Readers ask: Find Out Who Owns Your Mortgage Loan?

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How do I find out who owns my mortgage?

You can look up who owns your mortgage online, call, or send a written request to your servicer asking who owns your mortgage. The servicer has an obligation to provide you, to the best of its knowledge, the name, address, and telephone number of who owns your loan. It’s not always easy to tell who owns your mortgage.

Does it matter who owns my mortgage?

Federal banking laws allow financial institutions to sell mortgages or transfer the servicing rights to other institutions. Consumer consent is not required when lenders sell mortgages. Don’t panic if you discover that your mortgage now belongs to another institution. Remember: a loan is a loan no matter who owns it.

Is my loan owned by Fannie or Freddie?

If the property or mortgage is owned or guaranteed by Fannie Mae or Freddie Mac, you should contact them directly before involving FHFA: Fannie Mae can be reached at 800-232-6643 or Fannie Mae’s website​. Freddie Mac can be reached at 800-373-3343 or Freddie Mac’s website.

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How can I stop my mortgage from being sold?

How to Avoid Having Your Mortgage Sold. There is a clause in most mortgage contracts that says the lender has the right to sell the mortgage to another servicing company. 6 If you’re getting a notice that your loan is being sold, you have two options: go along with it, or refinance with another company.

Why does my mortgage keep getting sold?

In hopes of a quicker profit, lenders will often sell the loan. If servicing a loan costs more than the money it brings in, lenders may attempt to sell the servicing of it to lower their costs. The lender may also sell the loan itself to free up money in order to make more loans.

Is there a grace period when your mortgage is sold?

While the loan is being transferred, borrowers are afforded a 60-day grace period that prohibits the new lender from collecting late fees or declaring a loan delinquent. In addition, the terms of your original mortgage are set in stone and cannot be modified by the new lender or servicer.

Why is Chase selling my mortgage?

Your lender might also sell your loan as a way of freeing up capital. When banks sell loans, they are really selling the servicing rights to them. This frees up credit lines and allows lenders to pass out money to other borrowers (and make money on the fees for originating a mortgage).

Why does my mortgage keep going up every year?

Your property taxes going up or down can cause a mortgage payment change. Most people pay their taxes and insurance into an escrow account. If there’s a shortage in your account because of a tax increase, your lender will cover the shortage until your next escrow analysis.

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What does it mean that Freddie Mac bought my mortgage?

If Freddie Mac owns your mortgage, then your lender must have sold it to Freddie Mac — or sold it to an investor that eventually did. Freddie Mac only buys mortgages that meet its underwriting criteria, meaning that it considers you a good credit risk and your home a worthy investment.

How do I know if my mortgage is owned by Fannie Mae?

If your loan is in the Mortgage Electronic Registration System (MERS), you might be able to find out who owns or backs your loan by calling MERS or running a check on the MERS website. Check the Fannie Mae lookup tool and Freddie Mac loan-lookup tool online to find out if Fannie Mae or Freddie Mac owns your loan.

Are FHA loans backed by Fannie or Freddie?

Is Fannie Mae the FHA? No. The Federal Housing Administration is a government agency that insures loans made by lenders to borrowers with low to moderate incomes.

Is it bad if your bank sells your mortgage?

A transfer or sale of your mortgage loan should not affect you. “A lender cannot change the terms, balance or interest rate of the loan from those set forth in the documents you originally signed. The payment amount should not just change, either. And it should have no impact on your credit score,” says Whitman.

Can I sell my mortgage to another bank?

Yes. Federal banking laws and regulations permit banks to sell mortgages or transfer the servicing rights to other institutions. Consumer consent is not required. However, the bank or new servicer generally must comply with certain procedures notifying you of the transfer.

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Can a bank change the terms of a mortgage?

It is very common for mortgage loans to be sold by the originating lender to another loan servicer. It can be jarring to have to switch what bank you make your payment to, but rest assured that when a mortgage loan is sold, the new lender cannot change the terms of the loan in any way.

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