Legends Realty Group
I agree with most people here it will not affect the terms or conditions of your loan, only the servicer. This is quite frequent throughout the industly so banks and mortgage brokers are able to offer products that are out of their portfolio and conventional guidelines. You should be fine.
However, I would urge you to make sure you read all of the literature clearly and know for a fact who you are supposed to make you next payment to. I have heard, insome cases where the consumer will get confused and send the payment to the old bank causing them to miss a payment. So I would definately urge you to stay in contact with both banks to be confident when the transfer will occur. Good Luck
In addition to the points raised in the earlier answers, while your terms cannot change, the new "servicing company", the one that gets your loan, has their own way of managing the unexpected. That is, they may be more or less lenient with late payments, or with reporting you if you are late to the credit reporting agencies. They may also be more aggressive (sometimes much more) at now marketing to you the other "services" they offer, like mortgage life insurance (they pay off your mortgage if you die), or accelerated payoff schemes (where they will actually charge you the benefit of paying off your loan early). They could also have a very different time table for managing foreclosures, and their negotiating techniques during foreclosure could be more aggressive.
This is not to scare you, just to prepare you that when a loan is sold, while things may never change with respect to your terms and conditions, the new company is just that, a new entity with its own way of doing business. If you make your payments on time, then the most likely change you might ever see is just more junk mail.