Why did I receive a letter from Fannie Mae or Freddie Mac?

If you received a letter titled “Notification of Assignment, Sale or Transfer of Your Mortgage Loan” from Fannie Mae or Freddie Mac, it is because one of them purchased your mortgage loan from your lender or the most recent owner of the loan. Federal law requires this notice to be sent when there is a change in the ownership of a mortgage loan. If the letter identifies Nexus Nova LLC (“Nexus Nova”) as the servicer of your loan, it’s because Nexus Nova purchased the rights to service your mortgage loan on behalf of Fannie Mae or Freddie Mac. Although Nexus Nova owns the right to service your mortgage loan, it does not conduct any mortgage servicing activities. Instead, Nexus Nova has hired subservicers to service mortgage loans on its behalf. If you have not yet made your first payment, please check your mail or email for a welcome letter (a “Notice of Servicing Transfer”) or billing statement from your subservicer with instructions as to where to send your mortgage payments. Please do not send payments to Nexus Nova. Please see “Who is Nexus Nova LLC?” below for more details.

Who is Nexus Nova LLC?

Nexus Nova does not originate or service mortgage loans. If you received a notice from Nexus Nova or a notice from Fannie Mae or Freddie Mac referencing Nexus Nova, it is because Nexus Nova purchased the right to service your mortgage loan, also known as the “mortgage servicing rights”. “Mortgage servicing rights” are contractual rights to service a mortgage loan on behalf of an investor, such as Fannie Mae or Freddie Mac, who owns the mortgage loan. Although Nexus Nova owns mortgage servicing rights, Nexus Nova does not conduct any mortgage servicing activities. Instead, Nexus Nova has hired subservicers to service mortgage loans on its behalf. These subservicers perform the day-to-day servicing of mortgage loans, including customer service and payment processing. If you need to make a payment or have questions concerning the servicing of your mortgage loan, please refer to the welcome letter (“Notice of Servicing Transfer”) or billing statement you received from your subservicer. These documents will include your subservicer’s contact information, as well as mortgage payment-related information.

Why am I receiving a privacy notice from Nexus Nova LLC?

The Gramm-Leach-Bliley Act (GLBA) and Fair Credit Reporting Act (FCRA) require that financial institutions like Nexus Nova send privacy notices to their customers. These notices describe whether and how financial institutions such as Nexus Nova may share consumers’ nonpublic personal information. If the financial institution wishes to share this information with an unaffiliated third party or an affiliate of the financial institution, other than pursuant to certain permitted uses provided for in the GLBA or FCRA, it typically must notify consumers of their right to opt out of the sharing and inform them how to do so. State law may also provide certain rights to consumers beyond the GLBA or FCRA, such as requiring that a financial institution obtain the consumer’s prior consent, known as an opt-in, to certain sharing practices. The privacy notice you received provides information related to Nexus Nova’s information sharing practices with respect to the nonpublic personal information of consumers it may share with unaffiliated third parties and its affiliates. Most other communications regarding your mortgage loan will come from the subservicer handling the servicing of your loan on behalf of Nexus Nova.

Texas Property Owners

COMPLAINTS REGARDING THE SERVICING OF YOUR MORTGAGE SHOULD BE SENT TO THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 North Lamar, Suite 201, Austin, Texas 78705. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT (877) 276-5550.