Brrrr Refinance Question?

[Lucia Lilac]

Hello BP! Quick question? I found a property I want to Brrrr, my bank I usually work with sells the loan, I know this is to
free up credit lines and allows lenders to pass out money to other borrowers. My question is if I want to refinance my property and it's sold to a new bank how will this affect me? Should I work with banks that do not sell my loans? I am a little naive to this so any info is appreciated! Thanks :)

[Caroline Gerardo]

Almost ALL banks sell their closed loans to servicers which are often non-banks. Your loan can be sold multiple times and you have no choice in this matter.  Lenders who keep the servicing (the company I work for services about 84% of our funded loans) are few. Some credit unions pool their loans only to credit union affiliates and you might not know it's sold as the bill still has their name. Hard money lenders can even sell off the servicing as there is a different labor in collecting, checking on insurance, and providing payoffs.