When we built our new home in the summer of 2006 we financed through a local bank. It was the bank I had previously worked at for several years before becoming a stay-at-home mom. So we were very familiar with how things worked there and the people there. Well, only about a month or two after our construction mortgage closed they sold the mortgage to Chase Home finance.
At first I was not happy. I was used to taking my payment into the bank all my life, and now I was going to have to mail it. Plus the fact that they were not local just made me uneasy about the whole thing. Our actual monthly mortgage payment gets mailed to Arizona. Our taxes and insurance are in escrow with them. I have to mail our tax bills to Texas. And our insurance bills to Georgia. So it is a big pain!
But I have to say that other than that I haven't had any problems with them. They send us a monthly statement showing the activity from the previous month. It breaks down the principal, interest, and any extra paid, and it also includes any tax or insurance they may have paid out. So being a former banker I like being able to see all that. They have always paid our taxes and insurance on time. So I can't really complain.