by Robert Hyder
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 mortgage 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 mortgage 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.
The servicer is the mortgage company that manages the routine tasks associated with your mortgage loan. Some of the duties the servicer provides include:
Answering Borrower’s Questions
Accounting for Principal and Interest Amounts
Escrowing for Property Tax and Hazard Insurance Payments
Collecting Loan Payments
Remitting Loan Payments
Providing Counseling for Delinquent Borrowers
Supervising Foreclosure Processes and Property Dispositions
To determine who is servicing your mortgage loan, 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 mortgage loan.
Many times, the owners of a significant number of mortgage loans are Fannie Mae and Freddie Mac. To find out if Fannie Mae or Freddie Mac is the owner of your particular mortgage loan, you can visit the following web sites:
Fannie Mae: http://www.fanniemae.com/homepath/homeaffordable.jhtml
Freddie Mac: https://ww3.freddiemac.com/corporate/
If you have and FHA mortgage loan, it may be helpful to call HUD National Servicing Center at 800-CALL-FHA (225-5342) to determine who is the proud owner of your mortgage loan.
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Chowdry Patel
March 11, 2009 @ 3:07 pm
Thanks for the great information my friend. I will forward this page to all my friends. Everyone needs to read this.
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Bobby Boushey
March 12, 2009 @ 3:37 pm
Interesting view of the mortgage crisis, Robert. I would definitely use your services if I ever refinance my mortgage. Thank you so much!
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Mortgage Modification
March 19, 2009 @ 3:45 am
Although a loan does not start out as income to the borrower, it becomes income to the borrower if the borrower is discharged of indebtedness.
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Joe Aldeguer
March 19, 2009 @ 3:46 am
Make sure to know the state of your finances before contacting your lender. Determine how much income you’re bringing in each month, how much you’re paying in bills and where you can cut costs. Just a tip!
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Jason Brown
April 6, 2009 @ 11:04 pm
Hey You might also be interested in this article about the TAX Credit and FHA Loans.
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steve
June 23, 2010 @ 11:27 am
This is a wonderful opinion. The things mentioned are unanimous and needs to be appreciated by everyone.
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Steve
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