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Who Owns My Mortgage Loan?
By admin | July 16, 2011
There is a substantial difference between the owner of your mortgage loan and the servicer of your mortgage loan. Finding out exactly who owns your loan can be a daunting task. Just because you make your monthly mortgage payment to a particular lender doesn’t automatically suggest they are the owner of your mortgage loan. The lender who collects your monthly payment may simply be the servicer, while the actual owner may have bought or traded for your individual mortgage loan on Wall Street.
All is not lost, however. In order to find out who the owner of your mortgage loan is, you must first identify who is your servicer. Mortgage Electronic Registration System (MERS) is an automated system that monitors the owners of a loan and note as it is bought, sold or traded among investors. MERS also monitors who services the mortgage loans for these investors. MERS, however, will not disclose to individuals who the investor may be, but they will make available the servicer and their contact information.
Mortgage Loan
The servicer is the mortgage company that manages the routine tasks associated with your loan. Some of the duties the servicer provides include:
o Answering Borrower’s Questions
o Accounting for Principal and Interest Amounts
o Escrowing for Property Tax and Hazard Insurance Payments
o Collecting Loan Payments
o Remitting Loan Payments
o Providing Counseling for Delinquent Borrowers
o Supervising Foreclosure Processes and Property Dispositions
To determine who is servicing your mortgage, you can call MERS at 888-679-6377 or visit their web site online at www.mersinc.org. Once you have this information, the servicer should then be able to let you know the identity of the owner of your loan.
Who Owns My Mortgage Loan?
Robert Hyder
Total Mortgage Services, LLC
326 West Main Street
Milford, CT 06460
Phone: 203.876.2200
Fax: 203.783.5632
http://www.totalmortgage.com
Blog: http://www.totalmortgage.com/blog
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