thing you should do if you are notified that your loan has been sold, especially if your original lender was running an escrow – also know as an impound – account for taxes and insurance for you. As soon as you have been notified of the sale and have been advised of your new loan number, place a call to the new lender’s escrow department. During your call make sure that the new lender has received the escrow instructions from the old lender and is aware of each obligation to be paid from the escrow account – typically property taxes, hazard insurance, flood insurance – and when during the year each is due. Many states offer property owners a discount on their taxes for prompt payment. Make sure that your new lender will timely pay your taxes in order to take advantage of applicable discounts. Besides this telephone call, you should not have to do anything else.