Looking for local bank that services their own mortgages (Charleston: mortgage, credit score)

[jimmy k]

Hello
This is my first post

I am looking at buying a house in the greater Charleston area.
Selling price $200-300k with $20k down payment.
Credit score ~715

I am currently looking for mortgage providers.
I have been pre-approved by an online lender.
I'm hesitant to use the big banks and would like to use a local bank or credit union.
I'd especially like a bank that keeps the mortgages 'in house' and doesn't bundle them up and sell them shortly after the deal.

This is a lot harder to find online than you may think, and it's frustrating to call around and deal with phone trees and voice mails, etc.

So I'm asking the community for any input.

Thanks,
Jimmy K

[Chs2014]

South Carolina Federal Credit Union, Heritage Trust Credit Union (Both Excellent)

[LocalHero]

I *think* Southern First keeps their mortgages in house but can't say for sure. Terryn Patterson is who I've dealt with there and she's great to work with. I'm sure she'd answer your question directly.
Southern First is a statewide bank with less than a dozen offices.

[harpoonalt]

They may keep the servicing in house but virtually every mortgage has the provision that that can change at any time.

[IsNull]

Yep, had one that services in house and three years later sold it. But honestly, have never had an issue with the ones that went out of the originating bank yet.

[LocalHero]

Actually I had occasion to talk with Terryn at Southern First and asked her. While they do in house mortgages, they are not the long term fixed rate mortgages. Those get sold on the secondary market.

As IsNull said, I've never had an issue with my mortgages that have been resold but I've never had reason to either. I think folks who found themselves struggling to make payments during the recent "big recession" learned that all banks aren't created equal.

[ProudPatriot07]

SC Federal's mortgages are not serviced in-house, but we haven't had any problems with the servicing or with SC Federal as a bank.

[johngolf]

Over the years I learned that mortgages get sold, resold, re-resold, etc. so it is the nature of the business. As long as ones payments and terms stay the same (which they do) then why care who holds the paper?

Local business and all but they local business did what was best for them and sold them.

[pacomarj]

First Federal serviced their own mortgages. I believe they still do as South State Bank. They do sell some of them though.

[Knightdale]

I don't know if it's still true, but Navy Federal at one time held every mortgage. Gotta be military or DoD, though.

There are good reasons for wanting to to business with a company with a local branch, and I have had a previous loan sold to a servicer who didn't credit payments I had made, and it took considerable work and time to prove I had paid them, while dealing with customer service reps who were hostile. That was frustrating, and I am glad my current bank still holds my note, though that may change as rates rise past mine.