Borrowers see glitches as big banks sell off mortgage rights

Julie C. Nichols General

Charlotte Observer – Aaron Dunn

Millions of homeowners, in Charlotte and around the country, have received an unexpected message from their banks: Goodbye. After years of collecting mortgage payments from as many people as they could, big U.S. banks such as Bank of America and Wells Fargo are scaling back. As servicing mortgages grows less lucrative, they’re selling the rights to do so in deals measured by the billions. Some have found their online accounts unavailable. Others have reported delays in receiving account numbers. The details of some promised loan modifications haven’t been carried through with the new servicer.

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