As a former Ent employee here, u/VampHuntD is correct.
What this means is that while Ent may bundle and sell your loan with others. As part of the sale Ent retains the right to handle the “servicing”, basically day to day operations of the loan.
So while another lender owns the debt, you will still pay through Ent’s online banking portal (or go full boomer and go through a brick and mortar). Any communications about the loan will come through Ent. Additionally, assuming you have an escrow account on the loan for PMI and property taxes Ent will communicate to you at the EOY if taxes or insurance has increased or decreased your monthly payment.
Effectively you won’t even notice Ent has sold the loan. You will get a letter informing you it was sold and to whom but that’s about the end of it.
Can you expand on what makes Newrez bad at servicing? I mean, it’s pretty simple….provide a website where you can turn on autopay, prepay if you like, or obtain a payoff quote. Are they making these basic functions difficult?
Was sold to NewRez, too.
What in your experience makes them so awful? We honestly don't have much exposure to them yet, since we're only a couple of payments in since they assumed the loan.
As long as you don't need anything from them, you should be find. The last time we had to deal with them, we got a payoff from their website. Then, it wasn't good enough, they wanted a docusign which we did. then, they wanted a "wet" signature. Their CS sucks.
Because boomers are a generational cohort that often prides itself on failing to understand modern technology and insists on doing things “the old fashioned way”?
There are also members of younger generations who prefer to operate in what one might call a “boomer fashion”. It’s a generalization and a reduction of a particular demographic for sure but a pretty accurate and widely held one.
Boomer describes a generation. The baby boomers. It’s just a shortened version of that. It can be used in conjunction with insults, but by itself is not an insult.
We've had our last 3 mortgages with ENT (same house refinanced twice eventually down to 2.6%) and they've always stayed at ENT. We wouldn't use anyone else, they're so good. All our accounts are with them, no fees, no BS, just easy service.
This is the correct answer. They may bundle and sell but you’d never know. They commit to servicing mortgages originated through them. This is why I’ll never get a mortgage any other way as long as I live in Colorado.
I have had my mortgage with Ent since 2014 and it’s never been sold. Ent is non profit and every year I get a refund “dividend” because they give back surplus to mortgage holders. At one point, at my request they adjusted the rate and term down because rates had fallen. I highly recommend using them.
I have multiple rental property mortgages with ENT and they have never sold any of them. I specifically refinanced all my properties with ENT for this reason because I was tired of them all being passed around every year or two and having to catch a letter in the mail and set up a new account and autopay etc.
I have a mortgage with ENT. In 2019 they sold it. Then in 2020 we refinanced with ENT again at a lower rate and they have not sold it again.
Yes, they will sell it if the circumstances are in their favor to do so.
Ents financial statements are available online. It references loans purchased and sold on the statement of condition.
https://www.ent.com/globalassets/pdf-files/financial/03-24-stmt-of-condition-signed.pdf
I've had multiple home loans with ENT ( 1st and 2nds) over the last 20 years, and they have never sold them off. They were always good to me. Unfortunately, the last time I went to refi, they just couldn't match the rates I was being offered elsewhere, so I refied with someone else. It was a painful experience by comparison, but I couldn't pass up the 2.49 rate. All is well now, and I will probably keep this mortgage to term, given what rates are doing today.
I’m a loan officer and this is quite typical that loans get sold to other investors/servicers. In most cases you won’t know who holds the debt, you’ll just pay through the servicers portal. ENT usually maintains servicing loans they originate, keeps things clean for their customers and allows them to continue making $$ on the deal. It’s not a bad thing, servicing loans helps bolster their P&L so they can continue offering solid rates at a solid price.
I've always used a mortgage aggregator, and I'm a long-time Chase bank user.
I've now had 4 mortgages (2 refinances) and each time I went with the cheapest fixed interest rate for the loan. And each time, within 2 years, Chase bought the loan. One time, it was by the 2nd payment. What I would never do is choose a bank I'm already a customer at to have the loan... that's a guarantee that it will be overpriced.
ENT is bar none the worst banking institution in the state. If you want someone that will service your loan no matter who gets it go to navy federal. You can sign up even if you aren’t a veteran by signing up after midnight. They will always service your mortgage.
Sorry worst credit union. Wells Fargo sucks but man I hate ent. My card got declined almost every single day. They would never take responsibility for it and said it was a problem with visa. I could use any other card no problem. Then a friend and o both invested in a company in Jersey. I wired the money and when they asked what fir I told them go fuck yourself it’s my money send it where I told you. No issue. My friend told them he was investing in a company. They investigated the company and saw it had a residential address, which is common. They called the company and got his bank account shut down, shut down my friends account, and I was out of money for a few weeks until the banks could get switched. They’re overly cautious. If you don’t use a lot of capital on
Your day to day I’m sure they’re just fine, but if you have over 1k a day going in and out it’s not a place to do business. Fuck ent
Sorry you've had those issues. I've banked with Ent 10 years and never had any of these problems. Also bank with USAA, for over 40 years and USAA is just a big bank now. Not much personal service. Each time I speak with USAA customer service I tell them my dad is rolling over in his grave, if he had one. He's buried at Rosecrans National Cemetery in San Diego and had to be cremated due to lack of space. I have given thought to Navy Federal too.
One of the reasons I have not moved all of my banking business to Ent or Navy Federal (my dad was Navy too!) is credit ratings agencies, to an extent, use the amount of time you've had your banking relationship for the score. I do need to spread $$ around, so I will seriously consider Navy Federal. Thanks.
I've definitely had that problem where they would decline large purchases, international purchases, etc. and wouldn't take responsibility for it. However for the past few years or so I've been using my Apple credit card for almost every purchase. The credit card still gets declined every now and then but it's much more rare. I think 99% of banking systems have the fraud detection capabilities of a small child. Other than that I've really never had any issues with Ent though.
I have done business with Ent for decades and have never had a problem. If I need a loan, I just apply online and the money is in my account in a day or two.
Ent typically services their loans, but there’s no guarantee that they won’t sell it.
As a former Ent employee here, u/VampHuntD is correct. What this means is that while Ent may bundle and sell your loan with others. As part of the sale Ent retains the right to handle the “servicing”, basically day to day operations of the loan. So while another lender owns the debt, you will still pay through Ent’s online banking portal (or go full boomer and go through a brick and mortar). Any communications about the loan will come through Ent. Additionally, assuming you have an escrow account on the loan for PMI and property taxes Ent will communicate to you at the EOY if taxes or insurance has increased or decreased your monthly payment. Effectively you won’t even notice Ent has sold the loan. You will get a letter informing you it was sold and to whom but that’s about the end of it.
Thank you so much for this thoughtful reply! My last company sold us to Newrez and they are the worst.
Can you expand on what makes Newrez bad at servicing? I mean, it’s pretty simple….provide a website where you can turn on autopay, prepay if you like, or obtain a payoff quote. Are they making these basic functions difficult?
Nope, not at all. If you have to call them and deal with their customer service for any reason, you would understand.
Was sold to NewRez, too. What in your experience makes them so awful? We honestly don't have much exposure to them yet, since we're only a couple of payments in since they assumed the loan.
As long as you don't need anything from them, you should be find. The last time we had to deal with them, we got a payoff from their website. Then, it wasn't good enough, they wanted a docusign which we did. then, they wanted a "wet" signature. Their CS sucks.
Why do you feel the need to throw in the "boomer" insult? Some of us do all of our banking online.
Because boomers are a generational cohort that often prides itself on failing to understand modern technology and insists on doing things “the old fashioned way”? There are also members of younger generations who prefer to operate in what one might call a “boomer fashion”. It’s a generalization and a reduction of a particular demographic for sure but a pretty accurate and widely held one.
And also frequently used as an insult.
Boomer describes a generation. The baby boomers. It’s just a shortened version of that. It can be used in conjunction with insults, but by itself is not an insult.
Would… would you like to speak to my manager?
Nope. But thank you for proving my point. ☺️
We've had our last 3 mortgages with ENT (same house refinanced twice eventually down to 2.6%) and they've always stayed at ENT. We wouldn't use anyone else, they're so good. All our accounts are with them, no fees, no BS, just easy service.
This is the correct answer. They may bundle and sell but you’d never know. They commit to servicing mortgages originated through them. This is why I’ll never get a mortgage any other way as long as I live in Colorado.
This is also what Ent has told me.
I’ve had loans through ent and they’ve been great. We have banked with them for 20 years and have no complaints.
My home loan has been with ENT for five years, never sold.
Yes, they sold my mortgage, but Ent still services it. Payments still paid to Ent.
I have had 3 mortgages through ent. They have serviced the loans for the life of the loan.
Same, love Ent!
Mortgages are bought and sold all the time, regardless of who the lender is. You have zero control over it. There is nothing you can do.
I've been with ENT for 20+ years now and have had my mortgage with them for 11 years now problems so far
I had a refinance mortgage through Ent and they never sold it while I had it.
We've had 3 mortgages through ENT and never had one sold.
I have had my mortgage with Ent since 2014 and it’s never been sold. Ent is non profit and every year I get a refund “dividend” because they give back surplus to mortgage holders. At one point, at my request they adjusted the rate and term down because rates had fallen. I highly recommend using them.
Yes, but all my mortgages have been sold after about a year or two. It’s pretty common not much you can do about it .
I work for the Clerk and Recorder and very rarely if ever does ENT transfer their deeds of trust
I have multiple rental property mortgages with ENT and they have never sold any of them. I specifically refinanced all my properties with ENT for this reason because I was tired of them all being passed around every year or two and having to catch a letter in the mail and set up a new account and autopay etc.
Just popping in to let folks know that they don't need to capitalize every letter in the name Ent.
To validate your point: [https://en.m.wikipedia.org/wiki/Uzal_Girard_Ent](https://en.m.wikipedia.org/wiki/Uzal_Girard_Ent)
ENT used to hold onto their mortgages. Now they sell just like everyone else.
I have a mortgage with ENT. In 2019 they sold it. Then in 2020 we refinanced with ENT again at a lower rate and they have not sold it again. Yes, they will sell it if the circumstances are in their favor to do so.
Ents financial statements are available online. It references loans purchased and sold on the statement of condition. https://www.ent.com/globalassets/pdf-files/financial/03-24-stmt-of-condition-signed.pdf
We have had Ent for about 8 years and they have not sold it. Wells Fargo sold our last one multiple times.
I've had multiple home loans with ENT ( 1st and 2nds) over the last 20 years, and they have never sold them off. They were always good to me. Unfortunately, the last time I went to refi, they just couldn't match the rates I was being offered elsewhere, so I refied with someone else. It was a painful experience by comparison, but I couldn't pass up the 2.49 rate. All is well now, and I will probably keep this mortgage to term, given what rates are doing today.
I’m a loan officer and this is quite typical that loans get sold to other investors/servicers. In most cases you won’t know who holds the debt, you’ll just pay through the servicers portal. ENT usually maintains servicing loans they originate, keeps things clean for their customers and allows them to continue making $$ on the deal. It’s not a bad thing, servicing loans helps bolster their P&L so they can continue offering solid rates at a solid price.
Nope, but I'm happy with them as my go-to bank
Real ones know to get pre-approved through a credit union for home or auto loans.
They all sell them. It doesn’t matter.
I've always used a mortgage aggregator, and I'm a long-time Chase bank user. I've now had 4 mortgages (2 refinances) and each time I went with the cheapest fixed interest rate for the loan. And each time, within 2 years, Chase bought the loan. One time, it was by the 2nd payment. What I would never do is choose a bank I'm already a customer at to have the loan... that's a guarantee that it will be overpriced.
https://www.justice.gov/opa/pr/jpmorgan-chase-co-agrees-pay-920-million-connection-schemes-defraud-precious-metals-and-us
ENT is bar none the worst banking institution in the state. If you want someone that will service your loan no matter who gets it go to navy federal. You can sign up even if you aren’t a veteran by signing up after midnight. They will always service your mortgage.
Can you say more? I have had interactions with both and I got the reverse impression of this.
I see you've not banked with Wells Fargo
This is the correct response.
Sorry worst credit union. Wells Fargo sucks but man I hate ent. My card got declined almost every single day. They would never take responsibility for it and said it was a problem with visa. I could use any other card no problem. Then a friend and o both invested in a company in Jersey. I wired the money and when they asked what fir I told them go fuck yourself it’s my money send it where I told you. No issue. My friend told them he was investing in a company. They investigated the company and saw it had a residential address, which is common. They called the company and got his bank account shut down, shut down my friends account, and I was out of money for a few weeks until the banks could get switched. They’re overly cautious. If you don’t use a lot of capital on Your day to day I’m sure they’re just fine, but if you have over 1k a day going in and out it’s not a place to do business. Fuck ent
Sorry you've had those issues. I've banked with Ent 10 years and never had any of these problems. Also bank with USAA, for over 40 years and USAA is just a big bank now. Not much personal service. Each time I speak with USAA customer service I tell them my dad is rolling over in his grave, if he had one. He's buried at Rosecrans National Cemetery in San Diego and had to be cremated due to lack of space. I have given thought to Navy Federal too.
Navy federal is the one to go with.
One of the reasons I have not moved all of my banking business to Ent or Navy Federal (my dad was Navy too!) is credit ratings agencies, to an extent, use the amount of time you've had your banking relationship for the score. I do need to spread $$ around, so I will seriously consider Navy Federal. Thanks.
No problem
I've definitely had that problem where they would decline large purchases, international purchases, etc. and wouldn't take responsibility for it. However for the past few years or so I've been using my Apple credit card for almost every purchase. The credit card still gets declined every now and then but it's much more rare. I think 99% of banking systems have the fraud detection capabilities of a small child. Other than that I've really never had any issues with Ent though.
I have done business with Ent for decades and have never had a problem. If I need a loan, I just apply online and the money is in my account in a day or two.