BSIFinancial

My Mortgage Was Sold to BSI Financial — Now What?

A complete guide to understanding your rights, what changes, and your options when your loan servicer becomes BSI Financial.

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This Is Normal — But You Have Important Rights

Mortgage loans are bought and sold routinely on the secondary market. Millions of American homeowners have their loan servicer change without choosing it. Under the Real Estate Settlement Procedures Act (RESPA), you have specific legal protections during and after a transfer.

BSIFinancialUSA.com Editorial Team Published · Last reviewed · Our methodology

Why Did My Mortgage Get Transferred?

Your original lender likely sold your loan to an investor (a bank, insurance company, or government-sponsored enterprise like Fannie Mae or Freddie Mac). That investor then assigned BSI Financial as the servicer. This is entirely routine and has nothing to do with your payment history or creditworthiness.

Your Rights Under Federal Law (RESPA)

1

Advance Notice Required

Your previous servicer must send you written notice at least 15 days before the transfer date. This notice must include BSI Financial's name, address, and phone number, and the effective date of the transfer.

2

Welcome Notice from BSI

BSI Financial must send you a welcome notice within 15 days of the transfer date, confirming they are now your servicer and providing payment instructions.

3

60-Day Grace Period

For the first 60 days after the transfer, BSI Financial cannot charge you a late fee if you accidentally send your payment to your old servicer. Your old servicer must forward payments to BSI.

4

Loss Mitigation Transfers

If you had a loan modification, forbearance plan, or other loss mitigation agreement with your previous servicer, BSI Financial is required to honor it. If they don't, this is a RESPA violation — document everything and file a complaint with the CFPB.

5

Escrow Account Must Be Transferred Accurately

All funds in your escrow account must be transferred accurately to BSI. If you notice discrepancies in your first escrow statement from BSI, submit a written Qualified Written Request (QWR) immediately.

What Changes After the Transfer

What Changes

  • Where you send payments
  • Online account portal (now MyLoanWeb)
  • Customer service phone number
  • Escrow statement provider
  • Autopay account setup

What Does NOT Change

  • Your loan terms (rate, term, balance)
  • Existing loss mitigation agreements
  • Your payment due date
  • Your escrow obligations
  • Your right to refinance

Immediate Steps to Take

1

Update Your Payment Method

Cancel any autopay set up with your old servicer. Set up a new payment method with BSI Financial at their MyLoanWeb portal or call 800-327-7861. Do not miss a payment during the transition.

2

Keep Your Welcome Letter

Save the transfer notice from both your old servicer and BSI Financial. These documents may be important if disputes arise later.

3

Verify Your Escrow Balance

Check your first statement from BSI Financial carefully. Confirm the escrow balance matches what your previous servicer reported. Report any discrepancies in writing immediately.

4

Document Everything

Keep copies of all letters, emails, and records of phone calls with BSI Financial (dates, times, names of representatives, what was said). This documentation is critical if you need to file a complaint later.

Considering Refinancing Away from BSI Financial?

Many borrowers choose to refinance specifically to move to a servicer with better ratings. If rates make sense, refinancing can be a clean break.

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Sources & Verification

  • RESPA Section 6 (transfers): 12 U.S.C. § 2605 — Loan servicing transfer notice requirements
  • Reg X 60-day grace period: 12 CFR § 1024.33 (Consumer Financial Protection Bureau)
  • QWR requirements: 12 U.S.C. § 2605(e) — Qualified Written Request response mandates
  • CFPB oversight: Consumer Financial Protection Bureau (bureau established under Dodd-Frank Act) →
Last reviewed: September 10, 2026 — Federal regulations verified against Code of Federal Regulations. See Methodology.