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I just read on here that a person go a loan and it was a clearing house or front for Quicken Loans.
Does a lender have to tell you who holds the loan and all pertinent info? I did speak to one mortgage lender and she was with a national lender but mentioned that investors require the loan to be for a certain minimum, and I know than loans can be sold anyway.
I just read on here that a person go a loan and it was a clearing house or front for Quicken Loans.
Does a lender have to tell you who holds the loan and all pertinent info? I did speak to one mortgage lender and she was with a national lender but mentioned that investors require the loan to be for a certain minimum, and I know than loans can be sold anyway.
When vetting a lender (before going through pre approval) it is a great idea to ask lots of questions like are they going to service the loan. Their paper work indicated they were not going to service the loan it but did not spell out exactly who would.
What local bank did was really tricky.. everything I filled out had their name on it. Even got a GFE in their name.... then all the sudden paperwork started coming from Quicken Loans.
Ok I just pulled that old paperwork put of the shred pile....
The original loan app and subsequent paperwork have local banks name everywhere.
The only red flag is a document titled "servicing disclosure statement" which has three different statement with check boxes.
The one checked is "we do not service mortgage loans of the type for which you applied. We Intend to assign, sell, or transfer the servicing of your mortgage loan before the first payment is due.
Everything has local banks letterhead, but I just notice on their original GFE the appraisal fee went to quicken. That's the only place in the whole deck QLMS is referenced.
Ok I just pulled that old paperwork put of the shred pile....
The original loan app and subsequent paperwork have local banks name everywhere.
The only red flag is a document titled "servicing disclosure statement" which has three different statement with check boxes.
The one checked is "we do not service mortgage loans of the type for which you applied. We Intend to assign, sell, or transfer the servicing of your mortgage loan before the first payment is due.
Everything has local banks letterhead, but I just notice on their original GFE the appraisal fee went to quicken. That's the only place in the whole deck QLMS is referenced.
Thats the proper disclosure form. Regardless of which box was "checked" ( Regulatory guidelines determine that ), the loan can be sold Banks do this in order to free up capital to make more loans, and to generate fee income The regulatory costs of servicing mortgage loans contribute to this practice
I'm not sure it matters. I refinanced with Quicken only to have it wind up with BoA soon after. Made no difference in just collecting the payments, and they were actually pretty good about managing escrow.
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