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Old 05-28-2013, 07:54 PM
 
Location: Aloverton
6,564 posts, read 13,379,003 times
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It's time to go mortgage shopping. These days, most mortgages seem to be 'originated' by people who don't plan to hold them. I don't like that. I don't like having my loans sold upstream, and if it means an interest rate premium to avoid that, I'll consider it.

Is there a mortgage lending institution (credit union or savings bank) in the Boise area that hangs onto its paper? I am betting there is, because my read of Idaho so far is that my view (about having my loans sold out of state) is not going to stand out very much. Now I just need to find that institution.
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Old 05-29-2013, 10:06 AM
 
35 posts, read 111,112 times
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An article in today's Idaho Statesman about Idaho Central Credit Union says they hold their own martgage loans.
How Idaho Central Credit Union grew into the biggest financial institution chartered by the state | Business Insider features | Idahostatesman.com
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Old 05-29-2013, 11:56 AM
 
Location: Aloverton
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Was worth a check, thank you. Evidently they sell them to FNMA, but service locally, which I guess is less odious than some alternatives. IACU was an option, but they are merging and the merged CU will be selling its loans. Still on the hunt.
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Old 05-29-2013, 12:19 PM
 
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I think they all sell them; the only difference is some will maintain servicing (Banner, ICCU) while some sell the whole package.
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Old 05-29-2013, 12:59 PM
 
Location: Aloverton
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Quote:
Originally Posted by Hp1167 View Post
I think they all sell them; the only difference is some will maintain servicing (Banner, ICCU) while some sell the whole package.
That may turn out to be the case. If it is, then we'll have to look among the least unappealing of the options. But we will at least exhaust all the possibilities before giving in.
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Old 05-29-2013, 11:11 PM
 
278 posts, read 825,424 times
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ICCU sells their FHA loans. They might service their traditional loans?
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Old 05-30-2013, 12:52 AM
 
Location: Aloverton
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Quote:
Originally Posted by zedd View Post
ICCU sells their FHA loans. They might service their traditional loans?
They sell those to FNMA, unfortunately.
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Old 05-30-2013, 07:51 AM
 
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Most companies will sell, you're probably better off focusing on rate and closing costs.
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Old 05-30-2013, 09:14 AM
 
Location: Boise, ID
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I really don't understand your aversion to loan selling. I've had 2 mortgages in Boise, both with no-name lenders in order to get the best deal. They were both sold to brand name lenders- Bank of America and Chase, which was really nice as I can go into any branch and get service on it. It's also nice that I can get perks by combining banking with them.
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Old 05-30-2013, 10:27 AM
 
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It's because of the same reasons people don't want to bank with those massive institutions (and instead flock to credit unions and other local banks): their policies, regulations, and penalties are ridiculous, there is no one to talk to if you need something fixed, and they're simply not worth the hassle.

Banking with Idaho Central Credit Union, compared to Wells Fargo or US Bank, is night and day in every way imaginable.

I would think mortgage servicing is the very same.
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