I heard it on an NPR interview with him mentioning this, but I can't find the transcript.

More likely they will forget you paid them.

Real talk...they own my mortgage, i cant just 'forget about it' if they forget about it. I want to refinance it. Of they lose all data on my debt like that ending to Fight Club... is the debt just...gone?

Nice

This is not always a good thing. Inability to lock in a reasonable fixed rate for a 15, 20 or 25 year term in Canada meant that in the early 1980s, for example, when benchmark interest rates were 15%+, people whose 5 year terms came up for renewal had no choice but to renew at 17% interest rates. Ask an older person from AB who lived through the first oil economy bust in Edmonton or Calgary.

Is there something to prevent the rate from skyrocketing when you renew the mortgage? Doesn't this have all the issues people occasionally have with ARMs?

Contact you entered into was "assignable"

Can't. It's a fixed 30 year mortgage at a 3.375% rate. Refinancing it will increase that by at least a point. Plus, I originally did get the loan through a local credit union, who then sold it to a consolidator who sold it to a big national bank (which happened to be Wells Fargo). Local credit unions generally don't hold onto mortgages. They don't have the economies of scale to service them efficiently.

It doesn't work that way. Mortgages get resold between banks all the time. You can walk into your local bank and get a house loan, and five months from now you'll get a business envelope from Wells Fargo informing you that you should send your checks to them now.

I would expect if WF decided your first loan met their purchasing criteria, your refinance would get the same treatment.

I moved loans to First Tech Federal Credit Union, which used to (and still probably do) state in the loan contract that they will service the loan for its life. Very happy with them so far.

Rates have gone up since, unfortunately. I'd be paying thousands in refi fees for the privilege of paying more each month in interest. No thanks.

At what interest rate? I have mine at 3.35% 30y fixed. Is that remotely possible today?