it is routine for lenders to buy and sell loans to keep a balanced portfolio and manage their risk. For instance, if a national lender suddenly found itself with too many loans against property in hurricane-prone areas, it might sell some of those and buy others in the Midwest. It's not alarming.
Fortunately for you, by law, the terms of your mortgage will not change, regardless of who does your servicing (collecting your payments, taking care of your taxes and insurance, and issuing statements and tax documents).
Regarding Wells Fargo: the bank has come under fire recently for opening accounts that customers did not request, and selling insurance that they did not need. Other financial institutions have had data breaches, putting customers' identities at risk.so it's understandable that you would have concerns about any mortgage loan servicer.
Here's ab article with more details about what ou should do when your lenders sells your mortgage servicing rights to someone else: https://themortgagereports.com/30504/do-if-mortgage-sold
Mainly, you should look for two letters to make sure you're not being scammed. When your lenders sells your loan, it must notify you in writing within 30 days of the sale. This notice should include the name and contact information for the new owner of your loan. It should give you an effective date for the sale. The new lender or servicer should send you a letter also, informing where to send payments and who to contact with questions. DON'T SEND YOUR PAYMENT TO ANYONE UNTIL YOU HAVE BOTH OF THESE LETTERS. You can send your payment to the old lender without being penalized; You won't incur a late fee because there’s a 60-day grace period following the transfer. If in doubt, CALL your old lender and verify that the loan has indeed been sold. Many bad people have made money sending people "notices" that their mortgage was sold, directing them to send payments made out to their company, and then they abscond with the money and the mortgage goes unpaid. It's rare, but it happens.
Finally, if you REALLY hate Wells, refinance to a lender that does not sell its loans. Lenders have to disclose when they originate your loan if they sell their loans of not. You can choose one that does not do this. https://themortgagereports.com/ratequote