| ▲ | dayyan 3 hours ago |
| My mortgage has been sold almost a half dozen times already. |
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| ▲ | alexpotato 2 hours ago | parent | next [-] |
| My favorite was the following: - I still have a mortgage on a property but don't live there so the mortgage bill gets sent to a different address (b/c rental property) - Company A originated the mortgage and sells it to Company B - Company B completely ignores the mailing address and starts sending bills to the original property address - only through blind luck did I realize that the mortgage bill was being unpaid This seems like basic, basic bookkeeping but I guess it's also a reminder that "reality has more detail than people realize" and that there are plenty of opportunities for improving systems. |
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| ▲ | dreamcompiler an hour ago | parent | next [-] | | One of those myths too many programmers believe: All street addresses can accept US mail. Not necessarily the issue in this comment, but when somebody gives you both a shipping address and a mailing address and you send mail to the shipping address, the fault is yours if it doesn't arrive. | |
| ▲ | mulmen 6 minutes ago | parent | prev [-] | | [delayed] |
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| ▲ | HeyLaughingBoy 43 minutes ago | parent | prev | next [-] |
| I remember getting a mortgage and the loan officer saying that there was a 100% possibility that the loan would be sold within 60 days of closing. |
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| ▲ | spiralpolitik 13 minutes ago | parent | next [-] | | This is standard. Origination and servicing are typically handled by different companies (or parts of the same company). Usually the Origination side only handles short term loans and doesn’t want stuff hanging around longer than is necessary. | |
| ▲ | mpyne 37 minutes ago | parent | prev [-] | | My mortgage got sold before the first payment. It was in retrospect quite funny because I still get periodic spam emails from the originator as if I'd already be back on the market for another mortgage. |
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| ▲ | mikepurvis 3 hours ago | parent | prev | next [-] |
| Is there a way that you can track this yourself? I've had three different mortgages [1] in my lifetime and as far as I know it was all completely opaque who/what was ultimately holding the underlying debt. [1]: First was a decade ago with RMG (a Canadian monoline lender) and the other two with Scotia, the first of which was a fixed mortgage at purchase, and the second was a refinancing. |
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| ▲ | AnimalMuppet 3 hours ago | parent | next [-] | | When your mortgage is sold, you should get a "goodbye letter" from whoever sold it, and a "hello letter" from whoever bought it. This is so you don't keep sending checks to the old place, and have the new people decide that you aren't paying your mortgage. | | |
| ▲ | dnautics 14 minutes ago | parent | next [-] | | in principle you should be able to reject the mortgage sale, too. purely hypothetical but: suppose some bank was responsible for killing a family member, you shouldn't be forced to owe that bank money. This means that any mortgage transfer would come with a 'sweetener deal'. If you don't object to the transfer you get a small reduction in your monthlies, e.g. | |
| ▲ | cyclopeanutopia 5 minutes ago | parent | prev | next [-] | | Checks? ;) | |
| ▲ | moritzwarhier 3 hours ago | parent | prev [-] | | Composition vs inheritance maybe makes a difference here? :thinking_grimace: What I mean is parent companies and contracts that might obfuscate who's owed the debt. However, I don't know anything about debt markets let alone homeownership. |
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| ▲ | pc86 3 hours ago | parent | prev [-] | | I don't mean this flippantly, but it's usually whoever you're writing the check to. My first home had the mortgage sold within a week, and someone else started taking the money out of my account. | | |
| ▲ | gruez 3 hours ago | parent | next [-] | | The servicing company could be different than whoever actually owns the debt. | | |
| ▲ | whaleofatw2022 3 hours ago | parent [-] | | Yep. Some originators will hold on to servicing of your debt wherever it goes (within certain boundaries, e.x. if you go into a delinquency or reconciled delinquency state). Those originators use it as a selling point, because many people have gotten bit by servicer flips one way or another. |
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| ▲ | mikepurvis 3 hours ago | parent | prev [-] | | Oh okay, in that case mine were never sold. As in the sibling reply, my assumption is that the "retail" side of the mortgage (who you make your payments to) is fully detached from who ends up owning the mortgage backed securities that your debt is being financed by. |
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| ▲ | hdgvhicv 3 hours ago | parent | prev | next [-] |
| After being chopped up and bundled with safe loans being mixed with non safe loans so nobody has any idea what’s being bought. Where have I heard this before. |
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| ▲ | chollida1 3 hours ago | parent | prev [-] |
| > My mortgage has been sold almost a half dozen times already. Sure that could be true, but that has nothing to do with the public debt we're talking about. Completely different markets. That's like me saying the condo Market in Miami is hot and you rebutting that single family homes in HOA's in Phoenix are not hot right now. Both can be true at the same time as they are completely different market that are only very tangentially relate. |
