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Same thing here. We used Intercoastal last year who then sold our primary George Mason who then sold to USBank right after settlement. At least, I'm pretty sure that is how it went. Anyway, USBank has it now.
I will say that the person I worked with at Intercoastal was great, she answered all of our first timer questions, took calls on weekends, ran a bunch of scenarios for us, and got us a lower rate than one we had locked into. Also, we have had no issues with USBank.
Last edited by Jenjen391; 07-24-2012 at 05:51 PM..
Chad - Gave me solid rates (no one matched) negotiated on fees, did everything electronically and offered me a zero cost refi 6 months after I closed when rates dropped heavily. Also, and perhaps this is random luck but my loans servicing stayed with first place.
Chad Loube
First Place Bank
Sr. Vice President / Regional Manager
(301) 279-5125 cloube@fpfc.net
ChadMortgage.com
Also, and perhaps this is random luck but my loans servicing stayed with first place.
Probably not random luck, because you received your mortgage through a bank, which typically services the loans. The others mentioned they received their lending through mortgage brokers, which never service the loans (unless they have difficulty selling them). And while your bank is still servicing, there is more than a 80% chance that your loan has now been sold to Fannie or Freddie.
Probably not random luck, because you received your mortgage through a bank, which typically services the loans. The others mentioned they received their lending through mortgage brokers, which never service the loans (unless they have difficulty selling them). And while your bank is still servicing, there is mroe than a 80% chance that your loan has now been sold to Fannie or Freddie.
Indeed, I suspect it was sold servicing retained, but never checked. It wouldn't surprise me though to discover that both servicing released and servicing retained portfolios exist. I could see a scenario where the bank only wants to service certain accounts.
I don't have a good recommendation, but please do NOT use Noel Shepherd at PNC Bank, or PNC Bank in general. I'm not gonna go into it, but needless to say I had a horrible experience with them.
I had a great experience with First Home Mortgage in terms of mortgage qualification and settlement. But, as some other posters noted, since they are a brokerage not a bank, the loan will get sold. Mine now belongs to Wells Fargo.
Regardless of who you get your loan with, there is the possibility of it getting sold to a new bank. There's not a whole lot you can do about that.
I used Industrial Bank and it was a nightmare. Avoid them at all costs.
Are you a first time homebuyer using HPAP? If so, make sure the loan officer and processor at whatever bank you choose to work with is familiar with the program.
Most mortgage companies will immediately resell your mortgage. They say so in their corporate disclosures to you.
I've used www.borrow123.com (Fortune Mortgage) three times. All three times worked great.
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