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You may then have to deal with an a-hole lender that screws up your escrow, forgets to pay your taxes, and lets your insurance lapse.
It's nice to be able to choose a competent servicer and not get shuffled off to a firm that can't think their way out of a busted grocery sack like the infamous mega-banks.
So another newbie question. How do I ascertain that the lender will not sell of my loan to someone else in the future? Isn't that a possiblibity with any loan?
"Lender credits" have come around since the latest round of rules regarding fees and rates. It's just another piece of the expense pie.
I would not ever recommend dealing with an out-of-area lender for your purchase mortgage. NEVER. I just had a Buyer today who insisted on using someone they knew, and our Nov 1 closing occurred today. The last Buyer I had that insisted this, the same thing happened - we closed at least 10 days after the intended date.
As far as servicing your loan, other than internal Bank products that don't meet national underwriting guidelines and credit unions, 99% of them are sold off and serviced elsewhere. And there's no reason to try and get a mortgage that's not sold off.
So another newbie question. How do I ascertain that the lender will not sell of my loan to someone else in the future? Isn't that a possiblibity with any loan?
My credit union keeps all loans in-house. Some banks keep jumbo loans in portfolio.
The only sure way would be your attorney adding a clause to the mortgage document allowing the homeowner to have refinance costs reimbursed when they move the loan after a trnsfer occurs to a servicer they find unacceptable.
I've never quite understood why people have such an issue with banks selling off loans. What difference does it make to me (the homeowner) who owns my note as long as I'm making the payments on time?
And if that gets me a better deal than the local credit union (which it always has), why would I go with the credit union?
Now, IF I didn't make the payments on time every month, then sure, I'd prefer to be with the credit union.
Just my two cents. . .
Selling off mortgages to mortgage servicing companies is what I'm told is the new norm for banks. We always paid ours on time & in full, but last year it got sold to a shoddy servicing company (who also buys mortgages from Wells Fargo, BOA, Chase & others) & they are all unregulated. There's even a page at the FTC dedicated educating consumers on how to know if they're being ripped off by one. As soon as we learned what tactics the company ours got sold to uses (intentionally holding mortgage payments past the due date to force foreclosure, then bundling loans & selling them off) we high tailed it to the credit union and refinanced. Unless one is going through this the average person does not know this is happening.
My credit union keeps all loans in-house. Some banks keep jumbo loans in portfolio.
The only sure way would be your attorney adding a clause to the mortgage document allowing the homeowner to have refinance costs reimbursed when they move the loan after a trnsfer occurs to a servicer they find unacceptable.
Doubt if the original bank would allow it.
no doubt about it - your chances are zero of succeeding at this tactic.
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